Bitcoin has no future as a payments network, says FTX chief

Bitcoin has no future as a payments network because of its inefficiency and high environmental costs, according to one of crypto’s most influential chief executives.

Sam Bankman-Fried, founder of the digital asset exchange FTX, said the proof of work system of validating blockchain transactions, which underpins Bitcoin, is not capable of scaling up to cope with the millions of transactions that would be needed to make the crypto token an effective means of payment.

“The Bitcoin…

Source link

About bitcoin

Check Also

Market Wrap: From GBTC Discount to Short Bitcoin ETF, Traders See Reasons for Optimism – CoinDesk

“This weekend could be another testing period for the cryptocurrency, despite the resilience shown this …

Leave a Reply

Your email address will not be published.