Jerome Powell wrong: cryptocurrency created for payments

Federal Reserve Chairman Jerome Powell said in last week’s Senate hearings:”they are not targeting crypto currencies with the payment mechanism, absolutely anonymity, for any reason, except for people who want have failed completely.”

October October October, bitcoin has distributed open ledger as bit not anonymous, providing more transparency, compared with a transaction, the current financial system, several reasons Jerome Powell said that is wrong, başarısız as the payment mechanism failed.

 

Stable coins
The volatility of cryptocurrencies and the complex tax regime are often seen as reasons why they are not eligible for payments. The growing spread of crypto payments seems to contradict this argument in general, but for those concerned about using crypto payments as a result, stable coins offer a solution. 

Stable coins tied to Fiat currencies such as US dollars allow instant payment for a fraction of the cost of traditional card payments, which reduces merchants ‘ costs, which can be transferred to customers. Payment systems like Visa now integrate stable coins like usdc into their global network, with fewer technological barriers to accepting payments on stable coins.

 

Level 2 technology
Second-level decisions such as Lightning Network in bitcoin and Polygon in Ethereum contradict the old argument that such cryptocurrencies cannot be used for small or micro payments due to long trading times and high costs. 

Using Layer 2 network technology built on top of these blockchains, payments can be made instantly at almost zero cost, opening up use cases for small payments such as buying coffee as well as micropayments such as content streaming. The exponentially increasing bandwidth of these Layer 2 networks controls other crypto payment solutions, from debit and gift cards.-

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