Topic: Can cryptocurrency supersede traditional transaction methods ? (Read 124 times)

Don't forget that traditional transaction is also comprises of the usage of cash, so since cash is included it makes cryptocurrency transaction not to supersede the traditional transaction because cash payments is the most fastest way for transaction only of the recipient is right there with you but anything other than that it becomes difficult because that's when the usage of debit card or bank transfer will come in play and because of how unstable network bank can be it may not be reliable, so that's were I can say that cryptocurrency is the best for transaction because with an internet connection you can make your transaction with ease and no delays, so actually this is to say non of them are better than each other until there needs arise.

Anything concerning traditional transactions methods and cryptocurrency, let me start with cryptocurrency, the generation we are now is a digital and global world that must payment or transactions is be done online, so when are you talking about fast and reliable means payment that charges you at lowest rate cryptocurrency is the best and we youth are founding cryptocurrency more okay in terms of investment and any thing relating to transactions.
So talk about the traditional transactions methods our fathers and mothers are used to this methods, so it will be hard to replace cryptocurrency over traditional transactions methods.

In as much as I understand the message you are trying to pass across, there are somethings in this write up that just don't add up. Let's start with the first question here.


My answer is "NO". And as you can see, it's a uppercase alphabet.
You have to understand that no government will allow such even if they give Bitcoin chance in their nation, thereby making it a legal tender. You have to understand that, no matter how soft the government of a country is on Bitcoin or cryptocurrency in general, there is no way they will allow crypto usage to displace their normal traditional money. How will they print excess money when they are affected by the question you're asking.


Of course, there will be lots of challenges. These government definitely do some tricky things with the traditional money behind the scene, so you don't expect them to fully let Bitcoin in. Aside that, you also have to understand that not everyone will be able to make use of it. Take Nigeria for example, where some of the elderly ones even finds it difficult to accept normal bank transfers. So, I don't think it will be widely accepted across all nations, because of digital illiteracy I guess.

And, you should note that transactions can be very slow sometimes, and transaction fees can be very big sometimes as well.

There is a big challenge already considering the fact that there are those that are still skeptical about the potential of the crypto space, many sees it as a scam since it has to do with online, there are those who doesn't believe that there are legitimate online transactions, some are ignorant of it hence there is no complete adoption even though there is a wider spread adoption ongoing but still not all are interested and at such there is a challenge, but nevertheless it can be used among those that understand it true values and potential which includes privacy and financial freedom.

No doubt cryptocurrency is beginning to gain global traction and as a matter of fact, some nations have began to looking at steps to implement it into their economic activities. However, I do not think crypto can "displace" the traditional method of transaction as that is the most popular, acknowledged and accepted by all in the world.  The name alone "traditional"  should tell you that this method has been in existence for years which is also a conventional and quick method of payment for services. Just like our Big Man @Mpamaegbu  talk, crypto fit surpass traditional transaction with time as we see further adoption increases globally.



One thing I think we should know is that there would always be some challenges in the adoption of a new technology just as it was in the inception of bitcoin and crypto as a whole. Looking at the difficulties when it comes to transactions, we should know that  not every one is fully into crypto and not everyone has the idea on how crypto works. There are some people who can not really adopt crypto into their transaction routine and typical examples of these people are the petty market traders and these sets of people are characterized by the elderly people who would hardly think of crypto because they can not be able to assimilate such idea and technology so fast. I think this is just amongst the numerous challenges that could be a barrier to a daily crypto transaction in the society.

As e be now cryptocurrency never supercede our local currency and I no think say dat one don happen for any country, except maybe El Salvador, wey don adopt Bitcoin. Make I take Bitcoin wey be di oga of cryptocurrency take make reference, Satoshi, wey be di creator no create an to replace fiat, na to act as alternative currency, so cryptocurrency no come to replace fiat. As e be now cryptocurrency never get di wide adoption to di extent say most people de hold am, so local currencies still de preferable for financial transactions.

If you de talk about fast transaction time, bank transactions most times de faster than crypto transactions also crypto transaction fees like Bitcoin de more costly dan bank transactions. Di advantage of a reputable cryptocurrency like Bitcoin over fiat na di freedom and privacy wey di holders get, no third party interferences for p2p transactions, unless na through centralized exchanges. Also Bitcoin na store of value for di hand of person wey hold am, meaning say e de add ROI for your investment capital on the long term.

Cryptos nor go fit displace am but if you talk of whether e go surpass am, dat wan na sure banker. Na matta if time before dat wan become obvious even to d blind. Already we don dey see crypto market cap dey chase dat of the global Forex market cap wet dey over $7 trillion. Crypto dey chase $4 trillion. E go pass dat $4 trillion by next year, dat na sure.

Yes na. Betta issue go dey and na why nor be everibodi go fit use am. Just like nor be everibodi dey hooked to d small cashless policy wey owa Naija govment want make we adhere to. Whether dem be illiterate or old people e go hard, just like some well educated people too nor go like use cryptos out of their own ignorance or stubbornness to conform to change.

Adopting cryptocurrency as a major payment method in Africa is a complex issue. While it's true that traditional cash transfers has it's challenges, there are many other factors to consider to adopt crypto. For one, many people in Africa are still unaware of what cryptocurrency is, and even those who do know about it may struggle with reliable internet access, electricity, and the financial means to get started.

Furthermore, regulatory frameworks in Africa can be unclear or restrictive, which can make it difficult for cryptocurrency to gain traction. And let's not forget that traditional banking systems often come with fees, and cryptocurrency transactions may also involve charges, which can be a deterrent for some people.

The biggest challenge, however, is education and awareness. Changing people's habits and getting them to adopt new technology is never easy, especially when it comes to something as complex as cryptocurrency. It's just about making it an alternative; because making it a viable option for the masses is not going to be easy.

For now, cryptocurrency will likely remain a niche option for those who are already familiar with it. Then as more people become aware of its benefits and how it works, it may gradually become more mainstream. However, making it the major payment method in Africa will indeed be a long journey.

Merry Christmas and a happy New Year to you too

even though crypto get a lot of advantages when make am look like say e fit replace the fiat, e no look like wetin de possible say in any time soonest, say crypto fit replace fiat. the population of people when never sabi how crypto de work most especially for this we country no be small numbers and before you go reason say e go fit work out, the country gat go into complete cashless economy and everybody need to also get mobile device. regardless of how you take look at the possibilities, the odes de too small say crypto go fit replace fiat.

the challenges many and from just my head i fit think of the following;
1. for  it to work, every users need get android phone first.
2. we need de sure say network issues no go be problem since to make transaction go always require network.
3. the issues of transaction charge and government regulation supposed don de addressed or else e no get as e go take work out.
a lot of others reasons de when show say crypto no fit replace fiat at least for the now. how e go fit work well na say e go be a strong support when go help solve the limitation of the fiat.

Even though bitcoin is massively adopted in Nigeria, it will never take over our traditional method of transaction because we have our own currency (Naira), which we will use to pay for transactions and strengthen our economy and the value of Naira. Satoshi Nakamoto created bitcoin as an alternative method of payment that will eliminate middlemen from scrutinizing our transactions and deciding when we will have access to our money in the financial institution and not totally replace the traditional method of transaction in any country that bitcoin is accepted as a means of payment. So the use of Naira and bitcoin will work hand in hand in paying for transactions in Nigeria because there are some transactions that you can't possibly pay with bitcoin because of how small the money is, and then you can use our traditional method (Naira) to pay for the transaction. For instance, when you want to pay for a transaction of 50 Naira, you will possibly use our traditional method (Naira) to pay for that transaction because you know if you use bitcoin, it will cost you more because of the transaction fee, but if you use our traditional method (Naira), you can just pay with a 50 Naira note easily.

NO, for now the traditional methods of performing transactions still supersedes because cryptocurrency has not been fully adopted and there are still a lot of people who do not know about cryptocurrency and the transactions fees of cryptocurrency is way higher if you compare with the transaction charges of Fiats. Majority of people are still earning in Fiats, which means that most of their transactions will also be in Fiats.


Sure, there will be some challenges definitely because people can mistakenly send cryptos to wrong address and it is lost forever without a trace. Except for those who are hodling that will keep their cryptos in self custody wallets but for those who wants to use it to perform daily transactions, they will prefer keeping their cryptos in centralized exchanges for easier and less gas fee transactions which can put their cryptos at risks of getting hacked in centralized exchanges or the exchange can crash and they lose their cryptos.

Op, I do want to bring something first to your notice, in intranational (within the same Nation) transaction our local fiat can be faster especially when using micro banks like Opay, palmpay and others, using our country as an example here. Although there may be cryptocurrency which still offer zero to lower fee as them like the USDT BEP20 which uses 0 fee, although the exchange do put a minimum limit you withdraw. I haven't used this on any non-custodial wallet and so can't say the same for them but I believe there won't be any limit nor a transaction fee required as well.


Cryptocurrency did not come to displace the traditional transaction methods rather to show it flaws and thereby somethings has been done to improve them. Although, this doesn't disregard the fact that majority of times individuals weigh the difference of using cryptocurrency and our local traditional transaction methods, majorly in terms of feasibility and efficiency in order to choose preferably the  better one for the transaction.

Among the biggest will be good governmental regulations, although in the aspect of poor regulation like we see in our Nation, Nigeria, the people will still be adopting it but the pace will be reduce. Also, much publications on the actual understanding of cryptocurrency and Bitcoin will fasten all of this.

First of all, I agree with you that cryptocurrency transactions is gaining popularity in Nigeria more than expectation, but can it sure pass local banking transactions; I think NO for now. Because don’t have adequate technology to completely depend on crypto transactions, and we have rural areas than are yet to even know about cryptocurrency.

In terms of transaction fee, I will agree with you in some aspect, while majority of crypto transactions are not cheaper than the local bank transaction because if you convert even $0.5 which I think is the minimum for USDT transactions on several exchanges is almost #800 naira, which I don’t think any bank will charge you for sending out funds no matter the amount.

However, the transparency of transactions are there, and it makes cryptocurrency unique and safe, but for a county to fully rely on crypto, several things need to be put into consideration in order to be safe.

I don’t think crypto transaction will displace the local and olden days transaction methods easily.

On our daily transactions, we need physical money to exchange for goods and services and some people don’t even have bank accounts to even receive their money, so crypto will not take over for now.

Crypto was created to serve as an alternative currency, which means it will serve as an alternative means of payment, not to completely replace existing ones.

In terms of speed, crypto is fast; bank wire local transfer is also fast, depending on the bank network that very day, which network congestion also does occur in crypto.

The fee rate you can spend in some transactions in crypto is up to $1 and sometimes $0.1 and less, depending on the smart contract you are communicating with; the same is applicable with bank transfer. The bank fee sometimes is determined by the bank, the amount, the tools used, and where you are also sending it.

For small purchases, bank transfer still remains the best for me unless the crypto payment you want to make is to use a centralised option, which is not different from the bank transfer.

In terms of anonymity and owning control over your own funds, crypto remains the best, and/or just crypto bitcoin and other privacy and decentralised coins like Monero and others; the majority of other altcoins are centralised and are not censorship resistant.

Can cryptocurrency supersede traditional transaction methods ?

I came to notice that the advantages of cryptocurrency keep increasing and gaining popularity over traditional transaction methods in our daily life activities because when it comes to faster or speed exchange transactions, cryptocurrency is the best; they are faster than our traditional transaction methods, and the traditional transactions, such as debit cards, credit cards, and bank transfers, sometimes involve intermediaries and are costly in nature.
>The traditional transactions methods has a very high transaction fees while cryptocurrency transaction methods has lower transaction fees which also make cryptocurrency as an attractive options.
>The Transparency of cryptocurrency is well documented because every cryptocurrency transactions are publicly recorded (blockchain) cryptocurrency always ensure that every transactions been made are well intact in terms of security and Transparency.

My questions are:

1: Can cryptocurrency transactions displace traditional transaction methods?

2: Would there be any challenges or difficulties for cryptocurrency to be widely accepted as our daily transactions?

I will like to use this medium to thank you all for your insight and wishes....Happy Christmas and happy new year to the Bitcoin Forum,especially my forum's family (9ija Board) wish everyone success in new life 2025.