"The average energy consumption for one single Bitcoin transaction in 2020 was 741 kilowatt-hours."
https://www.statista.com/statistics/881541/bitcoin-energy-consumption-transaction-comparison-visa/
Just to put this into perspective:
The average value of a Bitcoin transaction is currently $119 and requires energy worth roughly $100 (the world average price is $0.14 per kWh).
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@fribbledom I read an article that argued that Bitcoin has become a simple investment vehicle based solely on perceived value of it's investors and that it is and always has been useless as a currency partly because it simply can't perform transactions fast enough. The number of actual Bitcoin transactions is microscopic.
@Imani @fribbledom I think this is pretty much spot on.
Bitcoin has achieved almost none of it's goals, becoming digital gold instead of digital cash. It's slow, expensive to use, it's privacy measures are ineffective, and the value is too variable.
What is has achieved is breaking the ground and that such a system is useful. I think there's a place for cryptocurrency, but none of the current implementations are going to be THE cryptocurrency.
@kline @Imani @fribbledom The value being too variable is the real kicker; the rest could be suffered through to a degree. Currencies only work if the price of goods don't fluctuate wildly day over day. Otherwise you just get rentiers profiteering on basic goods at the expense of everyone else.