Bitcoin (BTC) was created by Satoshi Nakamoto as a decentralized alternative to the traditional financial system.

But Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, recently said he does not see any future for Bitcoin as a payments network.

Speaking to the Financial Times, the FTX chief said his ideas are based on the inefficiency of the Bitcoin network and the rising environmental costs.

He added that the Bitcoin-based PoW blockchain that validates transactions is unable to scale enough to process the transactions of millions of users around the world, adding:

The Bitcoin network is not a payments network and it is not a network that can scale.

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Thus, Bitcoin is not an effective method of payment.

Fred Bankman is not alone in the crypto space who thinks this way.

Many crypto market enthusiasts agree that Bitcoin (BTC) serves a better purpose as a store of value rather than as a means of payment.

While there are some countries that see great hope in Bitcoin and it can be adopted as a method of payment.

Two countries, El Salvador and the Central African Republic, have already introduced bitcoin as legal tender for everyday transactions.

Is Bitcoin adoption really on the rise?

Although the two countries have adopted Bitcoin as a legal payment method, the adoption and adoption is not significant.

Recent research by American academics shows that Bitcoin is rarely used for payments in El Salvador.

The head of FTX said that a “Proof-of-Stake” alternative blockchain is required to create a functional payments network.

Since Ethereum is already working on this transition at the moment, I go on to explain:

Things that you do millions of transactions per second with should be extremely efficient, lightweight, and cost less energy.

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Quota-based networks can do it.

Nor should we spend 100 times what we spend today on the energy costs of mining.

Bitcoin’s Proof of Work network has been one of the main reasons for objection by crypto enthusiasts.

However, the Bitcoin mining industry is doing its best to migrate to renewable and green energy solutions.

But the head of FTX believes that bitcoin is here to stay.

He said in this regard:

I don’t think that means bitcoin should go or disappear.

Bitcoin may still have a future as an asset, a commodity and a store of value.

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