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by imtringued 1920 days ago
The infrastructure supporting hundreds of national currencies, hundreds of stock exchanges, thousands of banks, hundreds of payment providers and cryptocurrency exchanges vs a single distributed ledger (basically a piece of paper). Bitcoin has 200 million users at most if you are really generous. It's really not a fair comparison. You would have to combine all cryptocurrencies and their energy consumption to even approach a fair comparison.

The energy usage is only used for mining, it's not even used to secure and ensure its reliability on exchanges whose energy consumption is actually counted against the mining energy. The energy consumption will grow simply because Bitcoin is going up, not because Bitcoin is processing more transactions or providing value in any form. Yes bigger banks need more energy but they can also provide more services thanks to their increased size.

Bitcoin doesn't even compete with Banks because Banks offer loans, consolidate small deposits into large capital reserves, etc. Bitcoin doesn't compete with stocks because Bitcoin ownership doesn't represent an ownership stake in the Bitcoin industry or any other industry. Bitcoin doesn't compete with payment providers because it is too slow and expensive. Bitcoin doesn't compete against cryptocurrency exchanges. Ethereum with its uniswap protocol may do so but that's not Bitcoin. Ethereum provides more value for less energy consumption than bitcoin. The only thing Bitcoin really competes against is gold because of the proof of ownership. You own your Bitcoin in your wallet the same way you own your car or house (after paying your mortgage or car loan off of course).

Bonus:

Why did I compare Bitcoin to a piece of paper? Because the people working in finance are part of the finance system. In Bitcoin only the miners are part of the system. So ultimately you just have a fancy piece of paper on which you cannot write lies on. With the finance system it is closer to bodyguards guarding the paper and making sure nobody can write on it. Again, people are part of the system. It's not just the paper that is important.