Topic: What will it take for crypto payment to go mainstream? (Read 361 times)
To become a mainstream payment, they need to have the ease of use which the behemoth Bitcoin doesn't have. I agree with you on that but I think there are still chances for Bitcoin to be a part of the future mainstream payment. Not directly but a part of its ecosystem.
People see crypto as an investment tool, and not to mention the number of merchants accepting cryptocurrency as payment is quite a few due to its volatility. If people can pay cash they would opt to than to spend their crypto since they value it as an investment.
Actually it is true that bitcoin have a high transaction fee and slow transactions confirmation but something still stand and that is, despite all these it is still regarded as the best payment crypto or preferably the most trusted crypto. Also, there have been many crypto platforms that aims to go mainstream in the payment sector but still struggling behind, then what's causing the delay? I won't say it is bitcoin but the team of that coin/project. Thus, I think that, Bitcoin is not stopping any crypto from going mainstream in whichever sector, if the team of any Crypto payment project are serious about it, then let them work towards achieving their goals.
no, I think all the same that bitcoin is the number one cryptocurrency, but even bitcoin cannot become mainstream because it requires general recognition.
From careful observation, it's becoming clear that it may be hard for crypto to go mainstream without the involvement of the payment sector.
For now, the most reason why BTC is not good enough for common payment is yeah, the high transaction fee. However, Bitcoin is the most trusted crypto. If there should be a payment from crypto, many people will prefer to accept BTC because it is trusted and valuable enough compared to the other cryptocurrencies. Although in the crypto world, many people will not prefer to the BTC for payment because they know the fee. however, what's about the people or company out there? They probably only know BTC as the best crypto and most used crypto. Most of them only trust in the Bitcoin. And they only want to accept BTC. This can be a dilemma. However, the choice is on everybody's side. That's right. a lot is going to change is Bitcoin fee is slashed to a few cents. But then, one would imagine what will be the fate of the mining network should mining become unprofitable and unsustainable due to low fees and continues halving. First, a lot needs to be done about mining costs. The system is totally messed up.
From careful observation, it's becoming clear that it may be hard for crypto to go mainstream without the involvement of the payment sector.
For now, the most reason why BTC is not good enough for common payment is yeah, the high transaction fee. However, Bitcoin is the most trusted crypto. If there should be a payment from crypto, many people will prefer to accept BTC because it is trusted and valuable enough compared to the other cryptocurrencies. Although in the crypto world, many people will not prefer to the BTC for payment because they know the fee. however, what's about the people or company out there? They probably only know BTC as the best crypto and most used crypto. Most of them only trust in the Bitcoin. And they only want to accept BTC. This can be a dilemma. However, the choice is on everybody's side. It's true that BTC take longer confirmation duration compared to some traditional mainstream transactions with FIAT. And nowadays, the fees are becoming too high, higher than the initial purpose for creating cryptocurrency. This is the more reason why most crypto enthusiasts see BTC as store of value, and prefer to use other crypto with faster transaction speed and lesser fees like XRP, XLM for payments. ETH used to have negligible fees in the past but recently things changed to the opposite. For crypto to go mainstream, these challenges need to be resolved for acceptability. Aside that, so many regulations need to be put in place inline with monetary policies.
I believe that is one major bottleneck for btc to go mainstream. The fees involved is quite expensive so most crypto users prefer btc as a store of value instead. And also, most merchants are still hesitant to add crypto or btc mainly because of its volatility. But because of this pandemic, there are several merchants looking at crypto to be included in their payment method. So just give it a time, and we will see more shops accepting crypto for their products and services.
It's true that BTC take longer confirmation duration compared to some traditional mainstream transactions with FIAT. And nowadays, the fees are becoming too high, higher than the initial purpose for creating cryptocurrency. This is the more reason why most crypto enthusiasts see BTC as store of value, and prefer to use other crypto with faster transaction speed and lesser fees like XRP, XLM for payments. ETH used to have negligible fees in the past but recently things changed to the opposite. For crypto to go mainstream, these challenges need to be resolved for acceptability. Aside that, so many regulations need to be put in place inline with monetary policies.
In fact this is so, there are many coins that can be an alternative to transactions that are cheaper and faster than BTC. However, that does not necessarily reduce the value and functionality of bitcoin. There are still many crypto enthusiasts who choose bitcoin for transactions, sending funds, and other activities, because after all, there are many advantages of bitcoin in that case when compared to transactions using conventional money.
The fastest way to achieving this will be for world economies and governments to pass regulations towards adopting cryptocurrencies as a way of transacting businesses. With such a backing, crypto and indeed blockchain will finally go mainstream to the satisfaction of everyone involved. Unfortunately, this is a difficult ask and task seeing how several countries are yet to come to terms with the fact that cryptocurrencies have come to stay.
It's true that BTC take longer confirmation duration compared to some traditional mainstream transactions with FIAT. And nowadays, the fees are becoming too high, higher than the initial purpose for creating cryptocurrency. This is the more reason why most crypto enthusiasts see BTC as store of value, and prefer to use other crypto with faster transaction speed and lesser fees like XRP, XLM for payments. ETH used to have negligible fees in the past but recently things changed to the opposite. For crypto to go mainstream, these challenges need to be resolved for acceptability. Aside that, so many regulations need to be put in place inline with monetary policies.
Businesses are considering the volatility of cryptomarket and maybe this is the reason why they still don’t want to adopt and we cannot blame bitcoin for that. Fees wise, cryptocurrency is a lot more cheaper and faster compare to the banks. So there’s still a chance for the main stream only if we can encourage more businesses to adopt and to search more about the benefits of cryptocurrency.
Crypto will go mainstream on different perspective, it might not be thru payment system but it can be into something that is more important, and that adoption will begin very soon.
Crypto will go mainstream on different perspective, it might not be thru payment system but it can be into something that is more important, and that adoption will begin very soon.
it will be interesting to see what will drive crypto adoption in the coming years
From careful observation, it's becoming clear that it may be hard for crypto to go mainstream without the involvement of the payment sector. Whenever we talk about cryptocurrency payment, we quickly want to adopt Bitcoin. I think we are all getting it wrong here considering Bitcoin's high transaction fee and relatively longer confirmation time compared to other crypto stablecoins or other faster crypto assets.
My personal take, however, is that, for crypto to go mainstream and the impact felt, the focus needs to pivot a bit away from Bitcoin. Yes, it is the first crypto, but at its present state, it definitely cannot fit into every area. This is my opinion, if you have something contrary, I will definitely love to hear them.
My personal take, however, is that, for crypto to go mainstream and the impact felt, the focus needs to pivot a bit away from Bitcoin. Yes, it is the first crypto, but at its present state, it definitely cannot fit into every area. This is my opinion, if you have something contrary, I will definitely love to hear them.
Keep in mind that currently not all countries legalize crypto as a means of payment. If we want to start a little mainstream, it is necessary to teach economic actors to expand their business areas to countries that legalize crypto.
Once they have felt the many benefits from it, the adoption of crypto is faster throughout the world.
From careful observation, it's becoming clear that it may be hard for crypto to go mainstream without the involvement of the payment sector. Whenever we talk about cryptocurrency payment, we quickly want to adopt Bitcoin. I think we are all getting it wrong here considering Bitcoin's high transaction fee and relatively longer confirmation time compared to other crypto stablecoins or other faster crypto assets.
My personal take, however, is that, for crypto to go mainstream and the impact felt, the focus needs to pivot a bit away from Bitcoin. Yes, it is the first crypto, but at its present state, it definitely cannot fit into every area. This is my opinion, if you have something contrary, I will definitely love to hear them.
My personal take, however, is that, for crypto to go mainstream and the impact felt, the focus needs to pivot a bit away from Bitcoin. Yes, it is the first crypto, but at its present state, it definitely cannot fit into every area. This is my opinion, if you have something contrary, I will definitely love to hear them.
One of the most important characteristics of a currency is acceptability. It would be very difficult to take away bitcoin from the payment plan on cryptocurrency because its widely acceptable, Infact bitcoin is the most popular cryptocurrency in the world presently.
that is the reason for Altcoins. they serve the same purpose just like bitcoin. as a means of payment for services. bitcoin is limited and i don't think it can serve the entire world population. the need to have altcoins like ethereum, eos, neo and the rest is a reason for reason for cryptocurrency to go mainstream. the hindrance is centralization just like fiat currencies.
If I can understand what you mean as bitcoin is limited, you are saying that the total supply is not much. That is never a limitation. Smaller units of bitcoin can cost much and can be transacted. So I see no limitation in that .and it will go a long way to cater to the needs of the entire world when it comes to digital currency. However, we need a more scalable cryptocurrency.
Total embracement I guess, people should start implementing crypto payment in their businesses across the globe and also to avoid volatility the merchants and business owners should swap tokens and coins to usd coins instantly, it should work this way
There are actually some who already implement on their respective business but as you can see not all are agree with its adoption there are still people who refuse to accept and thought of it as even as illegal and scam.In my point of view, I can say crypto is good but some uses it on some scam projects and ponzi scheme. Because of these the crypto industry still have scars of those activities and people will have hard time to forget.
that is the reason for Altcoins. they serve the same purpose just like bitcoin. as a means of payment for services. bitcoin is limited and i don't think it can serve the entire world population. the need to have altcoins like ethereum, eos, neo and the rest is a reason for reason for cryptocurrency to go mainstream. the hindrance is centralization just like fiat currencies.
If I can understand what you mean as bitcoin is limited, you are saying that the total supply is not much. That is never a limitation. Smaller units of bitcoin can cost much and can be transacted. So I see no limitation in that .and it will go a long way to cater to the needs of the entire world when it comes to digital currency. However, we need a more scalable cryptocurrency.
that is the reason for Altcoins. they serve the same purpose just like bitcoin. as a means of payment for services. bitcoin is limited and i don't think it can serve the entire world population. the need to have altcoins like ethereum, eos, neo and the rest is a reason for reason for cryptocurrency to go mainstream. the hindrance is centralization just like fiat currencies.
Total embracement I guess, people should start implementing crypto payment in their businesses across the globe and also to avoid volatility the merchants and business owners should swap tokens and coins to usd coins instantly, it should work this way
The whole adoption thing will happen with Time. maybe soon, but we will definitely get there
Well yeah high fee and long length before confirmation but still people use it primarily in terms of crypto payments.
I think adopters would probably use a third party payment system when it comes to these payment method.
That's quite fine for me as long as I can still use crypto for convenience.
I can use it as well in buying Steam credits using Bitcoin.
I think adopters would probably use a third party payment system when it comes to these payment method.
That's quite fine for me as long as I can still use crypto for convenience.
I can use it as well in buying Steam credits using Bitcoin.
Total embracement I guess, people should start implementing crypto payment in their businesses across the globe and also to avoid volatility the merchants and business owners should swap tokens and coins to usd coins instantly, it should work this way
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