Coinbase CEO Brian Armstrong envisioned the payment system in 2012.
If the transaction fee can be reduced to a fraction, cryptocurrencies are the way for payment systems.
I always support and believe the crypto payment system is the most route of the future.
The credit card business is the most profitable business in the banking system:
Because credit card companies control the users’ transaction data and mark up the price to end users, which then automatically collect fees from each transaction, but the service they provide is less frequent to the trade.
The difference makes a huge profit out of the “service fee” without needing to provide service as frequently as they would.
To make a cryptocurrency payment system work, you remove the middleman that provides “service” or replaces it with a cheaper method with a higher security protocol like blockchain.
We previously thought that blockchain transaction was cheaper than credit card payment system only because there were fewer users in the cryptosystem. But since 2021, we have experienced an overcrowded blockchain with higher fees that were not sustainable to become a replacement for the credit card system.