FTX CEO Sam Bankman-Fried (SBF) evaluated the criticism towards cryptocurrencies. In this regard, it has been harsh on critics who believe that crypto has no use case.
SBF highlights the role of cryptocurrency in payments
Samuel Bankman-Fried, also known as SBF after his initials, is a 30-year-old American entrepreneur. But his main qualification is that SBF is a young cryptocurrency billionaire and investor. He is the founder and CEO of FTX, a cryptocurrency exchange, and its US subsidiary, FTX.US.
cryptocoin.com As you know from , cryptocurrencies are often criticized for claiming that they have no use cases. Cryptocurrency billionaire Sam Bankman-Fried responded to the criticism of cryptocurrencies on Twitter. The SBF noted that crypto has use cases beyond investments. In this context, he revealed that the biggest impact of cryptocurrencies can be seen in three main areas: payments, market structure and social media.
SBF detailed all the major challenges faced by people using traditional payment structures today. For example, he drew attention to the issue of paying a fixed transaction fee when making small payments. He also talked about the difficulty of cross-border payments, such as multiple currencies by nationality. In addition, he underlined the unavailability of banks and the time required to complete such transactions. SBF emphasized that with the help of cryptocurrencies, the whole process can be done in a few seconds just by creating a wallet.
SBF also stated that Blockchain can help improve our market structure. Referring to the day Gamestop and other meme shares skyrocketed, he explained that the main reason for shutting down users was the risk of settlement. Highlighting FTX, the company explained that blockchains can help users bypass all settlement risks. SBF also believes that by using underlying public blockchains, the monopoly of social media giants like Facebook and Twitter can be shattered.
What should be the strategy for cryptocurrency adoption?
First, Sam Bankman-Fried highlighted the most important crypto use cases. He then outlined his vision for how mass adoption of crypto could be accelerated. According to him, the first step should be the development of technology. Currently, it is possible for most Blockchains to process 5,000 to 50,000 transactions per second. According to the SBF, the industry needs to reach the 1 million transactions per second milestone with technological advances.
He also spoke of the need for crypto regulation for clarity and mass adoption. The SBF praised the steps the US has taken to help with cryptocurrencies. It also challenged Blockchain to prioritize creating great products over monetization.
