Bitcoin is many things but it isn't a battery
Batteries store energy.
A bitcoin is a reward for the consumption of energy. That energy can never be recovered. Possession of the Bitcoin does not grant access to energy. It simply permits someone to sell their UTXOs. https://twitter.com/misha_saul/status/1351312792695889920?s=20
A bitcoin is a reward for the consumption of energy. That energy can never be recovered. Possession of the Bitcoin does not grant access to energy. It simply permits someone to sell their UTXOs. https://twitter.com/misha_saul/status/1351312792695889920?s=20
"Money is stored energy" is the labor theory of value repackaged for decentralized protocols.
Money is worth what it will buy. If you spend money to get Bitcoin you're betting someone else will pay you >= what you spent. https://twitter.com/jgarzik/status/1351315757267890176?s=20
Money is worth what it will buy. If you spend money to get Bitcoin you're betting someone else will pay you >= what you spent. https://twitter.com/jgarzik/status/1351315757267890176?s=20
If a miner spends $1X to generate 1 BTC and then uses the BTC to purchase $1X worth of electricity, the miner has consumed 2X electricity. No energy was stored.
"Bitcoin is a battery in the same way that the sun is a refrigerator"
- My engineer friend
- My engineer friend
Bitcoin doesn’t store energy either https://twitter.com/confusedmuser/status/1351367957809680385