While the crypto money markets are trying to find the bottom in a big fluctuation, Bitcoin criticism came from FTX CEO Sam Bankman-Fried.
SBF, the founder of cryptocurrency exchange FTX, said that Bitcoin has no future as a means of payment. Attributing this to the inefficiency of the network and environmental factors, the famous CEO said:
“Bitcoin will not be a future payment network due to its inefficiency and high environmental costs. The Bitcoin network is not a payment and scaling network.”
While the debates on whether Bitcoin is a means of payment or a store of value continue, we see that El Salvador’s Bitcoin experiment is not progressing as expected. Recent research shows that the use of Bitcoin and ATMs as a means of payment is quite limited.
According to the SBF, payment networks should use the POS system, not POW.
“Networks where you make millions of transactions per second need to be extremely efficient, lightweight and low energy consumption like POS.
That doesn’t mean Bitcoin has to go. Bitcoin may have a future as an asset, commodity or store of value, similar to gold.”