The crypto industry has evolved exponentially, from its inception until now. Therefore, several advantages are attached to the use of these digital tokens as a means of payment. Many people are more familiar with payments using fiat currencies, such as USD. However, adding cryptocurrencies to the already established payment method will be a huge plus.
Some notable benefits of implementing cryptocurrencies as a means of payment are better control of funds, simplicity, privacy, lower fees, and security. However, people are still unable to see these benefits, thus underestimating these digital tokens for payments.
The opinion of Vitalik Buterin
Additionally, Ethereum co-founder Vitalik Buterin also revealed his thoughts on the matter. He cited that people have not rated the superiority of digital currency. Because of this, many of them fail to see the big boost it can bring to global trade, payment transactions within countries, and charity.
Cryptocurrencies are not only great for payments, as they are censorship resistant. Moreover, payment transactions with digital currencies can take place seamlessly, and this is another reason for its superiority. Buterin quoted in a Tweeter. The examples above that he highlighted are areas where these digital currencies can come in handy.
Crypto Adoption Reports
A data platform, PYMNTS, has revealed insights into the adoption of digital currencies. According to its report, “Payment with Digital Assets,” a noticeable growth in the implementation of cryptocurrencies for payments occurred in July.
About 85% of the $1 billion annual revenue of surveyed companies said they are adopting digital currencies as a means of payment. He added that companies have implemented digital tokens to increase their number of customers.
Additionally, the use of crypto debit cards for transactions is growing rapidly. As a result, some crypto exchanges are currently partnering with some debit card providers.
For example, Binance’s partnership with Mastercard gave birth to the Argentinian prepaid card, as announced by the company. Additionally, added benefits such as cashback rewards place adoption of cryptocurrencies as a more positive payment method.
Embracing cryptocurrencies as payments for charitable donations and international transactions will also help combat transaction delays, according to Vitalik. He made this known when he cited that the use of fiat currencies is a delaying tactic. This is due to the time it takes and the huge fees required to complete its treatment.
Although cryptocurrency payments seem like a good idea, some people still see why it could go wrong. This has to do with the volatility of tokens and the risks associated with using them.
Additionally, others have complained about the speed of large volume transfers with cryptocurrencies like BTC. However, Bitcoin strives to control such a problem.
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Crypto Payments Are Still Underrated, Says Vitalik Buterin
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