The Ethereum co-founder says that cryptocurrency payment is a new game changer for cross border business, NGOs (non-governmental organizations), and even can be a part of domestic transaction payment.
Ethereum co-founder Vitalk Buterin recommends that the application of crypto for payments is not deserved its superiority compared to internet banking, cash. It can fix the high fees of bank transferring, staggering network, and the privacy.
Buterin made the comments in a Twitter thread on Wednesday, explaining that it’s not just resistance to censorship but also convenience that makes cryptocurrencies “superior” when it comes to international business, charity and even payments within countries.
Cryptocurrency adoption in payments has been growing globally. A report from data platform PYMNTS titled “Paying With Cryptocurrency” in July found that among businesses surveyed with annual income exceeding $1 billion, 85% said they are adopting crypto payments to find and gain new customers.
The availability of crypto debit cards has also been growing quickly, giving people another way to spend their digital currency. These cards work just like traditional debit cards, but they’re linked to your cryptocurrency wallet instead of a bank account. This means that you can use them to make purchases anywhere that accepts debit cards, without having to convert your digital currency into fiat first.
Crypto debit cards are a convenient way to spend your digital currency, and they offer some advantages over traditional debit cards. For one, they’re often cheaper to use. Most crypto debit card providers don’t charge any transaction fees, so you’ll save money every time you use your card. Additionally, many crypto debit cards offer rewards or cashback programs, which can further reduce the cost of using them.
Another advantage of crypto debit cards is that they’re widely accepted. While not all businesses accept digital currency yet, most businesses that do accept traditional debit and credit cards will also accept crypto debit cards. This means that you can use your card anywhere that accepts Visa or Mastercard, without having to worry about whether or not they accept digital currency.
Finally, crypto debit cards offer some security advantages over traditional debit cards. When you use a traditional debit card, your account information is stored on the card itself. This means that if your card is lost or stolen, someone could easily access your account and withdraw your funds. With a crypto debit card, however, your account information is stored on a secure server, so even if your card is lost or stolen, your funds will still be safe.
Cryptocurrencies can be particularly useful for international money transfers and for charitable donations. When sending money internationally, cryptocurrencies can help to avoid costly exchange rates and fees. For charitable donations, cryptocurrencies can provide a way to donate directly to a cause without having to go through a middleman. For example, BIB token can be a main payment method on BIB Exchange (https://bibvip.com).
Cryptocurrencies are also becoming increasingly popular as a way to invest money. Many people believe that cryptocurrencies have the potential to provide a high return on investment, and so they are willing to take on the risk of investing in them. However, it is important to remember that investments in cryptocurrencies are highly volatile and risky. Before investing any money in cryptocurrencies, you should always do your own research and speak to a financial advisor.
Now that we know how Bitcoin and Ethereum compare to Visa in terms of transaction processing, let’s take a look at how they stack up in terms of payment processing.
