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276 sats \ 1 reply \ @ek 13h \ on: Calle On Core/Knots bitcoin
This is great, thanks for sharing @siggy47
I want to add to this because I recently did some math around it:
Imagine how expensive and how much time it would take to just store one gigabyte on the bitcoin blockchain:
Let's assume you can store 4MB per block.
So to store 1GB, you would need to fill 256 blocks with your data. This means you need to price out everyone for 256 blocks. I was lazy and just looked at the last three blocks and I got an average of 0.003 bitcoin (~$300) for total transaction fees.
So you would have to pay $76,800 to store one gigabyte. But you would also have to wait 42 hours because blocks are mined every 10 minutes.
Surely there are more efficient ways to store data without ever losing it, like database replication.
(Also this data is immutable, so you have to pay again for every modification.)
Exactly why I think using bitcoin to store data should only be a passing fad, even if it's a hugely annoying one right now. (Though I do think some people will still use it for data storage in the long run, just not at scale.)
The thing is, I am strongly supportive of decentralized data storage. I was very interested in IPFS and Filecoin when they were coming out; not so sure their status now. But the ideas are cool. I just don't think people should be trying to use bitcoin for that.
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