According to Vitalik Buterin, the frequency of cryptocurrency payments is on the rise

Are cryptocurrencies 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 the frequency with which cryptocurrency transfers are made. He also took the opportunity to explain why these digital assets are increasingly used.

Cryptocurrency 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 are so much cheaper,” wrote Vitalik Buterin on Twitter. According to him, several factors come into play that justify the sharp increase in the number of transfers.

As for donations, a notable example illustrates the interest shown in cryptocurrencies. This is Ukraine that has received cryptocurrency funds to support efforts against the invasion of Russia. According to data from the Elliptic platform, Ukraine had a total of 63 million cryptocurrency donations from the big names in the digital asset ecosystem.

As for internal payments in cryptocurrencies, at the moment, only El Salvador officially gives the possibility to make its citizens purchases using bitcoin (BTC). In other countries, initiatives are taken by 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 the 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. “Encrypted payment networks greatly help people’s lives”, he points out, adding that they are “Low cost, fast and easily accessible financial networks”. Ultimately, Mr. Sun believes it “Blockchain technology will have the capacity [de devenir] one of the most important foundations of our life “.

While it is true that cryptocurrency 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. Therefore, Cointelegraph notes that during the day of August 24 the blockchains of Bitcoin (BTC) and Ethereum (ETH) were traded respectively 5 transactions per second with an average commission of $ 0.89 e 29 transactions per second with a $ 1.57 fee. At the same time, the Visa company claims, 24,000 transactions per second.

According to Vitalik Buterin, the development of the cryptocurrency 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, as more and more people are using them.

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Luc Jose Adjinacou avatar
Luc José Adjinacou

Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.

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