Jason Butcher, CEO of CoinPayments, states that the future of payments is virtual and that transactions are almost exclusively in either digital fiat or cryptocurrencies.
“I think it’s 100% [of our daily transactions] It is traded in cryptocurrencies or digital currencies.The digital format of the transaction will be 100% [the future adult’s] Butcher told Kitco News anchor David Lean.
In this case, cryptocurrencies simply record transactions between the two peers and act as a form of barter, Butcher said.
“For example, you and I decided to exchange value. You have Bitcoin. I serve you, sell you products, and exchange that value with you. , And we are basically using barter dollars. In this case Bitcoin. That is, what is recorded on the blockchain is a digital transaction, and you and I value each other. We have decided to move. We are just using Bitcoin as a record of the transfer, not the Canadian dollars and euros, that is, gold and silver, “he said.
CoinPayments is a platform that facilitates commerce using cryptocurrencies.
“CoinPayments is similar to the payment gateway platform traditionally considered from Visa and MasterCard. The difference is that our gateway technology solution supports merchants by accepting crypto as a payment method.” Butcher said.
Bitcoin continues to be the coin with the highest transaction volume on CoinPayments.
There is a transition and you will see more stable coins like USDT. In January of last year, about 5% to 10% of transactions on USDT were seen, but now it is over 25%. Bitcoin used to be about 90%, but now it’s about 50% to 52%, “he said.
Influencers like Tesla CEO Elon Musk say Dogecoin could be a better payment method than Bitcoin.
“It was created as a ridiculous joke, but Dogecoin is good for transactions. The total trading flow with Dogecoin is … Trading per day can be much higher than Bitcoin,” Musk said. Said in an interview with.
Butcher responded to Musk’s comment that Dogecoin is not unique in its characteristics as a potential payment method.
“Dogecoin represents the opportunity I would say that hundreds of other currencies and cryptos like them actually represent. Other platforms out there, Solana, USDT, and even USDC, or there. Many other coins are actually much more powerful and much better at using currencies as transactions, “he said. “The difficulty is what is a community. If there are 5 million people in the world who have Bitcoin, there is a community where there are 5 million people who are using Bitcoin. What if only 10,000 people have Dogecoin? ”
Ultimately, Butcher added that stable coins, or coins with stablecoin-like properties, are the best.
Watch the video above to learn more about how cryptocurrencies play a role in the development of the Metaverse.
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