Crypto payments still undervalued, says Vitalik Buterin
The crypto industry has developed exponentially, from its inception to now. As a result, several benefits are associated with using these digital tokens as a means of payment. Many people are more comfortable making payments with fiat currencies, such as USD. However, adding cryptocurrencies to the already established payment method would be a big plus.
Some notable benefits of implementing cryptocurrencies as a means of payment are better control over funds, simplicity, privacy, reduced fees and security. However, people are still unable to see these benefits and thus underestimate these digital tokens for payments.
Vitalik Buterin’s opinion
Moreover, the co-founder of Ethereum, Vitalik Buterin, has also revealed his thoughts on the matter. He cited that people have not considered the superiority of digital currency. Because of this fact, many of them fail to see the great promise this can bring to global business, in-country payment transactions and charity.
Cryptocurrencies are not only ideal for payments because they are resistant to censorship. Additionally, payment transactions with digital currencies can continue seamlessly, which is another reason for its superiority. Buterin quoted in a chirping. The above examples he pointed out are some areas where these digital currencies could prove useful.
Reports on crypto adoption
A data platform, PYMNTS, has revealed some information about the use of digital currencies. According to the report, “Paying with digital assets”, in July there was a significant growth in the implementation of cryptocurrencies for payments.
About 85% of the $1 billion annual revenue surveyed businesses reported using digital currencies as a means of payment. It added that the businesses were implementing digital tokens to increase customer numbers.
Also, there is rapid growth in the use of crypto-based debit cards for transactions. As a result, some crypto exchanges currently partner with certain debit card providers.
For example, Binance’s partnership with Mastercard led to the Argentine prepaid card, which the company announced. Moreover, the additional benefits such as cashback rewards place the use of cryptocurrencies as a payment method more on the positive side.
Adopting cryptocurrencies as payment for charity donations and international trade will also help tackle delays in transactions, according to Vitalik. He made this known when he cited that using fiat currencies is a delaying tactic. This is because of the time it takes and the huge fees required to complete the treatment.
Although cryptocurrency payments sound like a good idea, some still see why it could go wrong. It has to do with the volatility of tokens and the risk associated with using them.
Additionally, others complained about the speed of large volume transfers with cryptocurrencies such as BTC. However, Bitcoin is working to keep such a problem at bay.
Featured image from Pixabay, chart from TradingView.com
