Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: sirty143 on May 19, 2022, 06:26:32 AM
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Guys, what's your opinion on the following, "Bankman-Fried stated he doesn’t believe that Bitcoin will work as a payments network, due to its limited capability for scaling to fulfill this task." You can read more here (https://news.bitcoin.com/ftx-founder-sam-bankman-fried-thinks-bitcoin-has-no-future-as-a-payments-network/). Thanks.
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Many people speaks based on their immediate ideas, and I called this statement an immediate opinion because the same man will come back again in near future to speak contrary on what he had once spoken.There are many people who had similar statements but it "hold no ground"; as a matter of facts certain individuals statement on the crypto economy can't be taken seriously. I think Mr Bankman-Fried spoke base his own opinion, many notable persons has different views.
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In my opinion, bitcoin is already very rarely used as a means of payment. In addition to the indicated reason, the long-term retention of bitcoins by its owners in the hope that in the future it will grow in price for a long time is also of great importance. Faster and cheaper altcoins with very low and even almost free transaction fees will always be preferred as a means of payment. Cryptocurrency is developing at the expense of altcoins and it’s hard to argue with that.
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I understand what he's been thinking, but we've looked at the Lightning Network and it works as a layer 2 Bitcoin Blockchain. Fast transactions and low fees, I think the founders of FTX will come back and think that using Bitcoin for large-scale payments will be necessary, you don't have to bother paying with USD or stable coins when Bitcoin is worth $65k usd.
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Speaking from a personal view, I might think so too but not that it is not already in use as such, " Payment". Aside from his concern of scalability and energy and environmental implications which I believe has been contested a lot, If I had a business and someone wants to pay me in Bitcoin, and since we are in a bear market, will I accept the Bitcoin and convert to stablecoin immediately or Hodl till the market recovers and how long will this last since I need money to continue my Biz.
People will continue to accept Bitcoin as we have seen in certain Businesses but coming above fiat payments, not sure.
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Guys, what's your opinion on the following, "Bankman-Fried stated he doesn’t believe that Bitcoin will work as a payments network, due to its limited capability for scaling to fulfill this task." You can read more here (https://news.bitcoin.com/ftx-founder-sam-bankman-fried-thinks-bitcoin-has-no-future-as-a-payments-network/). Thanks.
Apparently Bankman-Fried is right. Bitcoin is used very little as a means of payment, while at this time altcoins are rapidly developing and their transactions are becoming faster and cheaper. Bitcoin is more held for the purpose of further profit, it is not bought as a means of payment for goods and services. Altcoins in this regard have long been ahead of him.
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Until the many challenges that the Bitcoin network is facing right can be solved then it becoming a global payment system maybe jeopardized. Scaling is a big problem...as nobody has the patience and the time to be waiting for some minutes before the payment is fully confirmed...that is not so plausible in today's global economy where speed is a big key to transactions. Of course, we are seeing a big potential in the Lighting Network though we don't see so much adoption here yet. Unlike Ethereum where new developments can be coming on a regular basis, Bitcoin has a different set-up...
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I personally disagree with him. I think anyone who’s states right now that bitcoin will never have a future as a payment system is ignoring the fact that bitcoin can always be improved/updated (despite those who are against this sentiment). There still is some hope with lightning network, so I don’t think we can write it off just yet.