- Vitalik exclaims how people are still underestimating the superiority of crypto payments.
- He claimed cryptocurrencies are a very convenient source of international payments.
- The popularity of crypto debit cards has been seen multiplying.
The co-founder of the second largest blockchain platform, Vitalik Buterin, recently took to Twitter to show concerns about how people are still understating the superiority of cryptocurrency payments.
The Ethereum co-founder, on his Twitter thread, pointed out how cryptocurrencies, unlike fiat money, are a very convenient source of international payments. He further explained that cryptocurrencies are not only censorship-resistant, but they also make international business, charity, and payments across countries more efficient.
People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they’re so much more convenient.
Big boost to international business and charity, and sometimes even payments within countries.
— vitalik.eth (@VitalikButerin) August 24, 2022
In related news, a recent study by PYMNTS concludes that nearly seventy-seven percent of the merchants globally that accept cryptocurrency have cited lower processing fees for a crypto transaction relative to other fiat currencies.
According to the study, dealers are charged around 1% for processing cryptocurrency transactions, which is less than the average fee of between 1.5% and 3.5% charged for processing credit cards or other payment methods. Thirty-two percent of the businesses that are adapting to the use of cryptocurrency payments have said that the ability to reach new customers is the vital feature that attracts them.
In recent months, the Ukraine government along with a non-governmental organization (NGO) raised $63.8 million, through more than 120,000 crypto asset donations since the start of the Russian invasion. Cryptocurrencies have emerged as a lifeline to save the Ukrainian economy. Digital currency donations have helped fund Ukraine’s army, increased relief operations, and will aid in the nation’s reconstruction.
After looking at all the pros, there are also some underlying cons to this. People refrain from adopting cryptocurrency payment methods due to their price volatility, complexity, and regulatory risk.