I believe that in a few years, Bitcoin will be the most environmentally friendly option to move money. Here is my reasoning. Please tell me if anything is flawed.
In a perfectly competitive environment, the price of the last marketed product equals its cost of production. I consider Bitcoin mining a competitive industry, so the previous statement does apply to the Bitcoin network.
The cost of production is not only energy consumption, but also the research and development to obtain more efficient mining hardware. I would expect the cost of production of bitcoins to gradually move from energy consumption to jobs and investment in the hardware industry. We may soon be seeing this with the arrival of next generation ASICs.
Finally, once most bitcoins are mined (in around 20 years), and all mining profit comes from transaction fees from highly competitive miners (keeping fees as low as possible, no creation of new bitcoins), moving (bitcoin) money will be cheaper and presumably as environmentally efficient as you can get, more than any other money transacting business. Is my reasoning correct?
Topic: The Environmental Cost of Bitcoin - Youtube Video - page 2. (Read 2778 times)
environmental impact??
compared to the resources needed to print FIAT then the fuel costs to transport it from the mint to the banks. further transports to the ATMS. thats alot of natural resources
compared to the resources needed to print FIAT then the fuel costs to transport it from the mint to the banks. further transports to the ATMS. thats alot of natural resources
If you had actually watched to the video, you would have seen that there is an attempt to account for all types of electricity costs associated with the use of German currency, including transportation, storage, etc.
environmental impact??
compared to the resources needed to print FIAT then the fuel costs to transport it from the mint to the banks. further transports to the ATMS. thats alot of natural resources
then as people spend it. more resources to to transport FIAT from shops to the banks.
let alone all the costs of resourses for all the bank staff, the leaflets and paper contracts and every other detail related to dealing with fiat. even down to the environmental costs of producing credit/debit cards needs to be included in the fiat environmental impact, to fully compare to bitcoin.
FIAT=1g of resources compared to bitcoin 30-70g? pfft as if
bitcoins environmental impact is sooooooooo much less. that video only talks about the electricity bill of fiat. not the fuel costs for transport or the ink costs paper costs.
flawed presentation but atleast its the first stepping stone to anyone who actually is interested in showing that bitcoin is more environmentally friendly.
compared to the resources needed to print FIAT then the fuel costs to transport it from the mint to the banks. further transports to the ATMS. thats alot of natural resources
then as people spend it. more resources to to transport FIAT from shops to the banks.
let alone all the costs of resourses for all the bank staff, the leaflets and paper contracts and every other detail related to dealing with fiat. even down to the environmental costs of producing credit/debit cards needs to be included in the fiat environmental impact, to fully compare to bitcoin.
FIAT=1g of resources compared to bitcoin 30-70g? pfft as if
bitcoins environmental impact is sooooooooo much less. that video only talks about the electricity bill of fiat. not the fuel costs for transport or the ink costs paper costs.
flawed presentation but atleast its the first stepping stone to anyone who actually is interested in showing that bitcoin is more environmentally friendly.
Looking forward to the discussions in this thread. I don't have much to contribute for now but I will just say that it is relevant to compare Bitcoin to traditional monetary systems. Comparing it to other cryptocurrencies is another discussion and that is not as relevant. Other cryptocurrencies are insignificant at the moment.
Yeah, go back at traditional system, much much much worse for the environment 
Good presentation on the environmental disaster called proof of work.
http://www.youtube.com/watch?v=xHGFWWOylJM
http://www.youtube.com/watch?v=xHGFWWOylJM
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