I am sure that if you add all the costs you mentioned together, it is still less than the cost of running the Bitcoin network. You need half the computing resources on the planet to be devoted to Bitcoin for it to be secure. We do not devote anything close to that to maintaining or securing paper money, even if you include the entire government (which would not be any smaller in a world of Bitcoin rather than paper money).
You need half the computing resources on the planet to be devoted to Bitcoin for it to be secure.
Why do you say that? Bitcoin hardware is specialized and much faster at the task than general purpose computers. You need to spend just a small fraction of resources that all supercomputers cost to build and run to outpace them in calculating Bitcoin hashes.
Comments
I am sure that if you add all the costs you mentioned together, it is still less than the cost of running the Bitcoin network. You need half the computing resources on the planet to be devoted to Bitcoin for it to be secure. We do not devote anything close to that to maintaining or securing paper money, even if you include the entire government (which would not be any smaller in a world of Bitcoin rather than paper money).
Why do you say that? Bitcoin hardware is specialized and much faster at the task than general purpose computers. You need to spend just a small fraction of resources that all supercomputers cost to build and run to outpace them in calculating Bitcoin hashes.