Less than 2 decades have passed since the formation of the crypto industry, but in this short time it has proven that it can have many advantages for use as a means of payment. However, Vitalik Buterin, the founder of Ethereum, believes that cryptocurrencies have not received the attention they deserve.
According to Mihan Blockchain and quoted by bitcoinist, cryptocurrencies can have significant benefits as a means of payment. Among these benefits; Better control of funds, simplicity, privacy, cost reduction and security. However, people still fail to see these benefits, thus underestimating these digital tokens for payment.
Vitalik Buterin’s opinion on payments with cryptocurrencies
Vitalik Buterin, co-founder of Ethereum. says People do not understand the advantages of digital currency:
Due to this fact, many people fail to see the huge growth that cryptocurrency can bring to global commerce, payment transactions within countries, and charity.
Cryptocurrencies are ideal for payments; Because they are resistant to censorship. In addition, payment transactions with digital currencies can proceed without problems, which is another reason for its superiority.
Reports on crypto adoption
PYMNTS, a data platform, has released information on cryptocurrency adoption. According to the company’s report, “Payment with Digital Assets” saw significant growth in the adoption of cryptocurrency for payment in July.
About 85% of the $1 billion in annual revenue of businesses surveyed reported using digital currencies as a means of payment.
Additionally, there is a rapid growth in the use of cryptocurrency-based debit cards for transactions. As a result, some crypto exchanges already work with some debit card providers.
According to the previous report of Mihan Blockchain, Binance exchange in cooperation with Mastercard will provide the possibility of payment with cryptocurrency in 90 million stores.