The future of payments will be virtual, with transactions taking place almost exclusively with digital fiat currencies or with cryptocurrencies, said Jason Butcher, CEO of Payments in coins .
“I think 100% [of our daily transactions] will be dealt with crypto or with digital currency. One form of digital transaction will represent 100% of [the future adultâs] life, âButcher told Kitco News anchor David Lin.
In this case, cryptocurrencies simply record a transaction between two peers and act as a form of barter, Butcher said.
“For example, you and I decide to trade value, and you hold Bitcoin, and I’m going to provide you with a service, I’m going to sell you a product, I’m trading that value with you, and we’re basically using a dollar of barter, which in this case is Bitcoin. So it’s a digital form of transaction recorded on a blockchain that says you and I decide to transfer value between us. I’m just using Bitcoin as a transfer record rather than a Canadian dollar, or a euro, or let’s say, gold and silver, âhe said.
CoinPayments is a platform that facilitates business transactions using cryptocurrencies.
âCoinPayments is similar to a payment gateway platform that you might traditionally think of from a Visa or MasterCard. The difference is that our gateway technology solution helps traders accept crypto as a form of payment, âsaid Butcher.
The coin with the highest volume of transactions on CoinPayments continues to be Bitcoin.
There is a transition, we are seeing more stable coins like the USDT. Last January, we saw around 5-10% of transactions in USDT, and now we’re seeing 25% or more. Bitcoin was around 90% and today we see around 50% to 52% of it, âhe said.
Influencers like Tesla CEO Elon Musk have said Dogecoin may be a superior form of payment than Bitcoin.
âEven though it was created as a silly joke, Dogecoin is better suited for transactions. The total flow of transactions you make with Dogecoin isâ¦ transactions per day have a much higher potential than Bitcoin,â Musk said in an interview with Time Magazine.
Butcher responded to Musk’s comments by saying that Dogecoin is not unique in its properties as a potential form of payment.
âDogecoin represents an opportunity that I would say, hundreds of other currencies or cryptos like these actually represent. The other existing platforms, Solana, USDT or even USDC, or many other coins available, are actually much stronger and much better for currencies to be used as a transaction, âhe said. âThe difficulty is what is the community? If you have five million people who have Bitcoin in the world, you have a community of five million people who have Bitcoin to spend, and if you only have 10,000 people who have Dogecoin, who is the community?
At the end of the day, parts that are stable or have properties like a stable part are the best, Butcher added. ”
For more information on how cryptocurrencies will play a role in the development of the metaverse, watch the video above.
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