http://www.sciencealert.com/myths-about-bitcoin > 5 Myths About Bitcoin You Need to Understand > Is it really using up the world's electricity?
> MYTH #1: There is a finite supply of bitcoin > MYTH #2: Bitcoin users are anonymous > MYTH #3: Bitcoin is beyond the reach of the law > MYTH #4: Bitcoin wastes energy > No wonder observers have lamented bitcoin's environmental impact, with > reports that individual transactions use as much energy as a home uses in a > week or, more hyperbolically, that bitcoin will consume all of the world's > electricity within a few years. > > But compare the overhead for various currencies. Banks pay for security > guards (among many other security expenses), who often merely stand around > watching the customers. We don't think of this as wasteful, because without > guards, theft could undermine the entire system. > > The same is true for the raw power used by bitcoin miners. We don't yet know > how to secure a decentralised ledger like bitcoin's blockchain without the > energy-intensive mechanism. > MYTH #5: Bitcoin will replace credit cards and/or cash -- Kim Holburn IT Network & Security Consultant T: +61 2 61402408 M: +61 404072753 mailto:k...@holburn.net aim://kimholburn skype://kholburn - PGP Public Key on request _______________________________________________ Link mailing list Link@mailman.anu.edu.au http://mailman.anu.edu.au/mailman/listinfo/link
