The CEO of FTX, Sam Bankman-Fried or 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 Highlights Crypto’s Role In Payments
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.
