Bitcoin white paper author Craig Wright has extended a personal invitation via a video message to Tesla CEO Elon Musk to talk about bitcoin and blockchain issues. coin geek conference Happening October 5 to 7, at The Sheraton, Times Square in New York.
You and I both have a long history in innovation, especially in terms of payments. Your transformational work at x.com and mine as Satoshi Nakamoto invented bitcoin, a system designed as a simple digital cash system. We can work together to change things. More personally, we’ve both had to deal with malicious and vicious critics. Time has shown that we were simply living in a future they had not yet recognized. We are inviting people to join us in building the future in New York. I hope you will take me up on this offer to join me in resolving these issues,
Wright said in a video addressed to Musk.
Several months ago, Musk posted a tweet alluding to his company’s move to stop accepting BTC payments for car purchases due to the extremely high energy consumption of bitcoin mining using fossil fuels, particularly coal. which is bad for the environment. Musk is a known advocate of sustainable energy, as evidenced by Tesla’s products which include electric cars and home solutions using solar and renewable energy.
according to a optimistic estimate, it takes 5,500 kilowatt-hours to mine one BTC, which is about half the annual electricity consumption of a typical American household. Since BTC operates on a scalable blockchain with a 1MB block size cap, a throughput of only seven transactions per second (TPS), and high fees that currently average $2.79 per transaction, its energy consumption far outweighs its benefits. Is.
In a recent panel discussion about “Bitcoin as a Tool for Economic Empowerment“Musk gets to the root of the problem of BTC not being sustainable.
Bitcoin by itself cannot scale to being a monetary system for the world at a base level. But with the second layer, it depends on how the second layer is applied
However, ETH itself is proof that creating a second-layer solution is not as effective as scaling the base layer, which is the blockchain, as evidenced by its high gas fees at a current average of $23.86 per transaction and a throughput of only 30. With proof of this. TPS On the other hand, BSV is already processing 2GB blocks with a throughput of over 5,000 TPS at the current average fee of $0.037 per transaction. Currently, BSV is already the largest public blockchain in the world by daily transaction volume, data storage, scaling capacity, and average block size.
Scaling is important, and Bitcoin SV is capable of massive on-chain scaling at the base layer, or using less than 1% of the energy of the current BTC ecosystem. This is your definitive answer to your concerns about bitcoin and the environment. Scaling also means that transaction fees are so small that the average user will not know they exist. And on the BSV blockchain, they will remain small regardless of the transaction volume on the network,
Wright pointed.
Seeing for himself whether Wright’s claims have merit should be the prime reason for accepting Musk’s invitation. If Musk is serious in his statement that he “wants to see bitcoin succeed,” he should keep an open mind and, after discussions with Wright, decide whether BSV is a reincarnation of the original bitcoin, which the creator himself supports. has, in fact, solved the issues he has with bitcoin.
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