Quick take:
- Ethereum’s Vitalik Buterin has recommended that more people should support Ethereum for payments
- He cites that supporting ETH, opens the doors to a whole list of ERC20 tokens that can also be integrated into payment platforms such as MKR, UNI, WBTC and Stablecoins
- In terms of speed and fees, he explains there are already several layer-2 scaling solutions deployed on the mainnet
The Co-Founder of Ethereum, Vitalik Buterin, has recommended that more people and online platforms should support ETH payments. According to him, supporting Ethereum payments has the additional benefit of opening the door to other noteworthy ERC20 tokens that can also be supported. They include popular digital assets such as Maker (MKR), Uniswap (UNI), Wrapped BTC (WBTC) and more.
With respect to fees and network congestion, Mr. Buterin pointed out that there were existing layer-2 solutions already on the Ethereum mainnet. Below is his statement providing the recommendation on supporting Ethereum payments.
More people should support ethereum for payments.
The nice thing about supporting ethereum is that you’re not just accepting ETH, you also get support for MKR, UNI, WBTC, and every stablecoin for free.
And there’s already like three working layer-2 scaling solutions on mainnet.
Cash App Yet to Support Ethereum
Mr. Buterin was responding to a comment that pointed out that the Cash App, through its parent company of Square, was yet to support Ethereum on its platform. The initial comment on Square was from crypto community member @spencernoon who exclaimed that Square not supporting Ethereum was a ‘head-scratching crypto strategy’ given the popularity of ETH.
Below is the initial statement by @spencernoon that resulted in Vitalik recommending that more platforms support Ethereum payments.
I’m sorry if this sounds harsh. I’ve been biting my tongue for months though.
— Spencer Noon (@spencernoon) September 30, 2020
Reasons to Support Ethereum Payments
Chiming in on the recommendation of more platforms accepting Ethereum payments, one reason is the simple fact that ETH is the second-largest digital asset by market capitalization. This means it has a very large community of investors and traders that would use it as a payment option.
Secondly, the DeFi boom has proven that users of the Ethereum network are willing to part with high ETH fees due to network congestion. Ethereum users believe in the vision of the network. Additionally, and as Vitalik Buterin pointed out, layer 2 solutions such as the OMG Network and Matic Network, are already deployed on the Ethereum network.
Thirdly, the launch of ETH2.0 is scheduled for this year as well as the implementation of Ethereum Improvement Proposals that aim at solving the issue of high gas fees. Therefore, high ETH fees will soon be a thing of the past.
