Craig Wright, the author of the Bitcoin white paper, has extended a personal invitation through a video message to Tesla CEO, Elon Musk to talk about Bitcoin and blockchain issues at the next CoinGeek Conference on October 5 to 7, taking place at The Sheraton, Times Square in New York.
You and I both have a long history in innovation, particularly around payments. With your transformational work at x.com and mine as Satoshi Nakamoto, inventing 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 ill-informed and vicious critics. Time has demonstrated that we were simply living in the future that they didn’t yet recognize. We’re inviting people to New York to join us in building the future. I hope you take me up on this offer to join me in solving these issues,
Wright said in a video addressed to Musk.
Several months ago, Musk posted a Tweet stating his company’s move to stop accepting BTC payments for car purchases due to the extremely high energy consumption of Bitcoin mining that uses up fossil fuels, more specifically coal, which is bad for the environment. Musk is a known advocate of sustainable energy, as evidenced by Tesla’s products that consist of electric cars and home solutions using solar and renewable energy.
According to an optimistic estimate, it takes 5,500 kilowatt-hours to mine one BTC, which is about half of the yearly electric consumption of a typical American household. With BTC operating on an unscalable blockchain with a 1MB block size cap, a throughput of merely seven transactions per second (tps), and high fees that currently average at $2.79 per transaction, its energy consumption far outweighed its benefits.
In a recent panel discussion about “Bitcoin as a Tool for Economic Empowerment,” Musk gets to the root of BTC’s problem of not being sustainable.
Bitcoin by itself simply cannot scale to be the monetary system for the world at the base layer. But with a second layer, this is possible depending upon how that second layer is implemented
However, ETH is proof in itself that creating second-layer solutions 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 with a throughput of just 30 tps. BSV, on the other hand, is already processing 2GB blocks with a throughput of over 5,000 tps at a current average fee of $0.037 per transaction. Currently, BSV is already the world’s largest public blockchain as per daily transaction volume, data storage, scaling ability, and average block size.
Scaling is vital, 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. That’s your definitive answer about your concerns about Bitcoin and the environment. Scaling also means that transaction fees are so small that the average user won’t know they exist. And on the BSV blockchain, they will stay small regardless of the volume of transactions on the network,
Wright pointed out.
Seeing for himself whether or not Wright’s claims have merit should be the prime reason for Musk to accept the invitation. If Musk is serious in his statement that he “would like to see Bitcoin succeed,” then he should keep an open mind and decide after a discussion with Wright whether or not BSV, the rebirth of the original Bitcoin that the creator himself supports, has indeed resolved the issues that he has with Bitcoin.