Jay Krishnan, ex-CEO of T-Hub, India’s largest startup incubator and venture adviser to SRI Capital has come under criticism from crypto Twitter regarding his comments about alleged Bitcoin failure. According to him, BTC has failed due to $20 transaction fees, while his claim is not well substantiated due to the fact that since December, the median transaction fee for Bitcoin has remained below $0.2.
In this retrospect, Joseph Young, a prominent crypto analyst, investor and contributor at Forbes, has come out to criticize Krishnan quite heavily. He seemed irrate with the standard of argument taken to criticize Bitcoin and branded it as ”pathetic”.
He took to Twitter to post a photo highlighting Jay Krishnan’s comments while adding his own critique to the remark. His tweet read:
India’s largest startup incubator CEO says Bitcoin failed because people are paying $20 in tx fee.
He’s either been hibernating since December or has not bothered to use it for 8 months before criticizing it.
At least try to find good arguments to attack BTC, this is pathetic. pic.twitter.com/xTlpKMZqvy
— Joseph Young (@iamjosephyoung) September 16, 2018
Bitcoin and other decentralized systems have been active since inception to improve scalability and transaction capacities. Bitcoin has integrated SegWit and Ethereum is also in process to increase blockchain transaction capacity.
Yet, Jay Krishnan, a figure reputable of having overseen greater innovation developments in one of the largest countries of the world, concludes that Bitcoin has failed due to its transaction fee. He said:
The fallacy of Bitcoin as a currency is its transaction fee which is typically above $20. The transaction fee is paid to ensure convenience and security in the exchange. This is not only higher than the transaction fee paid for regulated currency but is also an indication of the security risk it holds.
BTC transaction fee minimal compared to fiat bank fees
Transaction fees for Bitcoin transactions could be considered high for some people, albeit it sitting at a minimal amount of $0.1. But compared to traditional fiat banks and their fees involved in using offshore bank accounts to store money, $0.1 seems like business well done as it is much lower than tens of thousand of dollars required as fee to transfer millions of dollars via bank accounts.
With constant work being done by blockchain experts in this regard and with the adoption of renowned financial institution and investment firms like Citigroup, Goldman Sachs and Morgan Stanley, it can be said with great conviction the BTC has come forward to succeed rather than fail and will only continue to grow forward.