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0 pointshwillis8y ago0 comments

According to this it costs almost 21 cents to "make" a dollar of bitcoins. According to the mint's 2015 annual report[1] they made 1,114 million dollars in circulating coins at a cost of .51 cents per dollar in coins.

However bills cost 4.9 cents/dollar for $1 bills and half a cent per dollar for $20 bills. So the vast majority of money is much, much cheaper than a bitcoin.

[1]: https://www.usmint.gov/wordpress/wp-content/uploads/2016/06/...

0 comments

IgorPartola8y ago

That's to make it. What about trucking it around, accounting for it, securing it, etc.?

rspeer8y ago

So many Bitcoin fans, so many "whatabouts". I would say the burden is on you to show that producing and moving cash requires ludicrous amounts of energy like Bitcoin does. It sounds unlikely.

rdlecler18y ago

Yes, but you have to make new bills to replace old bills.

acchow8y ago

I don't agree with the comparison to "making" coins or cash.

Coins and cash actually get consumed as they degrade and/or get lost or destroyed. You need to replenish the supply.

But you can circulate bitcoin forever.

You need to compare transactions.

How do I send you cash? You can give me an address to meet you at. We both drive our cars or take public transit there and consume some amount of energy and time to meet up. Then I give you cash.

Or you could just tell me a bitcoin address to send to.

egypturnash8y ago

I can also put that cash in a sufficiently opaque and uninteresting-looking envelope, put it in the mail, and the Post Office will take over. There is time and energy cost incurred, but it is a cost already being paid. Mostly by advertising, right now, since an assortment of lawmakers have decided in their infinite wisdom that it's not something our tax dollars should be supporting any more.

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