The B conference was sponsored by Jack Dorsey-owned Square firm and hosted by the Crypto Council for Innovation. The main goal of the 10-hour conference was to provide clarity about Bitcoin, its usefulness for institutions and shed light on areas where the network still requires support.
The first two sessions discussed common issues regarding Bitcoin, especially in the past three months. More importantly, they re-emphasized the continued usefulness of Bitcoin technology. Some of the vital details of the discussion are surmised below.
Bitcoin Energy Consumption Issue
Coin metrics co-founder, Nic Carter demystified the myth that Bitcoin wastes energy. Carter weighed the waste against its benefits. He said anything deemed wasteful is consuming more resources than providing utility, but Bitcoin certainly includes utility.
Carter also affirmed that Bitcoin is powered by almost 50% sustainable energy and contributes about 0.12% of carbon dioxide emissions in the world. He further said that Bitcoin’s long-term carbon intensity would likely reduce as more miners migrate to stable and less carbon-intensive regions like northern Europe, Canada, and the united states.
Bitcoin Scalability
Arjun Balaji from paradigm debunked the myth about Bitcoin’s scalability in providing transaction settlements for billions of people. Balaji suggested that the best option for Bitcoin scalability is via layers and not a blocksize increase.
He suggested the use of the Lightning network and similar technologies to achieve this objective. Also, users have other options like Bitcoin banks and sidechains to perform settlement transactions.
Bitcoin Whales’ Ownership Are Overrated
Coin metrics’ Nate Maddrey was next, and she debunked the notion that Bitcoin whales primarily hold Bitcoin. Nate opined that a Bitcoin address might not necessarily be one person but might be an exchange, a multi-sig wallet, or an institution.
She said that owners of some of these wallets have even lost their keys. Hence, their wallets are ‘dead.’ She further noted that Bitcoin ownership distribution is the evenest among all the cryptocurrencies, which is a result of the currency’s consensus mechanism in its proof of work.
Cathie Wood, Elon Musk, and Jack Dorsey
The much-expected discussion was that between these three moguls. While most expected a heated conversation, the reality was a gentle-man discussion among the trio.
The discussion started with each of them revealing how they got started with owning Bitcoin. Dorsey also explained that he is convinced that Bitcoin will revolutionize the financial landscape. The basis of his submission was the decentralization of the Bitcoin ecosystem, where anyone can verify transactions without monitoring from any quarter.
Wood’s response to Bitcoin’s 21 million supply limit was that it enables the king coin to become a store of value and prevent inflation. Perhaps, what surprises almost every viewer was Elon Musk’s positive opinion about Bitcoin, which demonstrates a sharp contrast to his social media posts about Bitcoin.
Musk believes that a well-executed second layer solution will enable it to scale and perform unlimited transactions. Fortunately, Musk noted that tesla might start accepting Bitcoin payments again since miners are cleaner energy sources for Bitcoin mining operations.
However, Musk, Wood, and Dorsey concur that there are issues with Bitcoin network usability. Each of them also stated what they expect from Bitcoin in the short-term and long term.
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