Vitalik Buterin, the co-founder of Ethereum (ETH) has highlighted the benefits associated with cryptocurrency payments and how the technology has positively impacted both domestic and international businesses as well as organizations.
In a Twitter comment made by the outspoken Ethereum co-founder on Thursday, he pointed out that the capacity of cryptocurrency as a payment method is often underestimated by some.
In furtherance, Vitalik Buterin mentioned that crypto payments are more effective, advantageous, and improved than the traditional payment method.
On this premise, he added that the emergence of crypto payments is a great gain for enterprises. This is so because this financial technology eliminates location barriers as businesses that support crypto payments can gain patronage from anyone in the world, regardless of locality.
Read Also: Vitalik Buterin Speaks on What Ethereum (ETH) and Crypto Should Become in the Next 10 Years
In the words of Vitalik Buterin, “people continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they’re so much more convenient. Big boost to international business and charity, and sometimes even payments within countries.”
“Though I do think that the adoption and integrations that make crypto actually usable for semi-mainstream international payments ultimately depend on its credible neutrality (which censorship resistance is a part of),” he added.
Unlike the conventional payment method where financial institutions like banks act as middlemen and operations are controlled by them, crypto payments are facilitated over a decentralized network with no middleman needed. More so, transaction speed is far greater with cryptocurrency than its counterparty.
However, Vitalik Buterin further noted that he is not ruling out the importance of censorship resistance. “I never said anything dismissing the importance of censorship resistance, I just… pointed out my personal experience that it’s a much better payment rail than the actually available present-day alternatives,” he wrote in response to a certain Twitter user.
Read Also: Ethereum’s Vitalik Buterin Discusses How Blockchain Can Be Applied Outside of Financial Industry
Worthy of note is that several businesses and financial institutions are embracing digital assets as a payment method.
Major banks around the world are also partnering with crypto solution companies offering cross-border payment services to enable their customers to send money across borders in a seamless manner and with low charges.
Meanwhile, the co-founder of the largest smart contract platform, Ethereum, which is set to transition to proof-of-stake (PoS) earlier revealed his position on the likelihood of cryptocurrency replacing traditional currencies in the future.
According to him, he does not expect crypto to completely take over the financial world or erase traditional currencies.
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