Do you foresee crypto payments going mainstream soon? Why or why not?

NeilLostBitCoin

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Quote from: coinremitter on November 22, 2023, 07:03:40 AM

Do you believe crypto payments are on the verge of becoming mainstream in the near future?

Absolutely.

Quote from: coinremitter on November 22, 2023, 07:03:40 AM

The crypto space has seen remarkable growth and innovation, but challenges and skepticism persist. Are we on the brink of a significant shift in how we conduct transactions, or do traditional payment methods still hold the fort?
Share your insights! What factors contribute to the potential mainstream adoption of crypto payments, or do you see any obstacles that might slow down the process? Let's explore the possibilities and challenges together.

Currently, traditional payments remain dominant. However, there is a strong possibility that crypto-payments will overtake them soon. One main obstacle to the widespread adoption of Bitcoin is the unstable internet infrastructure in certain countries. This can make it difficult for people to access and use Bitcoin, hindering its potential as a global currency. Another challenge is the lack of awareness and understanding of Bitcoin, making people hesitate.

angrybirdy

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Quote from: icalical on November 25, 2023, 07:16:09 AM

How long do you mean by soon?
I don't think crypto payment system will be going mainstream in the next 5 years, in the first world country, maybe, but for developing countries, the infrastructure is not ready yet, the internet connection is not wide spread, and not really reliable. Even in my place which is quite modern, there are often trouble when I tried to pay with card.

Here in our country, there is an island wherein some stores that accepting bitcoin as a payment for their offered services, it's because there's a lot of foreign tourist comes there but I agree that this will not be going mainstream for the next 5 years because we are aware that not all people has an idea about bitcoin currency. the value of bitcoin and other crypto is extremely volatile which is considered as very risky if they consider or accepting it as a means of payment in the future.

kentrolla

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We are stll far away from those days as of now it could only be used as cross border P2P payment system but it won't become mainstream soon or never become mainstream due to volatility and factors like what if the value of the crypto has increased or decreased while making the payment and who would be responsible to compensate? There ar projects where you get an option to send it via crypto and recipient will get it in fiat of their choice which has to be selected become sending, example Utrust. But people will always be hesitant to use crypto as payment for business but rather stablecoins will be widely used without any doubt.

libert19

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I don't think so because in fiat purchases you can make a chargeback if you are not satisfied with purchase here you can't. Although, this only applies in case seller is fraudulent and isn't willing to refund you manually.

I have made payments in crypto for mobile recharges, vps purchases, ecom gift cards — my experiences have been so good that I prefer it over using fiat. As long you stick with reputed sellers, crypto works like a charm.

However, if ever you deal with fraudulent party while dealing in crypto, and you are not satisfied with purchase you can consider your money lost.

Mate2237

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Thanks for bringing this for discussion. First thing I will say here is my take on bitcoin in the future. Bitcoin has helped many people in the world and it will still help more and the more it helps people, the more people come to know about it and use it. And I will continue invest in bitcoin. The massive and the explosive adoption of bitcoin is coming and that time has come bitcoin will become thne mainstream in the finacial cycle to control the economy but what fears me most the transaction fee because people might not bear it when the fee is very high.

As I said earlier, because of the transaction, the traditonal fiat will still be in used but whereby the transaction fee is very low forever then bitcoin will take over the economy.

Silberman

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Quote from: coinremitter on November 22, 2023, 07:03:40 AM

As we navigate the ever-evolving landscape of finance, the role of cryptocurrency in payments is gaining traction. 🚀 I'm curious to know your take on the future: Do you believe crypto payments are on the verge of becoming mainstream in the near future?

The crypto space has seen remarkable growth and innovation, but challenges and skepticism persist. Are we on the brink of a significant shift in how we conduct transactions, or do traditional payment methods still hold the fort?

Share your insights! What factors contribute to the potential mainstream adoption of crypto payments, or do you see any obstacles that might slow down the process? Let's explore the possibilities and challenges together.

The only way I could see this happening soon is if governments created a bunch of regulations and suddenly everyone was on board with allowing themselves to be monitored for even the smallest transaction, and since I still see a lot of reticence to accept this from the people that have adopted bitcoin and other cryptocurrencies then I think this will not happen as soon as we may have wanted, however if the economy began to worsen once again and this time it did not recovered then I could see an increase on the number of people using bitcoin P2P as Satoshi intended.

Charmekkd

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Quote from: coinremitter on November 22, 2023, 07:03:40 AM

As we navigate the ever-evolving landscape of finance, the role of cryptocurrency in payments is gaining traction. 🚀 I'm curious to know your take on the future: Do you believe crypto payments are on the verge of becoming mainstream in the near future?

The crypto space has seen remarkable growth and innovation, but challenges and skepticism persist. Are we on the brink of a significant shift in how we conduct transactions, or do traditional payment methods still hold the fort?

Share your insights! What factors contribute to the potential mainstream adoption of crypto payments, or do you see any obstacles that might slow down the process? Let's explore the possibilities and challenges together.

Making crypto a mainstream transaction tool is actually not currently possible. Because honestly, I feel that there are still many factors that influence and hinder this. Just like crypto users in the world who can be said to still be a minority. And limited internet networks in remote areas. However, if we talk about the future, crypto can indeed be used as an efficient transaction tool. Because in the future the internet network will definitely become more evenly distributed and many people will definitely become more familiar with crypto. Therefore, it is possible that in the future crypto will become a good transaction tool.

Casdinyard

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It's already on the verge of going mainstream as we speak. A lot of people in the FinTech industry's talking about incorporating bitcoin and crypto payments into their list of accepted payment options, and if anything this is indicative that the industry's already due for a massive paradigm shift in the payment processing aspect. I would know since I've been working in FinTech for the past three years and have been behind the scenes for quite some time now.

The biggest factor that holds back this sadly, is the prejudice and lack of factual information of people towards cryptocurrencies. For most, it's either they don't know about bitcoin or crypto, or they do know about it but they saw it on the news and it was about people using cryptocurrencies as a facade for their multi-level marketing scam project. If we could have a way to counteract this, it would signal massive changes and progress in the payment processing world, I'm sure of it.

n0ne

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Bitcoin have turned to be the effective way of payment, but people weren't ready to spend it. The ultimate of people is to accumulate as much possible considering it an investment that can change their lives. This is the major reason why it is really hard to see bitcoin into mainstream payments. Another thing, being into cryptocurrency usage we've got an overview that people are much aware of it. The reality is against it. Very small percentage of people around the world have known about it and surely it takes more time for people to know about bitcoin and use it in real-time.

TimeTeller

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Quote from: bittraffic on November 25, 2023, 05:21:14 PM

Quote from: Bushdark on November 25, 2023, 01:07:21 PM

Quote from: icalical on November 25, 2023, 07:16:09 AM

How long do you mean by soon?
I don't think crypto payment system will be going mainstream in the next 5 years, in the first world country, maybe, but for developing countries, the infrastructure is not ready yet, the internet connection is not wide spread, and not really reliable. Even in my place which is quite modern, there are often trouble when I tried to pay with card.

We should be expecting that gradually and with time we are going to be seeing massive adoption of cryptocurrency in the world.
The government of some regions might still be think on whether they should accept cryptocurrency for mode of exchanges looking at the high rate people have started investing in cryptocurrency. The adoption of cryptocurrency has already started and with time we might be surprised to see more use of it especially for payment of services and others.

The adoption on the internet is faster than in the local adoption but we are surely going there for we are already in the digital stage where governments are encouraging digital payments. Once a big store like Walmart or something like this accepts BTC, they will also be considering other altcoins like ETH or maybe those with low transaction fees. It's just preference I think but the media nowadays are already broadcasting crypto prices just like currency exchange.

I thought Walmart is already accepting btc via LN, however, I don't know if they are actually implementing it in their stores.
But for BTC ATMs, it was in the news way back in 2021 that they will be installing about 200 BTC ATMs across the US.
However, we don't know to what extent the adoption has been going on when it comes to payment method.
But the rising fees may hinder the payment adoption, unless, merchants will integrate other cheaper alts in their payment options.

Dr.Bitcoin_Strange

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Right from when people realized how efficient the payment via Bitcoin is, so many Bitcoiners or businessmen who know about Bitcoin started using Bitcoin payment because they know that the transactions are reliable in the sense that there cannot be any denial whether the customer has received the coin or not. For example, if you send Bitcoin to your customers, you can track the transaction through the blockchain and you will know when the person receives the coin, but if it's through the traditional financial system, you might not know when the customer receives the payment. From your end, the transaction could be successful, but the customer might not yet receive the money. If you did carry out that payment with Bitcoin and all the network confirmations have been processed, then you are sure that the customer has received the payment. I think in the future, people will get to use Bitcoin payments more than they are already doing.

bittraffic

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Quote from: Bushdark on November 25, 2023, 01:07:21 PM

Quote from: icalical on November 25, 2023, 07:16:09 AM

How long do you mean by soon?
I don't think crypto payment system will be going mainstream in the next 5 years, in the first world country, maybe, but for developing countries, the infrastructure is not ready yet, the internet connection is not wide spread, and not really reliable. Even in my place which is quite modern, there are often trouble when I tried to pay with card.

We should be expecting that gradually and with time we are going to be seeing massive adoption of cryptocurrency in the world.
The government of some regions might still be think on whether they should accept cryptocurrency for mode of exchanges looking at the high rate people have started investing in cryptocurrency. The adoption of cryptocurrency has already started and with time we might be surprised to see more use of it especially for payment of services and others.

The adoption on the internet is faster than in the local adoption but we are surely going there for we are already in the digital stage where governments are encouraging digital payments. Once a big store like Walmart or something like this accepts BTC, they will also be considering other altcoins like ETH or maybe those with low transaction fees. It's just preference I think but the media nowadays are already broadcasting crypto prices just like currency exchange.

Bushdark

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Quote from: icalical on November 25, 2023, 07:16:09 AM

How long do you mean by soon?
I don't think crypto payment system will be going mainstream in the next 5 years, in the first world country, maybe, but for developing countries, the infrastructure is not ready yet, the internet connection is not wide spread, and not really reliable. Even in my place which is quite modern, there are often trouble when I tried to pay with card.

We should be expecting that gradually and with time we are going to be seeing massive adoption of cryptocurrency in the world.
The government of some regions might still be think on whether they should accept cryptocurrency for mode of exchanges looking at the high rate people have started investing in cryptocurrency. The adoption of cryptocurrency has already started and with time we might be surprised to see more use of it especially for payment of services and others.

Antotena

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Quote from: coinremitter on November 22, 2023, 07:03:40 AM

As we navigate the ever-evolving landscape of finance, the role of cryptocurrency in payments is gaining traction. 🚀 I'm curious to know your take on the future: Do you believe crypto payments are on the verge of becoming mainstream in the near future?

You need to be specific about the blockchain. Do you mean bitcoin or other altcoin blockchains? When you said cryptocurrency, you are generalizing and this is bitcoin board, so I assumed you are talking about bitcoin future and payment in the mainstream.

As of yesterday, Satoshi bitcoin lightning wallet exit US market and that's due to regulations and after what happened to Binance court case. With this, I don't think bitcoin payments will foster that much because all eyes are on start up that are trying to push this adoption to the mainstream.

Quote

The crypto space has seen remarkable growth and innovation, but challenges and skepticism persist. Are we on the brink of a significant shift in how we conduct transactions, or do traditional payment methods still hold the fort?

Share your insights! What factors contribute to the potential mainstream adoption of crypto payments, or do you see any obstacles that might slow down the process? Let's explore the possibilities and challenges together.

There is no way bitcoin payment mainstream will work without the adoption but the question is, will adoption work without regulations? Will the regulations favour bitcoin and protect the protocol? These are the unanswered questions because the more bitcoin want to grow, the more people are trying to kill this adoption especially those who hold high stake in banking Finance, they don't want it to grow despite the lightning network that is trying to scale bitcoin network.

so98nn

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There is only one obstacle, the transaction scaling and it's fee structure. Take the example of current situation where we had Bitcoin price change in the positive direction and entire market got flooded with number of pending transaction. The fees are off the roof and it's challenging to make small amount of transactions. These are the challenges that might just keep Bitcoin cornered from getting used in main stream market. The world moves very fast. The live transactions that happen on everyday basis out numbers the Bitcoin transaction. Peeps choose it that way for a reason. No one would use Bitcoin to buy bottle of wine and turkey over the counter where it would take them hours to process the transaction and pay more in fees than what they bought. I think scaling issue will always be there no matter what we do. Lightening is option but again we need to streamline it.

Hypnosis00

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Quote from: jeraldskie11 on November 25, 2023, 07:31:35 AM

Here in my Country, there are many people who use online payments, and people are adopting this mode of payments very fast. People prefer to pay this way because it is less hassle than carrying cash, it is more risky especially if you are carrying a large amount of money. The transaction will be easier and there is no need to travel far. So it is very possible that crypto payments will become mainstream in the future especially if they see that the price of Bitcoin is not so volatile.

Well, good thing that the people in your country are adopting online payment which includes the use of Bitcoin unlike in our place where only a few people adopt the situation while many are still comfortable with fiat money. As seen in the current state of crypto adoption in our country, that is too far for crypto from becoming mainstream or to say, crypto will be on every business payment option.

Might it will happen in the future but I was not sure if I was still able to witness that time or not. Not I say the development is slow but the adoption is quite very low and this is because of its volatility and unstable transaction fees. To hard to encourage businessmen to accept the deal as I understand the high risk on their part as well.

Poker Player

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No. What I see is payments with CBDCs going mainstream relatively soon. I am sure that as soon as it is launched there will be a majority of people happy to use it, and those of us who care about our privacy, paying with cash and using bitcoin responsibly will be in the minority.

Gaza13

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If you want to become mainstream in crypto transactions, I think it will take quite a long time because countries will not remain silent, and will think or not be careless in making regulations for the flow of cryptocurrency transactions in their country. The reason is, each country already has its own transactions, namely its own currency.

Indeed, crypto provides faster transactions compared to conventional ones in very large amounts, conventional ones take days while crypto makes international transactions instant and the transaction costs are very cheap or low. As we all know, currently there are many big brands that accept CryptoCurrency payments,

Traditional payment methods will still exist, because there are still many people who don't know about the world of cryptocurrencies, we don't know for sure how in the future crypto will dominate the world of global transactions

Japinat

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Quote from: coinremitter on November 22, 2023, 07:03:40 AM

As we navigate the ever-evolving landscape of finance, the role of cryptocurrency in payments is gaining traction. 🚀 I'm curious to know your take on the future: Do you believe crypto payments are on the verge of becoming mainstream in the near future?

The crypto space has seen remarkable growth and innovation, but challenges and skepticism persist. Are we on the brink of a significant shift in how we conduct transactions, or do traditional payment methods still hold the fort?

Share your insights! What factors contribute to the potential mainstream adoption of crypto payments, or do you see any obstacles that might slow down the process? Let's explore the possibilities and challenges together.

Crypto payments are now starting to be seen in some stores or shops that accept crypto, so I guess this is already a good start for crypto payments to become mainstream soon. Although crypto adoption might not be that too high, but I believe that there is a huge increase on the number of people that have acknowledged crypto and utilize it according to its purpose. While its adoption is still in the process, but I'm optimistic of the positive result it will show later on.

However, there's no doubt that using crypto as a payment has faced a lot of interrogations and even negative accusations. But we'll just leave it to the people on how far they have perceived and understand on the reality usage of crypto, most especially bitcoin.

CageMabok

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Quote from: Natsuu on November 24, 2023, 11:02:39 PM

Well cryptocurrency payments are kinda like the cool kids at the finance party, gaining more popularity. It could totally go mainstream soon with more people and businesses getting into it. But of course there are still some hurdles like rules and government should pay attention to it. Lets not count out the traditional payments just yet. Nothings constant except change, right?

There are many people who believe in cryptocurrency by ignoring government regulations because the crypto space is a space for everyone who has nothing to do with any government, so you don't need to pay attention to state or government regulations as long as you are still comfortable enough using cryptocurrency. Because most people who have followed the flow of cryptocurrency until now will never doubt that cryptocurrency is increasingly existing and popular among the public even though they also continue to pay attention to any changes that sometimes occur suddenly.

Topic: Do you foresee crypto payments going mainstream soon? Why or why not? (Read 673 times)