Using a Bitcoin credit card or PayPal to buy crypto with crypto and using Defi apps for Ethereum are some of the things you can do. It looks like mainstream cryptocurrency adoption is closer than ever. But we still haven’t found all the pieces of the puzzle. Slow transaction speeds and a lack of scalability mean that cryptocurrencies are still not good enough for everyday use and are only used by traders and investors, not people who use them every day, so fast cryptocurrency transaction speed actually matter.
Transactions must be quick to be helpful.
They have a big problem with transaction speed and network load, which is why they’re not very popular. A lot of work needs to be done to get this done. Coins can only process five transactions a second, which is not enough for most people. Compare that to Visa’s 1,700 transactions a second, which is a lot faster.
There’s also the fact that cryptocurrency deposit processing times have to wait for a new block to come through, which means it could take ten minutes for a transaction to be confirmed.
Take a moment to think about how you pay for your food. With cash, you can pay right away, it’s not a credit card charge, and it’s your own money. If you pay with a credit or debit card, it’s quick and cheap but not private because it leaves a trail that can be used to figure out what you bought. Is it possible for you to pay with Bitcoin? It takes a long time and costs a lot, but it’s yours.
A company could lose a lot of money if they use Bitcoin because it is prolonged and hard to sell. There aren’t many good reasons for them to accept cryptocurrency right now when it comes to big businesses.
In addition, the importance of crypto transaction speeds have changed a lot. Merchants might lose money if they can’t figure out the actual value of transactions with volatile assets. They could also be accused of overcharging if processing takes too long.