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Bitcoin and Twitter change the geopolitical situation

Updated: Mar 28

Bitcoin and Twitter change the geopolitical situation

The Bitcoiner Carter initiated a broadcast on Twitter on Wednesday and not only attracted Bitcoiners of rank and name. After a short time, the incumbent President of El Salvador, also joined. The crypto fan space - a new platform feature of the social media was historic for several reasons. After all, El Salvador is the first country in the world to make Bitcoin legal tender and that was during the talk. More than 20,000 listeners were able to witness the vote live in the country and applause could be heard from the MPs at times.

The Twitter Space also impressively demonstrated how news are shifting participation in decisions. A few years ago it would have been inconceivable that interested market observers could have such a line to geopolitical decision-makers and even be able to participate.

Bitcoin Twitter Is Triggered

The huge energy consumption of the Bitcoin system seems to be becoming more and more popular. At least since Muks reported that Tesla no longer accepts BTC, it has been clear: Energy FUD is probably the cryptocurrency's first social network vector. The amount of energy that a Bitcoin transaction requires can hardly be quantified. Miners compete to find a correct hash function for the proof of work and can thus propagate a new block in the system. How many transactions are contained on this block is inappropriate to the challenge. In other phrases: whether or not miners mine an empty block or a bulging one makes no change within the vigor.

The number experts are referring to is believed to be the average amount of energy that a block consumes divided by the amount of transactions in it. But this calculation lags. After all, the energy is first and foremost Bitcoin's budget for its security. If PoW mining were less intensive, the system could also be levered out more quickly.

The contents of this article are for informational purposes only and are not investment advice.

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