Nevertheless, crypto-currency payments are still in their infancy. There are still a good number of places in the world where users cannot pay for goods and services using crypto-currencies. Ethereum founder Vitalik Buterin, however, expects this to change soon.
Crypto-currencies are going mainstream
In a recent interview, Ethereum founder Vitalik Buterin shared his thoughts on crypto-currency payments and how quickly they are growing. The founder spoke at a session at Korea Blockchain Week 2022, which began on Sunday. Focusing mainly on Ethereum, Vitalik Buterin said that crypto payments will go mainstream and that the reason for this is the Ethereum merger.
The merger, which is expected to take place in September, should make the Ethereum network faster and cheaper to use. The founder expects the network upgrade to bring Ethereum’s fees down to $1 after the merger. This goal will be achieved “By improving the efficiency and accessibility of the crypto“, according to Vitalik Buterin.
Ethereum developers have been working on the merge for about two years. Buterin also points this out in his speech, saying that rollups were part of the developments made to make the network faster and cheaper to use.
Making it better for everyone
The fee structure that Vitalik Buterin highlights in his speech has been one of the biggest obstacles to full adoption of consumer crypto payments. When it comes to large transactions, a $20 fee may seem inconsequential. But the problem arises when a coin like ETH needs to be used for smaller payments, such as everyday purchases.
Buterin pointed to the fact that such transactions are not accessible to people living in low-income countries. “Many people around the world are already quietly using crypto for international payments“, said the founder of Ethereum. “For low-income countries, there are also many opportunities for crypto payments to come, which enjoy the benefits of digital technology – efficiency and security.“For this reason alone, the restructuring of the network to make room for cheaper transaction fees going into pennies must be achieved.
Vitalik Buterin expects the transaction fees to fall to 0-25 cents after the implementation of rollups. But in the future, the founder believes that the network can reach 5 cents and less with further improvements.