Bitcoin consumes 4,000,000,000 W of power to process four transactions per second. A single Raspberry Pi with a database can do an order of magnitude more on 5W. Think about that next time you wonder if it's a good design.
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So... is there any way to make cryptocurrency less of an electricity hog while still being decentralised?
Certainly. Lots of approaches are being tried in altcoins and I'm sure we'll have a good design worth using at some point.
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The security of the chain depends on the impossibility to recompute the chain efficiently to modify a transaction. By design it is required to consume a lot of energy and I doubt there is alternate solutions to this other than central banks handling the transactions.
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