NewsletterCrypto Has No Use? The CEO Of FTX Answers Critics
The CEO of FTX, Sam Bankman-Fried or SBF took to Twitter to respond to critics who believe that crypto does not have any use cases.
Stating that crypto has use cases beyond investments, SBF revealed that crypto’s biggest impact can be seen in three major areas of payments, market structure, and social media.
SBF Highlights Crypto’s Role In Payments
SBF detailed all of the major hassles faced by people currently using traditional payment structures today. For example, he highlighted the issue of paying a fixed transaction fee while doing small payments.
Moreover, he highlighted the hassle of cross-border payments such as multiple currencies based on nationality, lack of availability of banks and the time taken to complete such transactions. SBF highlighted that with the help of cryptocurrencies, the entire process can be done in a few seconds just by creating wallets.
SBF also highlighted that blockchain can help improve our market structure. Citing the day that Gamestop and other meme stocks skyrocketed, he revealed that the real reason for shutting users off was settlement risk. Highlighting his company FTX, he revealed that blockchains can help users bypass all settlement risks.
SBF also believed that through using underlying public blockchains, the monopoly of social media giants like Facebook and Twitter can be shattered.
Strategy For Crypto Adoption
After highlighting the most important crypto use cases, SBF outlined his vision of how mass adoption of crypto can be accelerated. According to him, the first step needs to be the improvement of technology.
As of now, most blockchains can handle anywhere from 5000 to 50,000 transactions per second. According to him, the industry needs to reach the milestone of 1 million transactions per second through technological advancements.
He also highlighted the need for crypto regulation for clarity and mass adoption. SBF praised the steps taken by the United States to help in this regard. He also challenged blockchain to prioritize building great products over monetization.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Uniswap Launches UNIfication to Overhaul Governance Model: Report
- Vivek Ramaswamy’s Strive Acquires $162M in Bitcoin, Surpasses Galaxy Digital in BTC Holdings
- Bitcoin News: BTC Exchange Reserves Fall as Tether Mints $1B USDT
- Breaking: U.S. Treasury And IRS Issue New Guidance For Crypto ETFs To Stake Digital Assets
- Fed’s Stephen Miran Says a 50 bps December Rate Cut Is ‘Appropriate’
- HBAR Price Prediction: Analyst Eyes 90% Surge Amid Taker Buy Dominance
- Expert Predicts 200% Shiba Inu Price Surge as Open Interest, Burn Rate Spikes
- Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows
- Pi Network: What’s Keeping Pi Coin Price $0.30 Below?
- What to Expect from Dogecoin, Shiba Inu, Bitfrac and Cardano Prices Now?
- After a 7% Pump, Will FUNToken Continue to Keep the Momentum?
