Vitalik Buterin: “People still don’t understand the superiority of cryptocurrency payments”

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Ethereum co-founder Vitalik Buterin believes that cryptocurrency payments have many advantages over traditional types of payment for goods and services, but people have not yet realized this.

Buterin emphasized that with the helpcryptocurrency payments can be fought against censorship and blocking. It is also a convenient way for international companies to work and participate in charity, and at the domestic level, payments using digital assets are not inferior to fiat payments.

“People continue to underestimate how often crypto payments outperform traditional payments,” said the Ethereum co-founder.

According to the PYMNTS platform, among businesseswith annual revenue up to $1 billion, 85% use cryptocurrency payments to attract new customers. Also, 82% of respondents named the lack of intermediaries as the main reason for using cryptocurrencies for payments.

The main arguments against cryptocurrencypayments remain subject to high volatility, high fees and low throughput. For example, the Ethereum network can process up to 29.3 transactions per second, and the average commission is currently $1.57. 

However, with the development of second-level solutions andBy introducing new features, such as sharding, most of these problems can be eliminated. Earlier, Buterin said that he used the Tornado Cash mixer to transfer donations to Ukraine. He did this to “protect the recipients.”