Ray Youssef, CEO of Noones and former Paxful CEO, condemns the detrimental effect of high Bitcoin (CRYPTO:BTC) transaction fees, particularly on users in the Global South.
He argues that these fees are driving users in emerging markets to seek alternatives like USDT (CRYPTO:USDT) on the Tron blockchain, undermining Bitcoin's intended accessibility.
Youssef emphasises the importance of Bitcoin's role as "freedom money" for regions with significant population growth, where it is meant to serve as a viable store of value and medium of exchange.
Despite recent fee reductions, sporadic spikes in transaction costs continue to hinder Bitcoin's usability, especially for small payments, as highlighted by Youssef's observations.
His comments underscore the ongoing debate regarding Bitcoin's adoption and affordability in global markets, particularly in regions with economic challenges.