Bitcoin Has No Future as a Payments Network, Says FTX Chief – Slashdot

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. Source: Bitcoin Has No Future as a Payments Network, Says FTX Chief – Slashdot