30.5 C
Bangkok

Bitcoin Has No Future As Payments Network, FTX’s Billionaire Chief Says

Must read

(CTN News) – The founder of FTX, a cryptocurrency exchange, has reportedly stated that bitcoin is not suited to be a payments network and criticized the cryptocurrency for its inefficiency and environmental impact, according to the Financial Times.

As an alternative to the system, we can also get a “proof of stake” network, where participants can buy tokens that allow them to join the network. Those with more tokens can mine more coins.

Bitcoin Has No Future As Payments Network

FTX CEO Sam Bankman-Fried told FT that “proof of stake” networks would be required to evolve crypto into a payments network since they are cheaper and less power-hungry.

Ethereum, the second-largest cryptocurrency, has been working to move to this energy-intensive network.

Bankman-Fried also said he didn’t believe bitcoin has to go away as a cryptocurrency and it might still have a future as “an asset, a commodity, and a store of value” like gold, according to the report.

Last week, Bitcoin reached its lowest level since December 2020 following the collapse of TerraUSD, a stablecoin.

FTX, which Bankman-Fried founded in 2019, was valued at $32 billion in a February funding round, and Bankman-Fried himself is worth $21 billion, according to Forbes.

Related CTN News:

Bitcoin Falls Below $27K as Markets Face Bloodbath, Terra Worst-Hit
How To Earn Money From Gramfree: Step By Step Guide For Making Money Online
Powerball & Powerball Plus Winning Numbers For May 17, 2022

More News

LEARN SPANISH ONLINE

learn spanish online

BUY FIFA COINS

Buy and Sell FUT Coins

Latest News