Ethereum co-founder Vitalik Buterin took to Twitter and shared his thoughts on how crypto is superior to other payment options. Buterin says that the cryptocurrency industry is still underrated, given its convenience and censorship resistance.
The 28-year-old programmer stated that crypto provides a
“Big boost to international business and charity, and sometimes even payments within countries.”
Buterin‘s Tweet received replies from some prominent voices in the industry.
Dogecoin (DOGE) creator, Billy Markus, replied to Buterin, saying,
“The thing that makes cryptocurrency payments super inconvenient is taxes”
The Ethereum co-founder also received a reply from the crypto proponent John Squire, who said that cryptocurrencies are here to stay. Squire stated,
“No matter how much they start, no matter how much they try to control crypto, they have come into our lives to stay and nothing and no one can stop it.”
Cryptocurrency has become part of the mainstream, especially after the 2021 bull run. Many new and young investors flocked their way into the emerging asset class when major currencies such as Bitcoin (BTC) and Ethereum (ETH) made massive gains quickly.
Furthermore, crypto donations have become more common than ever before. The war in Ukraine has so far used $54 million in cryptocurrency donations in its fight against Russia. Moreover, daily donations to the cause reached $114 million as of the 8th of April. International payments have historically been slow to process and expensive using fiat money.
Why is crypto still underrated?
The cryptocurrency industry is still not well understood by a majority of people. Only a select handful have attempted to understand the inner workings of how transactions take place over a blockchain. Furthermore, many fear hacks and exploits have often plagued space.
Additionally, there is governmental interference at times. For example, when the bank accounts of the Canadian Truckers protest were frozen, people resorted to crypto donations. However, the Canadian government somehow got its hands on the wallets’ private keys. Moreover, many governments are against using crypto as it takes away the power of central banks, which is an essential pillar for control.
Nonetheless, crypto payments are becoming more popular day by day. Countries have even expressed interest in a state-backed cryptocurrency that they can govern and monitor. It takes away the privacy factor of cryptocurrencies, which is one of the founding stones of the idea. However, one thing is sure, crypto is here to stay, and there is little that people in power can do to stop thoughts from flourishing.
