As long as there is still a lack of understanding about Bitcoin among the public, it will be difficult for it to become a mainstream payment. where there will be pros and cons in using payments using bitcoin,
and traditional payments will remain the main thing and will not be replaced
Topic: Do you foresee crypto payments going mainstream soon? Why or why not? - page 2. (Read 685 times)
November 25, 2023, 08:16:34 AM
November 25, 2023, 08:10:51 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?
In the near future, crypto payments will probably not become mainstream. There is some hope that this will happen in the 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?
We are on the verge of significant changes in the conduct of transactions, but this is not related to crypto payments and traditional payment methods (cash) are rapidly losing ground. Online payments are coming onto the scene, and very soon this will be taken over by payments using CBDC. 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 only one obstacle - governments and regulators, as well as the still distrust of the mass user (ordinary people) in the crypto.Cryptocurrencies in their original form are difficult for most of the population to understand and use. They need something simpler and more understandable, which is how CBDC is created. In the struggle between cryptocurrencies, CBDC will win in the hands of ordinary people.
November 25, 2023, 07:58:53 AM
Yes, I have believed that the payments will be popular for cryptocurrencies and mainly for Bitcoin because that's actually the purpose of it. To become a p2p payment system where there is no need for any third party interaction.
Banks will be the biggest losers if bitcoin becomes a popular means of payment to replace current fiat currencies. And banks are the government's backyard, do you think they will let that happen, bitcoin becomes a means of payment that completely replaces fiat and they gain nothing? I think cryptocurrencies will become mainstream and if the government decides to replace the current payment system with cryptocurrencies they will certainly not choose bitcoin, a currency they cannot control.
They won't replace the current system. What they'll do is just to have another alternative system and that's in the form of CBDC. Because it hurts them to say and adopt directly Bitcoin.And you're right, it is decentralized so they have no control over it.
November 25, 2023, 06:36:54 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.
It won't become popular worldwide quickly, but it is entirely possible that the majority of the world will use cryptocurrency as an alternative in the next 5 years. I know that there are still some countries and regions that do not have widespread access to the Internet or smartphones, but we have also seen the world develop very quickly in recent years. Therefore, I believe that countries that still have some of the problems you mentioned will soon be resolved and overcome in the next few years. And once people can use phones and the internet, using cryptocurrency is inevitable. 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.
November 25, 2023, 06:31:35 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.
November 25, 2023, 06:16:09 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.
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.
November 25, 2023, 05:58:34 AM
Should we hope for that to happen? I don't think the government will support the idea that crypto will dominate as payment options as they are preferred for fiat. Until there is such low support of the government, there is also low support of the merchants and business owners to take risks and consider this option. In fact, with the recent increase in fees, I don't think you would spend your Bitcoin but for sure, you use fiat.
This is my take, crypto will be considered as a payment option but if we think about going to the mainstream, that is somewhat difficult. Unless the government never prints fiat money anymore.
This is my take, crypto will be considered as a payment option but if we think about going to the mainstream, that is somewhat difficult. Unless the government never prints fiat money anymore.
November 25, 2023, 05:12:48 AM
Probably the biggest setback to merchant adoption at this point is price volatility... Price of BTC and all other cryptos moves up and down too much for businesses to do anything other than sell it for fiat right away, which usually incurs some kind of fee between 0.5% - 3%. So by accepting crypto, merchants take a bit of a hit because they must calculate business expenses in terms of a more stable currency (fiat).
Most of my income has been crypto-only for a few years, so I can tell you there is still some friction when cashing out to fiat, no matter how you do it. My customers obviously use crypto for payments as well but we are pretty far from the "mainstream."
Most of my income has been crypto-only for a few years, so I can tell you there is still some friction when cashing out to fiat, no matter how you do it. My customers obviously use crypto for payments as well but we are pretty far from the "mainstream."
November 25, 2023, 05:10:12 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?
how long that future you are asking? if this is for couple of years then I don't think it is possible because there are lots of regulation and denial we need to established .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?
why not believe that both must act together? why trying to distinguish which is which when if both are being used then this will favor all of us not only in crypto but in the whole world.Quote
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.
you know what slows the process? those are people like you that wanted to keep tackling these kind of topic but does not contributing to their dream adoptions . November 25, 2023, 04:43:49 AM
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.
IMO, adoption could speed up once many influencers demonstrate how to use it as a payment tool. The real potential lies in crypto serving as an asset with dual functions rather than just being currency.The biggest challenge, in my view, is the infrastructure. Irreversible transactions require building infrastructure from those involved in the business, such as merchants and buyers. The government might only play a supervisory role, as long as crypto doesn't offer advantages to the government like FIAT does. In that case, the government might have a more passive response.
As the user base grows, it's like an unbroken chain where crypto becomes more popular with more people using it.
November 25, 2023, 03:01:15 AM
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 is possibility of bitcoin transactions going mainstream, but I differ that it'll be soon, because fiat transfers are cheaper and faster. Except certain things are looked into, like having a single rate for certain amounts as transaction fees, but it's not possible because mining fees are not determined by one office. But come to think of it, bitcoin is decentralized so if any change is expected to happen, who will champion it? If it were centralized then it's central authority can affect the innovative change. I guest we're stuck with bitcoin transaction fees that fluctuates, at times it gets very high, just like what we're experiencing now.
November 25, 2023, 02:13:01 AM
Do you believe crypto payments are on the verge of becoming mainstream in the near future?
I like how you stylishly didn't limit payment option to Bitcoin alone but to the entire crypto industry. Anyway, to put it mildly, even if cryptocurrency were to be adopted as a mainstream payment option, it's more likely not going to be Bitcoin as it were now. Apart from its transaction fees being very high whenever the Blockchain is clogged up, Bitcoin supply is small and that's going to make it scarcer than it's already.
November 24, 2023, 10:43:49 PM
Yes, I have believed that the payments will be popular for cryptocurrencies and mainly for Bitcoin because that's actually the purpose of it. To become a p2p payment system where there is no need for any third party interaction.
Banks will be the biggest losers if bitcoin becomes a popular means of payment to replace current fiat currencies. And banks are the government's backyard, do you think they will let that happen, bitcoin becomes a means of payment that completely replaces fiat and they gain nothing? I think cryptocurrencies will become mainstream and if the government decides to replace the current payment system with cryptocurrencies they will certainly not choose bitcoin, a currency they cannot control.
November 24, 2023, 10:02:39 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?
November 24, 2023, 09:31:23 PM
Traditional payment methods still survive amidst the development of crypto. But it seems that it will still take time for crypto to become a major means of payment. That's because there must be approval from the government to accept crypto as the main means of payment alongside fiat.
But now, many people are starting to accept crypto as payment. Meanwhile, the government is still preparing everything before they actually accept crypto. And we, as crypto users, also have to prepare ourselves so that when it becomes real, we are ready.
But crypto will become mainstream. Seeing what has happened so far has made people start using crypto. Currently, most people still use crypto as an investment. But after approval from the government, it will become a reality. We will see an unprecedented change in finance.
But now, many people are starting to accept crypto as payment. Meanwhile, the government is still preparing everything before they actually accept crypto. And we, as crypto users, also have to prepare ourselves so that when it becomes real, we are ready.
But crypto will become mainstream. Seeing what has happened so far has made people start using crypto. Currently, most people still use crypto as an investment. But after approval from the government, it will become a reality. We will see an unprecedented change in finance.
November 24, 2023, 08:49:27 PM
They will never be mainstream unless the public is essentially forced to use Bitcoin as the only alternative for private payments, that is, once governments remove physical cash, then the only alternative to pay without reporting to someone what you are doing, will be to use Bitcoin (and I assume, some other altcoins). The problem with BTC will be the fees, so in order for anyone to bother, if we really move smaller payments to LN, it will need to be insanely useful and accessible through your standard phone. Nobody is going to bother, at the mainstream level, to deal with convoluted operations like opening and closing channels and so on. They'll probably end up just giving up on any privacy and use whatever CBDC they are issued.
November 24, 2023, 06:39:53 PM
Yes, I have believed that the payments will be popular for cryptocurrencies and mainly for Bitcoin because that's actually the purpose of it. To become a p2p payment system where there is no need for any third party interaction.
But I guess that we're still going back to the traditional because some companies and platforms are working as the middleman to help those companies that are not yet popular with Bitcoin/crypto to convert the payments from there.
Anyway, we're seeing many companies adopting it as an accepted payment apart from the other traditional payment methods that they have.
But I guess that we're still going back to the traditional because some companies and platforms are working as the middleman to help those companies that are not yet popular with Bitcoin/crypto to convert the payments from there.
Anyway, we're seeing many companies adopting it as an accepted payment apart from the other traditional payment methods that they have.
November 24, 2023, 05:19:56 PM
Currently, traditional payment is still number one. This is still influenced by several factors, a person's understanding of crypto is still uneven and limited, plus transactions per second are still not able to handle large transaction cases. Moreover, if the BTC network is congested, this can affect transaction costs which are sometimes more expensive when compared to traditional (referring to transactions with small amounts). Of course, with future technological improvisations in Bitcoin and crypto, this does not rule out the possibility that Bitcoin will one day be able to replace traditional payments.
I don't forsee bitcoin payment going mainstream anytime soon, because there are major factors that will militate against it. One major factor that'll be against bitcoin payment going mainstream is the transaction fee for small items, it won't make financial sense to buy a tin of milk and pay transaction fee that will double the price. Presently that we're faced with congestion in the mempool, that's making transaction fees to skyrocket, it will not encourage customers to choose bitcoin, as option of payment. The complexity of lightening network does not help issues either, as both buyer and seller needs to have it.
Traditional fiat transfer still works better, cheaper and faster than bitcoin, so as it is now, I'll rather make payments from my bank account because it's more convenient and cheaper. I believe that bitcoin has lost it's original purpose of p2p payment method, it's now mainly an asset for trading and investment. I hope that sometime in the future people will totally embrace the decentralized system of payment that bitcoin brings, but until then it's fiat payment for me.
Indeed, the reality is like that, this is probably something that Bitcoin developers are still dealing with today. Focus on this is still essential if Bitcoin is to pass the payout milestone. According to my observations, fees and transaction congestion on Bitcoin will be very serious this time, why? Yes, this is caused by project activities on Bitcoin's BRC-20 network which I think will experience a big explosion. Moreover, recently ORDI has also become the main perpetrator of BTC network congestion, causing transaction fees to increase many times over.
November 24, 2023, 04:55:39 PM
As much as I wanted to see crypto payment go mainstream, I think it still needs some time to be fully accepted by merchants and financial institutions. And I believe only a handful of this cryptocurrency are qualifies for such integration.
So basically I foresee that cryptocurrency specifically Bitcoin will be used as a mainstream crypto payment. We have heard that the government is adjusting its financial policies in order to give Bitcoin a space in its regulation. Once Bitcoin is fully regulated I believe that will be the time when money processors will fully acknowledge Bitcoin and that will be the time when Bitcoin and other cyrptocurrency will become a mainstream payment system.
So basically I foresee that cryptocurrency specifically Bitcoin will be used as a mainstream crypto payment. We have heard that the government is adjusting its financial policies in order to give Bitcoin a space in its regulation. Once Bitcoin is fully regulated I believe that will be the time when money processors will fully acknowledge Bitcoin and that will be the time when Bitcoin and other cyrptocurrency will become a mainstream payment system.
November 24, 2023, 04:46:38 PM
Currently, traditional payment is still number one. This is still influenced by several factors, a person's understanding of crypto is still uneven and limited, plus transactions per second are still not able to handle large transaction cases. Moreover, if the BTC network is congested, this can affect transaction costs which are sometimes more expensive when compared to traditional (referring to transactions with small amounts). Of course, with future technological improvisations in Bitcoin and crypto, this does not rule out the possibility that Bitcoin will one day be able to replace traditional payments.
I don't forsee bitcoin payment going mainstream anytime soon, because there are major factors that will militate against it. One major factor that'll be against bitcoin payment going mainstream is the transaction fee for small items, it won't make financial sense to buy a tin of milk and pay transaction fee that will double the price. Presently that we're faced with congestion in the mempool, that's making transaction fees to skyrocket, it will not encourage customers to choose bitcoin, as option of payment. The complexity of lightening network does not help issues either, as both buyer and seller needs to have it.
Traditional fiat transfer still works better, cheaper and faster than bitcoin, so as it is now, I'll rather make payments from my bank account because it's more convenient and cheaper. I believe that bitcoin has lost it's original purpose of p2p payment method, it's now mainly an asset for trading and investment. I hope that sometime in the future people will totally embrace the decentralized system of payment that bitcoin brings, but until then it's fiat payment for me.
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