- Crypto payments to become mainstream payment option after Ethereum Merge- Vitalik Buterin.
During the bullish time of the crypto market in 2021, the term crypto gained popularity, and many people opted and shifted towards crypto payments globally. Currently, millions of business owners are shifting towards crypto direct and indirect integrations.
Regardless, crypto payments are at their early stage because there are many places globally where the users cannot pay for their services and goods with cryptocurrencies. However, Ethereum founder Vitalik Buterin believes that the trend of payment making will update soon in upcoming times.
While participating in Korean Blockchain week, 2022, held last Sunday, Vitalik Buterin, Founder of Ethereum, mentioned crypto payments and how rapidly he expects them to grow. He mostly focused on Ethereum and believed that crypto payment would become a mainstream payment option for the users, which will take place after the launch of Ethereum Merge or Ethereum version 2.0.
It is believed that the advanced Version of Ethereum or the Ethereum Merge is likely to launch in September 2022. The advanced and upgraded Version will make the Ethereum network work faster than the currency version of Ethereum. Buterin expects the fees to decrease after the Merge is completed and come to as low as 1 dollar.
Ethereum developers have worked hard for two years to prepare and implement a roadmap for the Ethereum Merge. Buterin underlined that merging is being made for network development and making the network faster and cost-efficient.
The major issue mainstream crypto payments face is the fee structure, which is a burden for users as when it comes to making big payments, the charges for making payments extend to $20. If crypto payments are used in daily routines, then it may burden users to pay such a huge amount for making payments.
Vatalik pointed out that such transactions are not accessible to people living in low-income countries. “ Many people around the countries are using cryptocurrencies for international payments.” and “For lower income countries a lot of opportunities for crypto payments lie ahead as well which have the benefit of digital technology efficiency.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.