FTX’s billionaire chief says bitcoin has no future as a payments network- FT

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Reuters UK

(Reuters) – Cryptocurrency exchange FTX’s founder has said that bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday. Bitcoin, the world’s largest cryptocurrency, is created by a process called “proof of work” that requires computers to “mine” the currency by solving complex puzzles. Powering these computers needs large amounts of electricity. An alternative to the system is called the “proof of stake” network, where participants can buy tokens that allow them to join the networ…

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