Sam Bankman-Fried believes Bitcoin has no future as a payment network
According to the Financial Times, the creator of cryptocurrency exchange FTX believes bitcoin has no future as a payment network and has attacked the virtual currency for its inefficiencies and hefty environmental costs.
Sam Bankman-Fried believes Bitcoin has no future as a payment network
According to one of crypto’s most powerful CEOs, Bitcoin has no future as a payment mechanism due to its inefficiencies and significant environmental costs.
The proof of work mechanism for confirming blockchain transactions, which underpins bitcoin, according to Sam Bankman-Fried, creator of the digital asset exchange FTX, is incapable of scaling up to deal with the large transactions required to make bitcoin a viable payment option.
Blockchain Ethereum has been attempting to migrate to this energy-intensive network, which contains the second-largest cryptocurrency, ether. According to the report, Bankman-Fried also stated that bitcoin did not have to become a cryptocurrency and that it might still have a future as an asset, a commodity, and a store of value like gold.
Following the collapse of TerraUSD, a stablecoin, Bitcoin fell to its lowest level since December 2020 last week. According to Forbes, Sam Bankman-Fried is worth $21 billion, while FTX, which he co-founded in 2019, was estimated at $32 billion in a February investment round.
His remarks come after the fast-growing cryptocurrency sector was rocked by a brutal sell-off, with bitcoin down more than 35% since January and trading at its lowest possible level since late 2020. Some crypto fans still regard Bitcoin as a means of conducting ordinary transactions.
Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.
DISCLAIMER:Â The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Jai Hamid
CoinCu News
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Bitcoin
Sam Bankman-Fried believes Bitcoin has no future as a payment network
According to the Financial Times, the creator of cryptocurrency exchange FTX believes bitcoin has no future as a payment network and has attacked the virtual currency for its inefficiencies and hefty environmental costs.
Sam Bankman-Fried believes Bitcoin has no future as a payment network
According to one of crypto’s most powerful CEOs, Bitcoin has no future as a payment mechanism due to its inefficiencies and significant environmental costs.
The proof of work mechanism for confirming blockchain transactions, which underpins bitcoin, according to Sam Bankman-Fried, creator of the digital asset exchange FTX, is incapable of scaling up to deal with the large transactions required to make bitcoin a viable payment option.
Blockchain Ethereum has been attempting to migrate to this energy-intensive network, which contains the second-largest cryptocurrency, ether. According to the report, Bankman-Fried also stated that bitcoin did not have to become a cryptocurrency and that it might still have a future as an asset, a commodity, and a store of value like gold.
Following the collapse of TerraUSD, a stablecoin, Bitcoin fell to its lowest level since December 2020 last week. According to Forbes, Sam Bankman-Fried is worth $21 billion, while FTX, which he co-founded in 2019, was estimated at $32 billion in a February investment round.
His remarks come after the fast-growing cryptocurrency sector was rocked by a brutal sell-off, with bitcoin down more than 35% since January and trading at its lowest possible level since late 2020. Some crypto fans still regard Bitcoin as a means of conducting ordinary transactions.
Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.
DISCLAIMER:Â The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Jai Hamid
CoinCu News
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