People continue to underrate cryptocurrency payments, Vitalik Buterin says. On August 24th, Vitalik Buterin, the Co-Founder of Ethereum, posted his views on crypto payments on Twitter.
The Tweet From Vitalik Buterin
On August 24th, the Co-Founder of Ethereum, Vitalik Buterin, posted his views on crypto payments via Twitter. According to Buterin, people still think that crypto payments are underrated despite their superiority. Buterin added that cryptocurrency payments are superior, not only because of censorship resistance, but because their use is more convenient. He also mentioned crypto for international business, charity, and sometimes, payments within countries.
Buterin tweeted, “People continue to underrate how often cryptocurrency payments are superior.”
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.
— vitalik.eth (@VitalikButerin) August 24, 2022
The recent tweet from Vitalik Buterin received attention from the community. As of now, the tweet received more than 11,500 likes and more than 2,000 retweets. Some people agreed with the tweet and said that crypto payments are more convenient.
One account wrote, “Crypto payment is MUCH more convenient than traditional banking.”
Maybe consumers won't feel much about it but when it comes to B2B payment, crypto payment is MUCH more convenient than traditional banking. Less surcharge, instant confirmation (compared to several working days), more transparency (fees and status). https://t.co/rkQpeFDlqk
— Deli (@deligong) August 25, 2022
However, other people may have different views on crypto payments. They stated their concern about the error in the systems.
Another account referred to the convenience of crypto payments by saying, “Until your transaction gets stuck and you can’t make another for one day because Metamask made a mistake in the fee estimation.”
until your transaction gets stuck and you can't make another for one day because Metamask made a mistake in the fee estimation
— Haz Æ 41 🏴 (@hazae41) August 24, 2022
What is more interesting is the reply from the creator of Dogecoin, Shibetoshi Nakamoto. Nakamoto highlighted the taxes in crypto payments as what makes the transactions inconvenient.
Nakamoto stated, “The thing that makes cryptocurrency payments super inconvenient is taxes.”
the thing that makes cryptocurrency payments super inconvenient is taxes 🤣
— Shibetoshi Nakamoto (@BillyM2k) August 24, 2022
Based on the reactions among people in the community, it is interesting to see that many people are using crypto. However, the industry still needs solutions for taxes and errors to make people more attracted to enter the crypto industry.