What will it take for crypto payment to go mainstream? - page 3.

OasisDre

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Quote from: bittick on July 08, 2020, 11:13:57 AM

Quote from: Greatchu on July 08, 2020, 11:00:06 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

abel1337

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Quote from: Greatchu on July 08, 2020, 11:00:06 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 would be possible but the main thing that needs to be accepted worldwide is bitcoin, Bitcoin is the most trusted cryptocurrency in the world and It is much better than other altcoins in terms of the trust that people put into. Making bitcoin into the mainstream as payment will allow bitcoin to make itself more popular and everyday people will be curious and will make research about bitcoin.

There are altcoins that are suited for payment and a merchant choice, But having bitcoin first as the mainstream crypto payment will give way to the altcoins to introduce themselves in their own forte.

Ken_terrance

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We need many hybrid crypto-fiat payment systems, not just one, that will accept well recognized crypto coins as means of payment, these payment solutions will power both online and offline merchants, for example Wepay and Alipay kinda thing then crypto will reach it's full long awaited dream

TimeTeller

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Quote from: bittick on July 08, 2020, 11:13:57 AM

Quote from: Greatchu on July 08, 2020, 11:00:06 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 they will always use the reason of volatility, then it would be hard for them to integrate crypto.
Why not include stable coins if they are really concern about this volatility issue?
But if more merchants or shops will start to accept crypto, others will follow.
It is another avenue for them to earn income from crypto users, so I don't think it will take long for them to add crypto in their system.

bittick

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Quote from: Greatchu on July 08, 2020, 11:00:06 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.

masterrex

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Quote from: john_cm on July 08, 2020, 06:24:47 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 think you are just focusing much on Bitcoin to be adopted to the mainstream, But as you said the hindrances are showing in front of us, like the slow and high transaction fees, etc, But if the Bitcoin Lightning network was push through I think it is much different scenario, Let's go to the larger picture cryptocurrency was already adopted in the mainstream for the cross border payment solution and it's Ripple's XRP in fact in my country it was already used for overseas remittances. the transaction is almost instant with lesser fees, thats why it's not hard to adopt it.

Greatchu

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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

Dexion

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Quote from: jrrsparkles on July 08, 2020, 10:39:52 AM

Transaction fee and confirmation time highly depends on the network traffic so it will be eventually high if more transactions are made at the same time but no one ever said bitcoin is the only crypto suitable for payment, there are lot other cryptos as well so we can choose cryptos depends on the value of transaction but the real thing is people are ready to accept decentralized mode payment system.

I am not sure it will be easily accepted by people all over the world. the problem is not only in transaction costs, but transaction speed as well.

at this time perhaps almost all countries also have platforms for payment in exchange for fiat money which we must carry on. like a digital wallet that we can use to pay for transactions. the question is whether the bitcoin or crypto function that will be used as payment can replace it even better than the platform that already exists and is used on the market?

bigcash2011

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Quote from: john_cm on July 08, 2020, 06:24:47 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.

Although we are moving towards this goal but to speed the process up, the potent stimulants include:
Regulatory approval of cryptocurrencies all across the world.
Investor and user condfidence in this tech.
Easy to use applications that make payments as easy as 1 or 2 clicks.
Ease of business and mass awareness to businesses and retailers about crypto and crypto payments.
No or low crypto taxation and simple rules to fill crypto tax.
Easy to use interfaces and member accounts. People do not like complex or technical looking paltforms so simplest apps needs to come up so that common man finds it easy to use.

jrrsparkles

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Quote from: john_cm on July 08, 2020, 06:24:47 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.

Transaction fee and confirmation time highly depends on the network traffic so it will be eventually high if more transactions are made at the same time but no one ever said bitcoin is the only crypto suitable for payment, there are lot other cryptos as well so we can choose cryptos depends on the value of transaction but the real thing is people are ready to accept decentralized mode payment system.

joshua123

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Quote from: john_cm on July 08, 2020, 06:24:47 AM

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.

How can you say not fit into other area? As far as I know bitcoin empowered a great peer to peer method for everyone. I know altcoins are good to, but what you want is impossible and people will always have space for bitcoin no matter how they support altcoins. I am betting many here have altcoins but majority of their portfolio still bitcoin.

There are some places in somr countries already accepting bitcoin and its only a matter of time before we can see it expand.

dimonstration

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Quote from: covfefe_ on July 08, 2020, 07:03:58 AM

For payment people would love quick and cheap transactions. Universality is another big thing. It would not be fun if someone is using one coin and some other.
The best solution would be to create a robust platform that accepts almost all coin and let users to exchange form one another or to stable coin at any time or at the time of exchange. So that the sender can use any coin and the receiver can use any. They can even transact or keep their balance on either crypto or on stable coin.

Apparently its only available in exchanges, there are no option yet that will let us pay in waht coins we wanted as some only available in most top coins like BTC and ETH, plus there will be a hassle in government in implementing some cash outs to pay in basic necessities that we are really paying monthly. Payment in terms of dealing with others or transferring money is truly easy and applicable via crypto but not yet in main bills that we are paying regularly.

avikz

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Quote from: john_cm on July 08, 2020, 06:24:47 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.

True! Crypto can go mainstream but at present state, Bitcoin can't. The reasons are simple - above average transaction fees and long confirmation time. These are two major technical bottlenecks. ETH is much more efficient as a payment method than bitcoin.

However, bitcoin community is also betting big on Lightning network development. Even though LN has gone live, it has not yet received the desired attention to make it big. There are technical and security flaws as well - some are discovered and being worked upon and some are yet to be discovered probably.

But above all, I believe regulatory matters are more important if we want to see mainstream crypto attention. Without regulatory support, it is impossible for cryptos to go mainstream.

mezzaluna

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There will be of course a lot of studies to be made for Cryptocurrency Payment to be mainstream. The cryptocurrency must be locally or internationally available within a country for it to be actually useful. The Cryptocurrency must also be usable for other features for it to be versatile because being only used in payment will be really lacking a lot of impact to the public.

tyz

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Unfortunately, there are several reasons: Payments are still very slow and sometimes expensive. Recently it has happened again that Bitcoin transactions cost over $1 fees. This may be acceptable for transaction amounts of $1000 and more but not for small payments. In addition, more reasons are the much higher volatility and a certain basic technical knowledge of what you need to handle crypto currencies. Only when solutions to all these problems have been found crypto currencies will play a greater role in payments. Or, if people will be (indirectly) forced to use them, e.g. in the case of a devastating financial crash.

covfefe_

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For payment people would love quick and cheap transactions. Universality is another big thing. It would not be fun if someone is using one coin and some other.
The best solution would be to create a robust platform that accepts almost all coin and let users to exchange form one another or to stable coin at any time or at the time of exchange. So that the sender can use any coin and the receiver can use any. They can even transact or keep their balance on either crypto or on stable coin.

john_cm

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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.

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