In a twitter thread recently shared last week Wednesday, Ethereum co-founder Vitalik Buterin suggests that the superiority of cryptocurrency for payments is often seen as underrated. Due to this fact, lots of people failed to notice the massive increase and its potential to make it in worldwide business.
What made Buterin give his thoughts about the case is due to the recent cryptocurrency exchange of Binance and Mastercard partnership earlier this month. The prepaid Binance card lets users spend their crypto on daily purchases including Bitcoin and Binance Coin. It will be first launched in Argentina.
“to bridge the gap between cryptocurrencies and everyday purchases” was the mission stated by Binance.
To date, the crypto industry has evolved exponentially. According to Buterin, cryptocurrencies are not only ideal for payments because they are resistant to censorship but there are some advantages of implementing cryptocurrency payments; it gives better control of funds, reduced fees, and security. Countries have now shared their interests in a state-backed cryptocurrency to which they can govern and monitor, which also takes away the privacy factor.
Ever since after the 2021 bull run, cryptocurrency has become part of the mainstream, even if it is not well understood by a majority of people. Young investors who are new to the industry flocked their way after major currencies which include Bitcoin and Ethereum made large profits but only a few have tried to understand the internal transaction process that takes place over a blockchain.
Editor’s Note: This article by The Mega Maxi is not a financial advise.