Bitcoin has no future as a payments network Sam Bankman-Fried, founder of FTX thinks details. The founder of cryptocurrency exchange FTX, Sam Bankman-Fried, stated that he does not believe Bitcoin will function as a payments network, has given his opinion regarding the future of Bitcoin use. However, it may become an 'asset, commodity and store of value' due to its limited ability to scale to fulfill this mission. He believes.
Bitcoin has no future as a payments network Sam Bankman-Fried, founder of FTX thinks details
In this article, we will talk about Bitcoin news. The founder of the cryptocurrency exchange FTX, Sam Bankman-Fried, said that it will operate as a payments network, gave his opinion regarding the future of using Bitcoin. However, it may become an 'asset, commodity and store of value' due to its limited ability to scale to fulfill this mission.
Bitcoin it works as a payment network Sam Bankman-Fried
FTX founder Sam Bankman-Fried gave his opinion on the direction of Bitcoin and the true value of its future structure. In an interview published by the Financial Times, the application of Bitcoin as a payments network criticized Bankman-Fried. For him, never as a daily payments system for a number of reasons the Bitcoin blockchain system will not work.
The first reason given by the CEO relates to the energy and environmental implications of this hypothetical growth compared to other alternatives. One reason is the perceived lack of scalability in the Bitcoin blockchain. For Bankman-Fried, where it would be impractical to use it, bitcoin for payments is like gold. He said:
Why don't we go to a store and pay with actual gold bars? That would be ridiculous and silly to begin with. And I'm sure it would be bad for the climate, and it would be incredibly expensive.
It has also been announced that Proof of Stake (PoS) networks will be more efficient to complete these tasks, explaining:
(should) be highly efficient, lightweight, cost less energy, and do things that make millions of transactions per second. Proof of networking share.
As an “asset, commodity and store of value” Bankman-Fried believes that Bitcoin has other unique properties that make it good.
Opinions differ from those of Bitcoin
Some opinions differ from those of Fred Bankman, however. The creation of the Bitcoin Lightning Network (LN), may be a solution to the scaling problems faced by the first generation of block chains such as Bitcoin on congestion, a Layer 2 (L2) expansion protocol for Bitcoin that proposes very low transaction costs. Bitfinex's chief technology officer, Paolo Ardoino, believes that it has the potential to turn Bitcoin into a possible payment path that Lightning believes. He said:
From Bitcoin Quietly To Show Satoshi Nakamoto's Prophecy The Lightning Network is emerging from a decentralized peer-to-peer payment network. Where the country's adoption of Bitcoin as a legal currency is an example of this, El Salvador has made the nation a laboratory for the use of Lightning that integrates technology with global companies.
The former head of crypto at Meta, David Marcus, recently launched Lightspark, which will explore the capabilities of the VC-backed Lightning Network for payments.
Proposed in 2015, the protocol did not succeed in gaining major support and, according to the Defi Pulse Index, ranks 32 in the list of decentralized protocols with the most secure value.