Ethereum Co-founder Vitalik Buterin Claims Crypto Payment is Highly Underrated
- Ethereum co-founder Vitalik Buterin believes cryptocurrency as a payment option has more advantages than fiat.
- The use of crypto for payment purposes is fast becoming a trend with the launch of crypto debit and credit cards.
Although cryptocurrencies have grown in popularity and mainstream adoption, Ethereum co-founder Vitalik Buterin believes crypto payment is still underrated in the international market. The developer shared his thoughts with his 4.2 million followers in a series of tweets, noting that crypto is far superior to fiat for international payments, charities, and local transactions.
Vitalik explained that crypto payments are more convenient than their fiat counterparts, aside from being censorship-resistant. The Ethereum co-founder is one of those whose opinion is highly regarded within the crypto world and has developed the second most popular blockchain network, Ethereum.
Many users seem to agree with Vitalik’s views on the superiority of crypto payments, and the little recognition crypto payments have received in the international market. Regardless of this viewpoint, there has been a growth in the global adoption of crypto as a payment option.
A recent survey in July revealed that 85% of businesses with yearly incomes above $1 billion acknowledged using crypto payments to attract and retain new clients. Several crypto platforms have rolled out new features to make crypto payments easier and faster.
For example, Binance, a global crypto exchange, has rolled out crypto debit cards in partnership with Mastercard for Argentinean users. This move was to speed up local access to crypto to pay for daily consumption.
Other crypto debit cards, like Wirex’s, take things a step further and give users crypto cashback rewards for using the card to make purchases. They also make it easier to access ATM withdrawals and spend a number of significant cryptocurrencies and fiat currencies.
For several reasons, many people prefer to make payments in cryptocurrencies than in fiat. Fiat transactions are usually time-consuming and sometimes involve extra costs. However, crypto transactions occur quickly, and users can maintain their anonymity.
Crypto has also proven to be effective in humanitarian efforts and charitable giving, especially during the war in Ukraine. According to the country’s vice Prime Minister, Mykhailo Fedorov, over $50 million has been raised for Ukraine amidst its crisis.
Despite the positive sides of crypto payments, there are still areas of concern. Many experts are concerned about how the impending regulation of the crypto space would affect its use cases. Several agencies around the world are stepping up their plans to regulate the crypto space, and no one knows how the industry will function afterward.
Cryptocurrencies do not need third-party verification but are also not immune from volatility. Crypto prices are unstable and this, for many people, is a risk factor to consider when using crypto as a payment option.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
