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{"id":26362,"date":"2022-05-16T06:07:36","date_gmt":"2022-05-16T06:07:36","guid":{"rendered":"https:\/\/cryptocurrencypanther.com\/2022\/05\/16\/ftx-chief-sam-bankman-fried-thinks-bitcoin-has-no-future-as-a-payments-system\/"},"modified":"2022-05-16T06:07:36","modified_gmt":"2022-05-16T06:07:36","slug":"ftx-chief-sam-bankman-fried-thinks-bitcoin-has-no-future-as-a-payments-system","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2022\/05\/16\/ftx-chief-sam-bankman-fried-thinks-bitcoin-has-no-future-as-a-payments-system\/","title":{"rendered":"FTX Chief Sam Bankman-Fried thinks Bitcoin Has No Future As A Payments System"},"content":{"rendered":"

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Satoshi Nakamoto created Bitcoin (BTC) to serve as a decentralized alternative to the traditional financial system. But FTX CEO Sam Bankman-Fried recently said that he doesn\u2019t see any future for Bitcoin as a payments network.<\/p>\nSpeaking to Financial Times, the FTX chief said that his thoughts rely on the Bitcoin network\u2019s \u201cinefficiency and high environmental costs\u201d. He added that Bitcoin\u2019s Proof-of-Work (PoW) blockchain that validates transactions isn\u2019t capable to scale enough to address the transactions of millions of users worldwide.<\/p>\n\u201cThe Bitcoin network is not a payments network and it is not a scaling network,\u201d he said. Thus, he believes that BTC isn\u2019t an effective means of payment. Sam Bankman-Fried isn\u2019t alone in the crypto space to think like this. Many crypto market enthusiasts agree that Bitcoin (BTC) serves a better purpose as a store of value rather than as a means of payment.<\/p>\nHowever, there are some countries seeing a huge hope in Bitcoin as a means of payment. Two countries \u2013 El Salvador and the Central African Republic have already made Bitcoin a legal tender.<\/p>\nBitcoin Adoption Really on the Rise?<\/h3>\n

Although the two countries have adopted Bitcoin as a legal payment method, the adoption isn\u2019t much. Recent research by American academics shows that Bitcoin has been rarely used for payments in El Salvador.<\/p>\n

The FTX chief said that an alternative blockchain that runs on Proof-of-Stake is required to create a functional payments network. We already know that Ethereum has been working on this transition for now. Sam Bankman-Fried said<\/a>:<\/p>\n

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\u201cThings that you\u2019re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.<\/p>\n
It has to be the case that we don\u2019t scale this up to the point where we\u2019re spending 100 times as much eventually as we are today on energy costs for mining,\u201d<\/p>\n<\/blockquote>\n
Bitcoin\u2019s Proof-of-Work network has been one of the key reasons for objection by crypto enthusiasts. However, the Bitcoin mining industry is making all efforts to migrate to renewable and green energy solutions.<\/p>\n
But the FTX chief believes that Bitcoin is here to stay. \u201cI don\u2019t think that means Bitcoin has to go,\u201d he said, adding that the token may still have a future as \u201can asset, a commodity and a store of value\u201d.<\/p>\n
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\nBhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.\n<\/p>\n<\/div>\n
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