आईसीटी समाचार
Although Bitcoin's value has increased by 92 percent in the last year, with a market capitalization of over $1 trillion, some skeptics, such as Eswar Prasad, an international trade policy professor at Cornell University and author, feel that the greatest cryptocurrency will not last much longer. In a recent interview, Prasad suggested that Bitcoin may be phased out owing to its inefficiency and incapacity to facilitate exchange as a payment method.
Bitcoin, according to Prasad, has no basic value since it is ineffective as a vehicle of trade. "Bitcoin's implementation of blockchain technology is inefficient. In an interview with CNBC, he remarked, "It employs a transaction validation process that is ecologically damaging and doesn't scale up very well." Bitcoin's days may be numbered, according to Prasad, who believes that blockchain will be Bitcoin's greatest legacy. "The promise of decentralised funding with blockchain is true," Prasad added, "but Bitcoin itself may not endure long."
"In my view, the central bank currency will continue to triumph as a store of value," he said, acknowledging that Bitcoin has "initiated a revolution" in payments, highlighting the fact that central banks are now scrambling to establish their own digital currencies. Central bank digital currencies (CBDCs), according to Prasad, "may be useful in many aspects, including offering an extra payment option, a low-cost payment option that everyone has access to, boosting financial inclusion, and perhaps also enhancing financial stability."
"As much as you may dislike Bitcoin, it has sparked a revolution that, in the end, may benefit us all, either directly or indirectly." Prasad, who formerly worked as the head of the International Monetary Fund's (IMF) China division and the leader of the financial studies division at the IMF's research department, lauded fiat-linked stable-coins for making money exchange more efficient. Since its debut 12 years ago, Bitcoin's value and popularity have skyrocketed, but trading has been particularly turbulent recently. The most valuable digital currency is now worth $48,792, down 2.21 percent in the last 24 hours.
