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The future of payments will be virtual, with transactions taking place almost exclusively with either digital fiat currencies or with cryptocurrencies, said Jason Butcher, CEO of CoinPayments .
“I think 100% [of our daily transactions] will be transacted with crypto or with digital currency. A digital form of transaction will be 100% of [the future adult’s] life,” Butcher told David Lin, anchor for Kitco News.
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’re holding Bitcoin, and I’m going to be providing you a service, I’m going to be selling you a product, I’m exchanging that value with you, and we’re basically using a barter dollar, which in this case is Bitcoin. So, it’s a digital form of transaction that’s recorded on a blockchain that’s saying, you and I are deciding to transfer value between each other. I’m just using Bitcoin as that record of transfer rather than a Canadian dollar, or euro, or say, gold and silver,” he said.
CoinPayments is a platform that facilitates commercial transactions using cryptocurrencies.
“CoinPayments is similar to a payment gateway platform that you might think of traditionally from a Visa or MasterCard. The difference is that our gateway technology solution supports merchants with accepting crypto as a form of payment,” Butcher said.
The coin with the largest volume of transactions on CoinPayments continues to be Bitcoin.
There is a transition, we’re seeing more stable coins like USDT. Last January we saw about 5% to 10% of transactions in USDT, and now we’re seeing 25% or higher. Bitcoin used to be about 90% and today we’re seeing about 50% to 52%,” he said.
Influencers like Tesla CEO Elon Musk have stated that Dogecoin could be a superior form of payment than Bitcoin….
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