{"id":237537,"date":"2022-05-16T16:40:40","date_gmt":"2022-05-16T15:40:40","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=237537"},"modified":"2022-05-16T14:19:40","modified_gmt":"2022-05-16T13:19:40","slug":"sbf-does-not-see-bitcoin-becoming-a-payment-network-lampoons-its-energy-consumption","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sbf-does-not-see-bitcoin-becoming-a-payment-network-lampoons-its-energy-consumption\/","title":{"rendered":"SBF does not see Bitcoin becoming a payment network, lampoons its energy consumption"},"content":{"rendered":"

Sam Bankman-Fried<\/span><\/a> (SBF), the CEO and founder of leading crypto exchange <\/span>FTX<\/span><\/a>, <\/span>\u00a0said in a recent interview<\/a> with the Financial Times <\/i>that he does not think <\/span>Bitcoin<\/span><\/a> has a future as a payment network.\u00a0<\/span><\/p>\n

SBF continued that the environmental impact of Bitcoin mining, alongside the fact that the coin is \u201cinefficient,\u201d would count against it in the long run.<\/span><\/p>\n

PoS networks are the future of payments<\/b><\/h2>\n

SBF said digital currencies running on proof of stake networks like <\/span>Solana<\/span><\/a>, <\/span>Avalanche<\/span><\/a>, and others are the future of payment networks.\u00a0<\/span><\/p>\n

He added that these networks already have the advantage of lower energy consumption and cheaper costs. So, they could be forced to evolve into the choice network for crypto payment.<\/span><\/p>\n

In his words,<\/span><\/p>\n

The Bitcoin network is not a payments network, and it is not a scaling network. Things that you\u2019re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.<\/p><\/blockquote>\n

In 2021, Avalanche founder Emin G\u00fcn Sirer<\/span><\/a> said<\/span><\/a> that Bitcoin could become obsolete as newer blockchains like Ethereum<\/span><\/a>, Solana, and others have multiple use-cases.<\/p>\n

In his view, Bitcoin\u2019s \u201cspeed,\u201d alongside the fact that the blockchain does not host smart contracts, makes it difficult for decentralized applications to be built on top.\u00a0<\/span><\/p>\n

SBF believes these shortcomings would allow Bitcoin to \u201cbe taken over by other systems that are growing.\u201d<\/span><\/p>\n

Bitcoin is a store of value<\/b><\/h2>\n

However, SBF didn't entirely dismiss Bitcoin. He believes the crypto king has a future as “an asset, a commodity and a store of value.”<\/span><\/p>\n

SBF's view is not entirely surprising; some crypto community members also think that the flagship digital currency is more of a store of value than a payment option.<\/span><\/p>\n

The billionaire also rehashed the usual criticism against Bitcoin, saying that the community has to work to avoid\u00a0<\/span><\/p>\n

\n

Spending 100 times as much eventually as we are today on energy costs for mining.<\/strong><\/p>\n<\/blockquote>\n

Meanwhile, Greenpeace, a non-profit environmental organization, <\/span>called for a change<\/span><\/a> to the Bitcoin consensus model in a campaign tagged “Change the Code, not the Climate” in March.<\/span><\/p>\n

However, the Bitcoin community <\/span>reacted<\/span><\/a> negatively to the campaign, saying that changing the coin's code would have a ripple effect on the network\u2019s architecture and jeopardize its security.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Sam Bankman-Fried (SBF), the CEO and founder of leading crypto exchange FTX, \u00a0said in a recent interview with the Financial Times that he does not think Bitcoin has a future as a payment network.\u00a0 SBF continued that the environmental impact of Bitcoin mining, alongside the fact that the coin is \u201cinefficient,\u201d would count against it […]<\/p>\n","protected":false},"author":720,"featured_media":237578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60208],"tags":[76833,77518,77519,77612],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nSBF does not see Bitcoin becoming a payment network, lampoons its energy consumption<\/title>\n<meta name=\"description\" content=\"The founder of FTX exchange, Sam Bankman-Fried, has said that Bitcoin has no future as a payment network because of its speed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sbf-does-not-see-bitcoin-becoming-a-payment-network-lampoons-its-energy-consumption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBF does not see Bitcoin becoming a payment network, lampoons its energy consumption\" \/>\n<meta property=\"og:description\" content=\"The founder of FTX exchange, Sam Bankman-Fried, has said that Bitcoin has no future as a payment network because of its speed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/sbf-does-not-see-bitcoin-becoming-a-payment-network-lampoons-its-energy-consumption\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-16T15:40:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-16T13:19:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/05\/image_2022-05-16_181700265.png\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/sbf-does-not-see-bitcoin-becoming-a-payment-network-lampoons-its-energy-consumption\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/sbf-does-not-see-bitcoin-becoming-a-payment-network-lampoons-its-energy-consumption\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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