Vitalik Buterin says crypto payments are superior, people underestimate the potential

Ethereum (ETH) co-founder Vitalik Buterin believes cryptocurrency payments are better than many realize due to their convenience and censorship resistance.

People continue to underestimate how often cryptocurrency payments are better, not because of their censorship resistance, but simply because they are so much more convenient.

It provides a big boost to international businesses, charities and sometimes domestic payments.

—vitalik.eth (@VitalikButerin) August 24, 2022

on August 24th TweetVitalik said cryptocurrency payments could “provide a huge boost to international businesses, charities and sometimes even domestic payments.”

and interview Buterin said during Korea Blockchain Week in 2022 that digital asset-based payments will become more popular in the coming years.

According to him, the Ethereum merger will make cryptocurrency payments more popular as Ethereum fees will be reduced. Hence, leading to “improved cryptographic efficiency and accessibility”.

Buterin said several people around the world are already using digital assets for cross-border payments. However, there are still many opportunities for cryptocurrency payments in low-income countries. So restructuring of fees is essential as they are currently too high.

Buterin also spoke about his vision for Bitcoin (BTC) to function as a “peer-to-peer electronic cash system.” He expressed optimism about Bitcoin’s Lightning Network, saying the Layer 2 scaling solution would help expand his use case for crypto assets.

Mr Buterin said:

“Scalability is not just about driving down costs and needing scalability and boring. In fact, I think it enables and unlocks a whole new class of applications.”

SBF identifies crypto payment opportunities

FTX founder Sam Bankman-Fried also pointed out in a recent Twitter thread that there are payment use cases in the crypto industry.

3) Start with both domestic and international payments.

—SBF (@SBF_FTX) July 16, 2022

According to the SBF, payments using the traditional financial system are difficult, time consuming and costly. In contrast, cryptocurrency payments “take seconds to process, cost a fraction of the cost, and are completed in less than a minute.”

Meanwhile, some merchants already accept cryptocurrencies as a payment option.

PYMNTS research clearly 85% of surveyed companies with annual revenues over $1 billion have adopted crypto payments.