A few weeks ago I asked how can bitcoin really become standard for daily use if every transaction inevitably becomes more expensive because of the way it’s designed? I discussed this question with someone in the industry. They told me I was right, it can’t. “That’s not it’s job,” they said, “or at least it can’t be now. That’s the job of Ethereum. Ethereum is for transactions, like cash; and bitcoin is for storing value, like gold”.
Looking into Ethereum a bit more, its handbrake is less strong that Bitcoin’s. Its block time — i.e., how long it takes to add a transaction to the ledger — is much shorter, and it’s approach to proof of work is supposedly more efficient. However as far as my understanding goes, it still has constraints of energy and time that will only grow as it is used more. So my question remains.
Meanwhile Iran, one of the most energy rich nations in the world, has been suffering rolling blackouts because…because bitcoin miners are exploiting its cheap energy.
