Crypto payments have grown in popularity, particularly after the bull market run in 2021. Millions of shops worldwide are already accepting bitcoin payments through direct and indirect interfaces.
There are still a significant number of locations throughout the globe where bitcoins cannot be used to purchase goods and services. However, Ethereum’s inventor Vitalik Buterin anticipates a shift in the near future.
Vitalik Buterin, the inventor of Ethereum, recently discussed crypto payments and their growth. Buterin said Ethereum Merge would make crypto payments mainstream.
The Merge is anticipated to occur in September and is anticipated to make the Ethereum network quicker and less expensive to utilise. The creator anticipates that the network improvement would reduce Ethereum transaction prices to as low as $1 after the Merge is complete.
One of the most significant barriers that Vitalik Buterin identifies during his lecture as one of the biggest obstacles to the widespread adoption of cryptocurrency payments is the fee structure. Now, when it comes to more significant transactions, a cost of twenty dollars may not seem like much of a concern. The issue emerges, however, when a token like ETH must be utilised for smaller transactions, such as ordinary purchases.
Buterin brought up the issue that individuals living in low-income nations are unable to participate in these kind of transactions. According to the CEO of the company, “many individuals throughout the globe are already utilising cryptocurrency in a stealthy manner for international payments.”