Vitalik: High fees killed the first wave of crypto payment adoption

Techub News, according to Wu Blockchain, Ethereum founder Vitalik Buterin stated that high transaction fees stifled the first wave of cryptocurrency payment adoption. Recalling his trip to Argentina, he pointed out that locals widely rely on free and instant Binance internal transfers for daily transactions.

He believes that when on-chain transaction fees are too high, users are forced to turn to the internal systems of centralized platforms, hindering the early development of decentralized payment networks. This view emphasizes the importance of low fees for the mainstream adoption of cryptocurrencies.