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

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

Buterin emphasized that with the help of cryptocurrency payments, it is possible to fight 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 are superior to traditional ones,” said the Ethereum co-founder.

According to the PYMNTS platform, among businesses with annual revenues of 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.

High volatility, high fees, and low throughput remain the main arguments against cryptocurrency payments. For example, the Ethereum network can process up to 29.3 transactions per second, and the average fee is currently $1.57.

However, with the development of second-tier solutions and the introduction of 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 in favor of Ukraine. He did this to “protect the recipients.”