Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Is Dogecoin a better currency than Bitcoin? The future of payments is digital
Kitco | David Lin | Dec 29, 2021
“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.
See: Paying for coffee with crypto? Get ready, the future of payments is already here
Influencers like Tesla CEO Elon Musk have stated that Dogecoin could be a superior form of payment than Bitcoin.
“Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin is… transactions per day has much higher potential than Bitcoin,” 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.
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