(Photo by Mario Tama/Getty Images)
[Re: Bitcoin has no future as a means of payment, warns top crypto boss, yesterday]
Following news that the founder of crypto exchange FTX, Sam Bankman-Fried claimed that Bitcoin is not scalable enough to accommodate millions of transactions, the asset’s future as a means of payment has drawn considerable doubt.
However, this doubt is valid. Whilst Bankman-Fried did acknowledge Bitcoin’s potential as an asset, a commodity and a store of value, concerns about its efficiency are widely felt and known.
In fact, the ‘clunkiness’ of Bitcoin and its inability to execute more transactions per second and the costs of doing so has been the reason behind many alt-coins.
Stablecoins or alt-coins, one thing for sure is that there will be a better and more permanent alternative form of payment which relies upon blockchain.
Given the recent cryptocurrency slump, investors are likely to be nursing their losses right now. As a result, the wider economy is not in a position to accept cryptocurrency as a means of payment. However, this is for right now and in the future, when we experience another rise in all things crypto, we may see vendors accepting payment of these assets.
It’s a conversation that isn’t leaving the room but for right now, the crash of the assets is leading the dialogue.
Michael Kamerman
