Ethereum

Impact

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/brian-armstrong-highlights-the-impact-of-crypto-payments-on-global-transactions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Brian Armstrong Highlights the Impact of Crypto Payments on Global Transactions</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/binances-reserve-status-and-challenges-amidst-turbulence/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase</a> CEO Brian Armstrong believes that <a href="https://en.coin-turk.com/republican-bull-us-republicans-continue-crypto-fedaying/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a> have become the best payment option globally. In a conference, he discussed Base, a layer-2 scaling solution on Ethereum developed by Coinbase, which aims to bring global transaction approval times below one second and transaction fees under $0.01. Armstrong emphasizes that fast and affordable payments could enable new categories of applications.</p>
<h2 id="global-payment-system">Global Payment System</h2>
<p style="text-align: justify">Armstrong highlights that a fast, cost-effective decentralized global payment system could reduce “frictions” in the economy. He asserts that minimizing small frictions in economic transactions could lead to significant increases in adoption. Today, messaging applications are free, resulting in billions of messages being sent. Armstrong expresses that a similar increase will occur in payments.</p>
<h2 id="new-application-opportunities">New Application Opportunities</h2>
<p style="text-align: justify">Armstrong indicates that rapid, cheap global payment systems could facilitate small transactions on social media, paving the way for new business models. For example, actions like pressing a like button or upvoting content could be supported by tiny payments. He also mentions that a system allowing people to receive their salaries hourly could transform borrowing applications.</p>
<p style="text-align: justify">According to Armstrong, these new payment systems could alter the nature of economic relationships. He notes that the transition of messaging services to free use saw a substantial increase in usage. A similar trend is anticipated in payments, which could enable economic activities to be conducted more rapidly and efficiently.</p>
<p style="text-align: justify">This technology could democratize payment processes, granting broader access to financial services for larger populations. Armstrong asserts that such a system could provide significant benefits to consumers and businesses alike. Reducing friction in payment processes could enhance economic mobility and facilitate the development of new business models.</p>
<p style="text-align: justify">Armstrong’s vision suggests that the adoption of new technologies could make economic systems more effective and inclusive. Cryptocurrencies and the technology underlying them could transform payment processes and broaden economic opportunities. This indicates that future economic relationships could become faster, cheaper, and more transparent.</p>
<p>The post <a href="https://en.coin-turk.com/brian-armstrong-highlights-the-impact-of-crypto-payments-on-global-transactions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Brian Armstrong Highlights the Impact of Crypto Payments on Global Transactions</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Brian Armstrong Highlights the Impact of Crypto Payments on Global Transactions

Table of Contents

COINTURK NEWS

Other articles published on Sep 12, 2024

CARV Unveils CARV Labs, a $50M Accelerator to Fund Decentralized Data Ecosystem

Analyst Who Predicted Shiba Inu's Success Doesn't Think PEPE Is the Next SHIB, Here's why

India Tops Global Crypto Adoption- Chainalysis Report Reveals

FTX/Alameda Wallet Unstakes $24M SOL Amid Ongoing Investigations: Report

Memecoins Lose Momentum Following Meteoric Gains

Weekly Article Recap: 9/02-9/06

Join our free newsletter for daily crypto updates!