Craig Wright, the writer of the Bitcoin white paper, has prolonged a private invitation by a video message to Tesla CEO, Elon Musk to speak about Bitcoin and blockchain points on the subsequent CoinGeek Conference on October 5 to 7, going down at The Sheraton, Occasions Sq. in New York.

You and I each have an extended historical past in innovation, significantly round funds. Along with your transformational work at x.com and mine as Satoshi Nakamoto, inventing Bitcoin, a system designed as a easy digital money system. We will work collectively to alter issues. Extra personally, we’ve each needed to take care of ill-informed and harsh critics. Time has demonstrated that we have been merely residing sooner or later that they didn’t but acknowledge. We’re inviting individuals to New York to affix us in constructing the long run. I hope you are taking me up on this provide to affix me in fixing these points,

Wright stated in a video addressed to Musk.

A number of months in the past, Musk posted a Tweet stating his firm’s transfer to cease accepting BTC funds for automotive purchases as a result of extraordinarily excessive vitality consumption of Bitcoin mining that makes use of up fossil fuels, extra particularly coal, which is unhealthy for the atmosphere. Musk is a recognized advocate of sustainable vitality, as evidenced by Tesla’s merchandise that consist of electrical vehicles and residential options utilizing photo voltaic and renewable vitality. 

In line with an optimistic estimate, it takes 5,500 kilowatt-hours to mine one BTC, which is about half of the yearly electrical consumption of a typical American family. With BTC working on an unscalable blockchain with a 1MB block dimension cap, a throughput of merely seven transactions per second (tps), and excessive charges that at present common at $2.79 per transaction, its vitality consumption far outweighed its advantages. 

In a current panel dialogue about “Bitcoin as a Tool for Economic Empowerment,” Musk will get to the basis of BTC’s downside of not being sustainable.

Bitcoin by itself merely can’t scale to be the financial system for the world on the base layer. However with a second layer, that is doable relying upon how that second layer is applied

Nonetheless, ETH is proof in itself that creating second-layer options will not be as efficient as scaling the bottom layer, which is the blockchain, as evidenced by its excessive fuel charges at a present common of $23.86 per transaction and with a throughput of simply 30 tps. BSV, however, is already processing 2GB blocks with a throughput of over 5,000 tps at a present common charge of $0.037 per transaction. Presently, BSV is already the world’s largest public blockchain as per every day transaction quantity, information storage, scaling means, and common block dimension.

Scaling is significant, and Bitcoin SV is able to huge on-chain scaling on the base layer or utilizing lower than 1% of the vitality of the present BTC ecosystem. That’s your definitive reply about your issues about Bitcoin and the atmosphere. Scaling additionally signifies that transaction charges are so small that the common person gained’t know they exist. And on the BSV blockchain, they’ll keep small whatever the quantity of transactions on the community,

Wright identified.

Seeing for himself whether or not or not Wright’s claims have advantage needs to be the prime motive for Musk to simply accept the invitation. If Musk is critical in his assertion that he “want to see Bitcoin succeed,” then he ought to hold an open thoughts and determine after a dialogue with Wright whether or not or not BSV, the rebirth of the unique Bitcoin that the creator himself helps, has certainly resolved the problems that he has with Bitcoin.