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Bangkok Post
Bangkok Post
Business

Bitcoin has no future as a payments network - FTX

FTX Bitcoin Sam Bankman-Fried Crypto Cryptocurrency
A Bitcoin mascot poses for photographs at the Thailand Crypto Expo 2022 in Bangkok, Thailand, on Sunday. (Photo: Bloomberg)

Cryptocurrency exchange FTX's founder has said that bitcoin has no future as a payments network and criticised the digital currency for its inefficiency and high environmental costs.

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.

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