On Tweets, Bitfinex, one of the people who helped found the Ethereum Network, stated that people tend to underestimate the capabilities of cryptocurrencies in comparison to traditional forms of money. He claims that certain blockchain payments are more advantageous. Going to donate to various charities, making wire transfers, and representing the company are examples of such operations.
This is a communication that was delivered amid a wide assortment of crypto industry trends. The entire Ethereum network is preparing for the upcoming merger with the Transmitter channel, which again will change the consensus mechanism from Proof-of-Work to Proof-of-Stake, resulting in a 10% reduction in conditions exist. Importantly, Canadian regulators have chosen to limit crypto purchases in the country to Ethereum and three other coins.
Even though the access of cryptographic protocol payment systems has increased, it is too soon to speak of widespread adoption. As the entire market is experiencing one of its longest slumps in recent memory, now is also not the best time to promote the idea of switching to Bitcoin.
Aside from unfavorable circumstances, there are numerous intriguing shifts in how corporations approach cryptocurrency adoption. Numerous financial institutions, such as Forex and Futures brokers and online casinos, accepting cryptocurrencies does not surprise us. However, a significant proportion (over 85%) of companies with annual revenues exceeding $1 billion report using crypto payments to acquire new customers.
Using cryptocurrency
expedites and reduces the price of international charitable donations. One of the most obvious instances is the campaign to fund the Ukrainian war effort against the Russian invasion. The defending nation amassed over $54 million, primarily through cryptocurrency transactions.
The issue is, as usual, volume-related. While cryptography works well for large transactions, the throughput is far below that of VISA. VISA, in comparison, can process more than 24,000 transactions per second. Ethereum supports 30 on its best day.
The industry is working toward a solution centered on utilities. The lightning network should resolve many problems, but there is still a long way to go. No, Vitalik, people do not currently undervalue the utility of crypto.