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Bitcoin Businesses Technology

The closer-look dept. posted by msmash on Monday May 16, 2022.

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. From a report: Sam Bankman-Fried, founder of the digital asset exchange FTX, said the proof of work system of validating blockchain transactions, which underpins bitcoin, was not capable of scaling up to cope with the millions of transactions that would be needed to make the cryptocurrency an effective means of payment. "The bitcoin network is not a payments network and it is not a scaling network," said Bankman-Fried. His comments came as the fast-growing cryptocurrency market was hit by a punishing sell-off that left bitcoin down by more than 35 per cent since January, at its lowest level since late 2020.

Some people still believe in the use of digital currency as a way to conduct everyday transactions. The Central African Republic is one of the countries that have adopted the virtual currency. Despite the introduction of bitcoin ATMs and other measures to encourage its use, it has not been used for daily payments in El Salvador. The billionaire, who has expanded FTX into one of the world's largest virtual asset exchanges, said an alternative type of block chain known as proof of stake would be required to create a functional payments network.

In a Twitter thread, Bankman-Fried clarified: "To be clear I also said that it does have potential as a store of value. The BTC network can't sustain thousands/millions of TPS, although BTC can be xfered on lightning/L2s/etc."


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