The crypto industry has evolved exponentially from the time it was created until today. All in all, there are several advantages to using these digital tokens as a means of payment. Many people are more knowledgeable about making payments using fiat currencies such as USD. However, adding cryptocurrencies to the already established payment method would be a big plus.
Some key advantages of implementing cryptocurrencies as a means of payment are better control of funds, simplicity, privacy, low fees, and security. However, people still fail to see these benefits and therefore underestimate these digital tokens for payments.
Vitalik Buterin’s Opinion
Vitalik Buterin, co-founder of Ethereum, also revealed his thoughts on the event. He noted that people do not evaluate the superiority of digital currency. Because of this fact, many fail to see the huge increase this can make to global trade, payment processing in countries, and charities.
Cryptocurrencies are not only ideal for payments as they are censorship resistant. Also, payment transactions with digital currencies can proceed smoothly, which is another reason for its superiority. Tweet on a quote from Buterin. The examples above that he points to are some areas where these digital currencies can help.
Reports on Crypto Adoption
PYMNTS, a data platform, has revealed some information about the adoption of digital currencies. According to the “Payment with digital assets” report, significant growth occurred in the application of cryptocurrencies for payments in July.
Nearly 85% of the $1 billion annual revenue of surveyed businesses reported that they were adopting digital currencies as a means of payment. He added that businesses are implementing digital tokens to increase their customer numbers.
Also, there is rapid growth in the use of crypto-based debit cards for transactions. As a result, some crypto exchanges are currently partnering with certain debit card providers.
For example, Binance’s partnership with Mastercard has brought the Argentines prepaid card, as the company explains. Also, additional benefits such as cashback rewards place the adoption of cryptocurrencies as a payment method on the more positive side.
According to Vitalik, accepting cryptocurrencies as payment for charitable donations and international deals will also help overcome delays in transactions. He explained this when he stated that using fiat currencies was a delay tactic. This is due to the time and enormous fees required to complete the transaction.