Topic: Do you foresee crypto payments going mainstream soon? Why or why not? - page 4. (Read 685 times)

Honestly, I'd never see it. Why? With instability behavior of the market price and its transaction fees and time of confirmation, these are the factors that make some business owners not see it was a good idea. They'd prefer to use fiat for fast transactions and no risk of losing any amount. In fact, many have tried already and it was not successfully gaining support from the community knowing that we're still not prepared for this and of course, with the lack of knowledge, we can't expect them to use that.

I hope I could be wrong but for me, Bitcoin is just known as a profitable investment, not a payment option.

Stablecoins are becoming increasingly popular, but there are still some hurdles that need to be overcome before they can be widely adopted. The first barrier is that people are unfamiliar with handling their private keys. If you lose your private key, you lose your stablecoin.

The second barrier is transaction speed. Some stablecoins have slow confirmation times, meaning it can take minutes or even hours to complete a transaction. This may not be suitable for those accustomed to instant FIAT payments.

In this day and age, there aren't many merchants and even large companies implementing Bitcoin as payment options, and in the UK or Europe, apart from Bitcoin, they also accept Ethereum, Litecoin, XMR, and other top-listed cryptos in the market.

It just means that impossible things can happen in the eyes of the majority regarding this cryptocurrency business that we are also living in reality. And that depends on the beliefs of a business owner.

The huge growth in crypto right now is the adoption part, holding and creating value but I don't see any improvement in the payment solution side, not even a single one, there are few crypto payment companies but they are not progressing but they exist, even if ETFs get approved i don't believe that crypto payment will grow, its a matter of choice and consumers only want to build wealth with crypto not use them as means of payment.

I am accumulating good crypto projects and I won't be using any to make payment online, if I am to use crypto to make payment I will have to buy the coin back again for long term holding, but I do like getting paid in Bitcoin, since the Bitcoin transaction fee have increased it's become hard to get paid in Bitcoin, it's now up to a month that my customers have paid me with Bitcoin, it's like things are getting slower.

I'm not too sure, but in the future it's possible that cypto will be widely accepted, we can look back at history to see how fast the change was during this period. I remember in the past, people simply used paper money, then ATM/bank, online payment,... and crypto is really gradually becoming more popular and accepted because of the solution they can provide handle.
The current social situation has a lot of changes going on, and even in the field of payment technology, I am quite confident in an environment where people freely use the internet to combine many things.

Indeed, cryptocurrency is at a very important point in the history of money. There will be problems along the way to wide use, but it has a lot of potential. Although crypto payments have potential, lets not ignore the big problem: cost-effectiveness. They cost more than traditional ways of payment right now. Take a look at this: cryptocurrencies offer the best protection and privacy, but the fees for transactions, especially small ones, often outweigh the benefits.

However, there's a flip side: credit payments. A credit account, bonuses, and ease of use arent the only things that they offer that crypto payments dont fully support yet. But does this mean we dont believe in crypto's future? Certainly not! The way technology has changed over time shows how adaptable and creative people are. Cryptocurrencies might change over time, making them cheaper and easier to use. The future of banking isnt set in stone; there are many options that could happen. What does cryptocurrency have to do with this? It is important, but the strategy needs to change for it to really shine.

Maybe in the next few years payments using crypto will reach more people, but not like the crypto we know, but crypto products issued by CBDC in each country. They will call it a crypto payment similar to that offered by Bitcoin, but it is far from the spirit brought by Satoshi Nakamoto which is decentralized, anonymous, secure, and intervention-free. So even though crypto payments were going mainstream at that time, I wasn't too interested in it.

I don't think it's going to come to that point in my lifetime, I am sure that there's a lot of people out that don't know how to use crypto or how to even use it as a payment so I don't think it's ever going to happen anything soon at least that's what I think will happen. Fiat is still a more appealing to more people even today for many people here in the forum so I still believe that crypto payment as a first choice for many people is going to be mainstream anytime soon.

If by crypto you mean Bitcoin, then yes! It might. The chances of this happening are very slim.
Bitcoin is currently used in some areas of the World as a payment option, but it will not be a mainstream payment method for all global transactions. For retail purchases, the price should be stable enough to buy stuff. At the moment, price fluctuation, high transaction fees and blockchain congestion are the major concerns. You can't pay a 10$ transaction fee over a 10$ item purchase with a waiting time of over 5 hours for payment confirmation. In the future, these problems will be resolved, but still, I think crypto will not replace this global financial system as a whole. In the near future, CBCDs might be the way forward.

Honestly I don’t see it anytime soon.

Right now everybody is getting into crypto to get rich and they aren’t going to be making micropayments to pay for their coffee.

The technology is there already. Many businesses can already accept crypto easily with exchanges such as Coinbase but they don’t because they assume there is no demand for it, at least yet.

It’s a different story in emerging markets however. Those markets will have more and more crypto adoption for daily life instead of places like USA.

Let's get something clear. When you say "cryptocurrency" you are talking about altcoins and even tokens. So the answer is no, altcoins are not even designed to be used for payment. Majority of them are completely useless and only have one purpose which is to get pumped and dumped.

That only leaves bitcoin and bitcoin is already used for "mainstream payments" in a lot of sectors. Even big companies like Microsoft have been accepting bitcoin payments.
However, I don't see the scale of it increasing anytime soon because the price is still on the rise and that makes people more willing to hold their bitcoins rather than spend them.

There are some obstacles like the high cost in fees and delay in confirmation of transaction due to congestion on the Bitcoin blockchain but this won't be a problem in the future because a solution will be introduced (and that's my belief). I strongly believe Bitcoin is still very new and in the future solution will be introduced that'll make Bitcoin over capable of handling more transaction without experiencing delay due to congestion of the network. We're over expectant of Bitcoin achieving global adoption that we don't appreciate how far Bitcoin has come in a very short timeframe. Bitcoin hasn't lived up to two decades and we have come this far, why is there doubt that more can't be achieved in the future. Bitcoin will go mainstream not altcoins as others are suggesting. More institutional investors are coming into the industry and they'll play a role in normalizing mainstream Bitcoin payments.


I believe both will coexist because Bitcoin wasn't created to replace the traditional means of transaction, it was created as an alternative meaning they both can coexist and function properly. The truth of the matter is the government won't give up their centralized system to adoption a decentralized system that won't favor them but with time they'll realize they can't kill the industry by fighting it and just accept it. When this happens that's when Bitcoin will achieve its main stream dominance and Bitcoin payments will be recognized globally. This mightn't be happening anytime soon because I believe it's still too early but it's an inevitable scenario.

They are gaining traction, there is no doubt about it.
I have seen it myself here in my country, how each year more people start to accept stablecoins as a method of payment for their products, services, etc.
Though, I do not see a massive adoption coming to us soon because some unfavorable characteristics, the main one is the fact people is not used to handling their own private keys and being responsible with them, being easy targets for scammers. Also depending on the network we talk about, people are so used to instant FIAT payments that using some slow chain would be very unappealing to them, specially if we consider Bitcoin during these days of congestion, because of the ordinals and shit-tokens

It's still not going to be mainstream but there will be a huge growth in crypto users which merchants will also increase. At the same time, countries are rushing to develop their CBDC which will likely be taking the stage when they roll out before BTC could even make it to become mainstream.

However, I will still be satisfied that crypto can be used as currency and at the same time an investment. This I think can't be changed even after decades as it will continue the innovation of the financial system.

I'm not sure if bitcoin and or cryptocurrency payments are going to go mainstream anytime soon because I feel that we've still got too much work to do on the blockchains in order to make this "dream" a reality.  For me, its imperative that we get bitcoin to the point where it's used as an every day daily currency.  To me that adds a TREMENDOUS amount of utility to the coin, which will only help it in every which way. But, again, we've got a lot of work to do..obviously.

Bitcoin is likely to pave more height as we dive into the future through digital currencies, of which I know the very factors that will contribute to placing Bitcoin at hedge is it's ability to offer users the ability to send and receive payment with alpha-numeric codes without reviewing the person's true identity, unlike in the case of traditional banks

Whereas, another factor that may kind of hinder Bitcoin been generally used is its high cost of transaction fee and delay on confirmation most times when the mempool is high.

Not at all. In the beginning, bitcoin was envisaged as the currency of the future, independent of states and central banks. Then shitcoins started popping up everywhere promising to do better, and in the end they all ended up as an investment item.

What will become mainstream are CBCDs, which will replace cash and many of today's electronic payments. The rest of the crypto ecosystem will be used to buy and sell like stocks, even if there is some residual P2P usage.

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.

More changes will happen with cryptocurrency market, this industry ecosystem and cryptocurrency payments, e-commerce that accepts cryptocurrency.

With what are going on with Peer to Peer platforms, centralized exchanges in this year 2023, I believe governments will become more hawkish against this market. They will make more Act to control this market more similar to traditional market.

There will be more growth for this market and cryptocurrency payments but more challenges will be seen in future.

The number of TX processed per second in Bitcoin is still the biggest debate and a point of concern when we are talking about Bitcoin as mainstream payment but the evolutions of Lightning Network may be the solution to cut down every on-chain transaction that we may on the day to day purpose but we are still a long way from saying Bitcoin took over the place of traditional fiat system in the mode of payments.