Vitalik Buterin, co-creator of the Ethereum Network, recently tweeted that cryptocurrency users tend to underestimate the digital asset’s potential when compared to traditional currency. He claims that accepting some cryptocurrencies as payment is more hassle-free. Charity contributions, overseas payments, and corporate transactions are just a few examples.
It’s a signal given at a time when the crypto business is undergoing a number of changes. As a result of the planned merge with the Beacon network, the Ethereum network as a whole will switch from the current Proof-of-Work consensus process to Proof-of-Stake, which will result in somewhat faster transaction times (by around 10%). Canadian regulators have recently made headlines by banning the purchase of all cryptocurrencies in the country, with the exception of Ethereum and three others.
Although more and more cryptocurrency-based payment methods are becoming available, it is too soon to predict widespread acceptance. Since the market as a whole is currently experiencing one of the longest slumps in recent history, now is not the time to advocate for a transition to Bitcoin.
Despite the dour circumstances, there have been numerous exciting developments in how businesses approach cryptocurrency adoption. It comes as no surprise to us that many traditional financial organizations now accept cryptocurrencies, such as Forex and Futures brokers and online casinos. Over 85% of companies with over $1 billion in yearly revenue say they accept cryptocurrency payments from new clients.
Cryptocurrencies streamline and reduce the cost of international philanthropic contributions. The endeavor to support the Ukrainian military’s fight against Russian invasion is a prime example. Over $54 million, mostly in cryptocurrency, was amassed by the defending nation.
Again, the issue lies in sheer numbers. The throughput of crypto is much lower than VISA’s, yet it is ideal for huge transactions. However, VISA can handle over 24,000 transactions per second. Even on a good day, Ethereum can handle 30.
The business community is collaborating on a solution that prioritizes utilities. Lightning network implementation is still in its infancy, but it has the potential to resolve many problems. To conclude, Vitalik, the public does not now underestimate crypto’s value.