The CEO of FTX, Sam Bankman-Fried (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 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.
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.