Ethereum co-founder Vitalik Buterin appreciated the role of Cryptocurrencies backed payment methods because of simplicity.
Vitalik Buterin is one of the co-founders of the second biggest crypto project Ethereum (ETH). At present, the Ethereum blockchain network is working on Proof-of-work (PoW) consensus, which is an inefficient model of crypto network technology. It is expected that developers of the Ethereum project will successfully shift the Ethereum blockchain on Proof-of-stake consensus via merge on the Beacon chain in mid of September 2022.
On 25 August, Vitalik tweeted that people are continuously appreciating crypto payments, not because of the lack of govt control, but because they are better to use as per convenience.
“People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they’re so much more convenient. Big boost to international business and charity, and sometimes even payments within countries.”
Billy Markus, Founder of popular meme coin Doge, also responded to this statement as an Ethereum co-founder and said that crypto payments are a very inconvenient thing because of tax systems.
However Billy’s statement was a type of joke but in reality, this is also a big fact that many people try to avoid the use of crypto payment to remain away from additional taxes, which is a very big issue in the path of crypto adoption.
Another Twitter user noted that Tax measures on crypto transactions are a very big issue. In particular, Steven Cohn said that gains on crypto transactions are a big concern because people needed to go under additional hurdles of tax, in case the Crypto payment acceptor made a small fraction of profit.