What will it take for crypto payment to go mainstream? - page 2.

Gayong88

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Quote from: john_cm on July 08, 2020, 05:24:47 AM

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.

It all depends on the value to be made on a transaction especially the method of payment with BTC, for the processing time of BTC payment / purchase transactions may be a little different from other altcoins.

Aaroenz0r

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Quote from: goaldigger on July 08, 2020, 05:33:25 PM

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.

I agree with you. It will take a lot of effort not only of developers but also investors and users to make cryptocurrency goes mainstream. You're right that the cryptocurrency market has a cheaper fee and faster in comparison to the banking system. We all agree that there are a lot of advantages. However, it will take a little bit more time for companies to work it out!

Hippocrypto

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Quote from: john_cm on July 08, 2020, 05:24:47 AM

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 ideas about that isn't contrary with yours mate, I just wanted to add some insights with the possible thing that might support with crypto payment to become mainstream. With our current situations particular with social distancing and other protocols to beat the pandemic of corona virus, cashless must be a recommended ways to prevent virus infection. Crypto is a form of digital currency, that's why using it as mode of spending should be practiced and it only needs government to implement this kind of evaluation for the benefit of many people.

goaldigger

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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.

StephenJH

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Quote from: yhiaali3 on July 08, 2020, 11:24:17 AM

In fact this is true, Bitcoin needs a long time to confirm the transaction as it requires large fees and these are things that make a lot of people prefer to use altcoins like XRP, TRX, LTC, Dash because it is much faster and its fees are low compared to Bitcoin.
But I think this problem has been solved with the Bitcoin lighting network where fees have been reduced very significantly and the speed has become superior to altcoins as well but the Bitcoin lighting network has not been widely popularized yet.

l do agree with your words on that, BTC needs really long time to be confirmed by the whole world as a payment system. People are interested in using other altcoins for the payment system. The first reason is the fees of BTC, if we compare the fees altcoins to BTC, as you said fees are low and very useful than BTC. l think people will still prefer altcoins in the future for these reasons.

dunfida

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Quote from: john_cm on July 08, 2020, 05:24:47 AM

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.

I cant really deny but you do have valid points on here which is definitely true but to think that Bitcoin isnt really that forcing out to be a mainstream but only to the people who do mainly support it.
Adoption is still on the move though even there are lots of coins which are more better when in talks of fees and transfer time then you can eventually tell on which one is much more preferred by the whole community which is Bitcoin. Also we do know that LN do already exist, it might not be suggested for now but when this thing would be finalized out then it will surely fit out.

posi

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It not difficult for cryptocurrency to be mainstream of payment and with the lightning or the use of bech support slow transaction confirmation is not a problem. Besides, the performance of Bitcoin/others utilized coins in the market during this pandemic have make a lot of people/investors completely understand Bitcoin is a genuine asset even Kiyosaki was convinced.

Quote from: OasisDre on July 08, 2020, 10:51:04 AM

Quote from: bittick on July 08, 2020, 10:13:57 AM

Quote from: Greatchu on July 08, 2020, 10:00:06 AM

The best crypto adoption I can think of is if thousands of merchants around the globe starts accepting not just Bitcoin for payment but also other top altcoins too, using coins as means of payment is the surest way

that means the coins that will be accepted by these merchants must be very scalable to load a lot of transaction at the same. the key to make this happens was on the scalability of the blockchain.
Crypto payment is not yet going mainstream caused by there was a chance for the merchants to get a loss caused by volatility in the market.

If you think this way then you need to check out alchemypay, this is a fully functional crypto payment gateway that's already working in Asia countries, this project is creating a use case for Wider Cryptocurrency Adoptions Through Day-to-Day Payment With Crypto-monies at Businesses and Merchants, its already working

https://www.alchemytech.io/alchemy_english.html

It the OP is not aware of the old and recent crypto payment system and the blockchain update done these days to make bitcoin transaction seamlessly. However, Alchemy is not only the project that widely supports cryptocurrency day to day payment and adoption.

Kasabus

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Quote from: Doranile432 on July 08, 2020, 03:03:51 PM

Quote from: kindbtc on July 08, 2020, 02:59:22 PM

Quote from: john_cm on July 08, 2020, 05:24:47 AM

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.

Crypto payments are nearly entering the mainstream phase as i have seen few local vendors accepting payments in crypto and secondly i have seen a surge in people that deal in crypto face to face atleast in my city which is also a sign of adoption because it means that people are buying, selling or exchanging crypto on a regular basis now.

Thanks for bring out this fact, I have friends in Singapore who actually confirmed that many stores and few merchants are now accepting cryptos as means of payment, things aren't perfect yet but it will take time, it's already happening, many part of the world aren't just noticing it yet

There are no reasons that crypto payment won't go mainstream because everything will be in order and developed as soon as merchants will start accepting it as a mode of payment. It's high transaction fee and delayed confirmation will still be changed once regulatory measures will be part on it making it more legal and a global payment system.

Chuky92

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It might look difficult for crypto to go mainstream but it can still be achieved. Now making mention of Bitcoin not going mainstream, every things points to its slow transactions and all that but yet people still trust it more than others which are even faster. The truth is, many coins today can't be trusted; you made mention of stablecoins, but how many of them can be trusted? People can hardly bear to hold stablecoins for long time because of their centralized nature; as for other altcoins many of them might look like they have what it takes but yet they keeps lagging.
So in the midst of all these, it still comes down to the fact that Bitcoin is highly trusted and many people will feel more comfortable holding something ( a coin) they can trust over something with questionable characters, so in one way or the other, there might still be possibilities of Bitcoin going mainstream.

hulla

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Quote from: john_cm on July 08, 2020, 05:24:47 AM

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.

I firstly want to point that crypto going mainstream is not what important here and whats important is that bitcoin fully its purpose during the current pandemic despite the world economy been affected.
Meanwhile, Bitcoin transaction fee is still okay compare to bank transfer or others electronic transfer (WU etc.) and with SegWit/lightning the bitcoin transaction confirmation is not that long.
With that been said, it's not hard for Bitcoin to go mainstream if the governments and institution support it all payment sector will add it to there payment system.

Doranile432

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Quote from: kindbtc on July 08, 2020, 02:59:22 PM

Quote from: john_cm on July 08, 2020, 05:24:47 AM

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.

Crypto payments are nearly entering the mainstream phase as i have seen few local vendors accepting payments in crypto and secondly i have seen a surge in people that deal in crypto face to face atleast in my city which is also a sign of adoption because it means that people are buying, selling or exchanging crypto on a regular basis now.

Thanks for bring out this fact, I have friends in Singapore who actually confirmed that many stores and few merchants are now accepting cryptos as means of payment, things aren't perfect yet but it will take time, it's already happening, many part of the world aren't just noticing it yet

kindbtc

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Quote from: john_cm on July 08, 2020, 05:24:47 AM

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.

Crypto payments are nearly entering the mainstream phase as i have seen few local vendors accepting payments in crypto and secondly i have seen a surge in people that deal in crypto face to face atleast in my city which is also a sign of adoption because it means that people are buying, selling or exchanging crypto on a regular basis now.

Stanlo

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Everyone seem to be complaining about bitcoin transaction fee, what if LTC that have less transaction fee surge to where Bitcoin his today won't the transaction fee increase or become the same as Bitcoin today? Every merchants needs to start accepting Bitcoin and others, even stable coins, it's left for customers to pay in which ever coin they are convenient with.

john_cm

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Quote from: yhiaali3 on July 08, 2020, 11:24:17 AM

In fact this is true, Bitcoin needs a long time to confirm the transaction as it requires large fees and these are things that make a lot of people prefer to use altcoins like XRP, TRX, LTC, Dash because it is much faster and its fees are low compared to Bitcoin.
But I think this problem has been solved with the Bitcoin lighting network where fees have been reduced very significantly and the speed has become superior to altcoins as well but the Bitcoin lighting network has not been widely popularized yet.

That's the problem, the lightning network hasn't been fully accepted even among giant crypto payment gateways. strange though!

FireBallex

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Quote from: yhiaali3 on July 08, 2020, 11:24:17 AM

In fact this is true, Bitcoin needs a long time to confirm the transaction as it requires large fees and these are things that make a lot of people prefer to use altcoins like XRP, TRX, LTC, Dash because it is much faster and its fees are low compared to Bitcoin.
But I think this problem has been solved with the Bitcoin lighting network where fees have been reduced very significantly and the speed has become superior to altcoins as well but the Bitcoin lighting network has not been widely popularized yet.

You are missing a point here pal, what do you think will happen to these altcoins if they are been used for means of payment around the globe? Their values will increase and also their transaction fees will rise, the more the value rise the more the transaction fees

yhiaali3

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In fact this is true, Bitcoin needs a long time to confirm the transaction as it requires large fees and these are things that make a lot of people prefer to use altcoins like XRP, TRX, LTC, Dash because it is much faster and its fees are low compared to Bitcoin.
But I think this problem has been solved with the Bitcoin lighting network where fees have been reduced very significantly and the speed has become superior to altcoins as well but the Bitcoin lighting network has not been widely popularized yet.

adzino

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Quote from: john_cm on July 08, 2020, 05:24:47 AM

-snip-

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.

No, they do not need to "pivot" away from bitcoin. Just because it has some flaws, it doesn't mean that we will stop using it. Instead of running away from it, we can come forward and help develop it into a better thing. We can put forward ideas that will ease things for us but without causing much disturbance to the main protocols of bitcoin.

Again, those who knows about bitcoin will eventually learn of other altcoins. They will know when to use which coin.

concept2

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Global adoption is necessary for bitcoin or any other cryptocurrency to go mainstream. Second, we need the acceptance from the government. At the world we are living right now, the government has the power to avoid people from using any kind of digital money. And as you can see, most of the presidents and government's officers do not really understand or pay their attention on new technologies unless they benefits their political career.

In my point of view, since our world become more and more developing, we are freely to interact with each other through the power of internet and it gives us the unlimited utilities to gather information, knowledge. Thus, people will soon face bitcoin and cryptocurrency and find out that they are really useful with a lot of advantages. In the next 10 years, I do believe that there will be at least one coin will go to mainstream and dominate out virtual world. Huh

Winscosinally

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AlchemyPay is developing well in the world, more than 80,000 members of the global community, more than 1,500,000 contracted reserve merchants, in-depth cooperation with Binance Binance, OKex, Gemini, Cobo and many more, saying merchants can be in loss because of volatility isn't a point, taking crypto as payment and convert to stable coin sounds impossible?? Well many merchants are already accepting crypto as payment through Alchemypay, even Bitcoincash is among the coins acceptable on alchemypay

Samayuki

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Quote from: OasisDre on July 08, 2020, 10:51:04 AM

Quote from: bittick on July 08, 2020, 10:13:57 AM

Quote from: Greatchu on July 08, 2020, 10:00:06 AM

The best crypto adoption I can think of is if thousands of merchants around the globe starts accepting not just Bitcoin for payment but also other top altcoins too, using coins as means of payment is the surest way

that means the coins that will be accepted by these merchants must be very scalable to load a lot of transaction at the same. the key to make this happens was on the scalability of the blockchain.
Crypto payment is not yet going mainstream caused by there was a chance for the merchants to get a loss caused by volatility in the market.

If you think this way then you need to check out alchemypay, this is a fully functional crypto payment gateway that's already working in Asia countries, this project is creating a use case for Wider Cryptocurrency Adoptions Through Day-to-Day Payment With Crypto-monies at Businesses and Merchants, its already working

https://www.alchemytech.io/alchemy_english.html

I know about alchemypay, this project will definitely help crypto mass adoption, through Alchemypay you can pay for taxi ride, hotels, etc, binance is definitely involved with this project and BUSD is playing a major role in alchemypay platform, sooner or later people will know this project more better

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