Are cryptos more used in the world than we think? According to the creator of the Ethereum (ETH) blockchain, the answer to this question is yes. On Twitter, he insisted that many people underestimate how often cryptocurrency transfers are made. He also took the opportunity to explain why these digital assets are increasingly used.
Crypto payments and donations around the world
“People continue to underestimate how often cryptocurrency payments are superior, not just because of censorship resistance, but simply because they’re so much more convenient,” wrote Vitalik Buterin on Twitter. According to him, several factors come into play and justify the sharp increase in the number of transfers.
Regarding donations, a remarkable example illustrates the interest shown for cryptocurrencies. This is Ukraine which received funds in crypto to support efforts against the invasion of Russia. According to Elliptic platform dataUkraine had a total of 63 million crypto donations from big names in the digital asset ecosystem.
As for internal payments in cryptocurrencies, at present, only El Salvador officially gives its citizens the possibility of carrying out purchases using bitcoin (BTC). In other countries, initiatives are taken on both sides. The Central African Republic, for example, plans to move slowly towards bitcoin (BTC) payments. In France, the Beaugrenelle shopping center accepts cryptocurrency payments thanks to a partnership with fintech Lizy.
Transactions still low
To Vitalik Buterin’s post, there were several responses. One of the most notable is that of Justin Sun. He says he fully agrees with Buterin’s opinion. “Crypto payment networks help people’s lives tremendously,” he underlines, adding that these are “low-cost, fast and easily accessible financial networks”. Finally, Mr. Sun believes that “blockchain technology will have the ability [de devenir] one of the most important foundations in our lives”.
While it is true that crypto transfers are starting to become considerable, we must not forget that they are still well below the number of transfers made with traditional payment systems. Thereby, Cointelegraph notes that during the day of August 24, Bitcoin (BTC) and Ethereum (ETH) blockchains traded respectively 5 transactions per second with an average fee of $0.89 and 29 transactions per second with a fee of $1.57. At the same time, the company Visa claims, it, 24,000 transactions per second.
According to Vitalik Buterin, the development of the crypto market is accompanied by an increase in the number of transfers made. According to him, it would not be appropriate to underestimate the importance of payments and donations in digital assets, since more and more people are using them.
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Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.