Cornell Professor Believes Bitcoin's Days Are Numbered, Lauds Altcoins for Better Use of Blockchain
Bitcoin's value may be up 92 percent over the past year with a market capitalisation of over $1 trillion (roughly Rs. 75,87,463 crore) but there are still sceptics, including Eswar Prasad, an international trade policy professor at Cornell University and an author, believes that the largest cryptocurrency might not stick around for much longer. Prasad, in a recent interview, stated that Bitcoin might fade out of existence due to lack of efficiency and its inability to facilitate exchange as a mode of payment.
Prasad believes that Bitcoin has no fundamental value because it cannot function as a suitable medium of exchange. “Bitcoin's use of the blockchain technology is not very efficient. It uses a validation mechanism for transactions that is environmentally destructive that doesn't scale up very well,” he said in an interview with CNBC.
Prasad, added that the days of Bitcoin may be numbered, adding that blockchain will become Bitcoin's greatest legacy. The Indian-American economist opposed the consensus mechanism for Bitcoin's "environmental destruction" adding that these are the new green alternatives. "I think the promise of decentralised funding with blockchain is real, but Bitcoin itself may not last long," said Prasad.