FTX's billionaire chief says bitcoin has no future as a payments network- FT


FILE PHOTO: Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) - Cryptocurrency exchange FTX's founder has said that bitcoin has no future as a payments network and criticized the digital currency for its inefficiency and high environmental costs, the Financial Times reported on Monday.

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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