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Ethereum Co-founder thinks the public ‘underrates’ the potential of crypto payments


Ethereum co-founder, Vitalik Buterin thinks that payments made with cryptocurrencies are a valuable asset to businesses internationally.

Vitalik Buterin suggested in a tweet, that the superiority of crypto payments is underrated by the public. He noted that compared to fiat payments, the convenience of international payments with cryptocurrencies is much better. His tweet included businesses and charities benefitting especially from this form of payment. 

On August 24, Buterin posted a twitter thread giving his explanation that the cryptocurrency payments are important in the combatting of censorship, as well as the convenience and superiority of business and charity payments between countries. 

The adoption of cryptocurrency in payments has been on the rise on the global stage. This is supported in the “Paying With Cryptocurrency”  report from the popular data platform, PYMNTS, which took place in July. It was reported that 85% of businesses with income annually over $1 billion have adopted cryptocurrency as a form of payment. 

The access to crypto debit cards has also been increasing. This comes during the partnership of Binance with Mastercard, and the announcement of prepaid cards linked to crypto in Argentina. These cards may be beneficial as they come with reward systems for users the more times they use their crypto linked prepaid cards. 

Buterin also noted that the transfer of money internationally, especially those through charitable donations would be particularly more convenient. International flat currency transfers usually take longer to process and will result in more fees. 

While crypto payments are on the rise, there are still some who are skeptical. Those who object point towards the volatility of price fluctuations and regulatory risks. High gas prices and eases of use are also numbered among the main objections. 

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