Topic: Why aren't cryptocurrencies successful as a medium of payment (Read 1853 times)
Because right now the cryptocurrency is still not mass adopted. And some of the people still uses physical cash as their mode of payment. But I am happy for the progress of the crypto in payments. Because many projects right now are the main idea as using their crypto as a mode of payment and successfully implemented it in selected places.
November 17, 2018, 05:25:53 AM
The stability of cryptocurrency prices is very bad, extremely vulnerable to whale control, and the security of cryptocurrencies is also a hidden danger, because hackers are everywhere!
November 17, 2018, 05:15:50 AM
maybe what you say is like what happened in my country, the government has not fully formalized the crypto currency as the prevailing currency and of course the government prohibits transactions directly with crypto currencies and currently it cannot be a medium of payment
November 17, 2018, 05:09:52 AM
The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
I believe that cryptocurrencies are gradually finding their wide distribution, they are recognized by various states and financial organizations. But while they are not actively used, because many people do not understand the possibilities and advantages of cryptocurrency for profitable transactions.
November 16, 2018, 05:16:27 AM
I think one of the problems making cryptocurrencies being not successful as a medium of payment at the moment is Blockchain Trilemma. Blockchain is still low. The capabilities to scale up of Blockchain is still being questioned. How can a new medium of payment work effectively if its TPS is under 100?
November 16, 2018, 04:56:15 AM
I think the price instability of cryptocurrency is one of the main reasons, and the encrypted wallet is easy to be attacked by hackers!
November 16, 2018, 04:51:58 AM
It is necessary to understand that cash exists over the centuries, people are accustomed to using it in everyday life. And the crypto market is a very young area. Most people learned about the opportunities and advantages of cryptocurrency only a few years ago, so knowledge in this area is still insufficient.
November 16, 2018, 02:37:43 AM
I think the cause of Crypto failed to become a payment medium because the state did not authorize Crypto. So that in some countries there are still many who do not accept Crypto. As in my country, Crypto is not accepted as a payment medium that can have a negative impact on the currency. So that until now Crypto is only for buying and selling coins online.
November 16, 2018, 01:45:06 AM
The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
I believe that this situation is caused by two main reasons. First of all, the lack of knowledge of many people, they do not understand the importance and advantages of cryptocurrency for making payments. It is also necessary to take into account the high volatility, which does not allow cryptocurrency to become a reliable means of payment
November 15, 2018, 02:38:35 AM
This requires a long process of growth. A cashless society is the road to human development. In the next decade, cryptocurrencies will implement payment functions in more areas. There are still many people who don't know the cryptocurrency. Only when the cryptocurrency matures will people use it in large quantities.
November 15, 2018, 01:20:02 AM
The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
A lot of people can give their reasons on what they think makes cryptocurrency to lack mass adoption, but as for me the only reason I believe that is keeping people from adopting Bitcoin and other cryptocurrencies as a medium of payment is lack of stability. A lot of people get interested in using cryptocurrency but the thought of losing their money due to volatility will always make them shy away from it. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
November 13, 2018, 03:17:15 AM
The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
In fact, there are many reasons why mass use of cryptocurrencies as a means of payment is limited. I believe that most people are simply not ready for this - they do not understand the possibilities and advantages of modern cryptocurrencies.
November 11, 2018, 06:59:01 AM
The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
I believe that this situation is caused by two main reasons. First of all, the lack of knowledge of many people, they do not understand the importance and advantages of cryptocurrency for making payments. It is also necessary to take into account the high volatility, which does not allow cryptocurrency to become a reliable means of payment
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November 08, 2018, 06:10:46 PM
The reason is that the growth of cryptocurrency is uncertain. When the growth of Bitcoin reaches a certain peak and stabilizes, XRP and XLM will quickly occupy the international payment market.
In term of stability XRP and XLM is nothing compared to stablecoin that will always hold its value 1:1 with the pegged currency.Just see USDT and TrueUSD I can't see why those stablecoin have yet to be adopted as a mean of payment processor but certainly can be a good alternative.
November 08, 2018, 06:08:08 PM
There are 3 main problems that prevent mass adoption of cryptocurrency as a means of payment by merchants
1. State regulation
2. Excessive volatility
3. Network scalability and volume of TPS
1. State regulation
2. Excessive volatility
3. Network scalability and volume of TPS
November 05, 2018, 12:15:58 PM
I think they are. I am using Ethereum for a lot of payments. This is a question of a mass adoption. As soon as the crypto will become mass adopted we will see another market and another amount of people that are involved in the market.
November 05, 2018, 07:48:19 AM
The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
I think it depends on the areas where cryptocurrencies are used by different individuals through their transactions. In the Philippines, cryptocurrencies are effect means of transferring money, in this case, I can say that it is successful since there is no record of error when transferring money if the address entered is correct. The only problem is the transaction speed.
November 03, 2018, 12:50:43 AM
The reason is that the growth of cryptocurrency is uncertain. When the growth of Bitcoin reaches a certain peak and stabilizes, XRP and XLM will quickly occupy the international payment market.
November 02, 2018, 01:25:24 PM
Now not much implemented cryptocurrency in everyday life, and not very convenient to pay for bitcoins and still wait near the cash register for 30 minutes, over time, I think a lot will change and will pay cryptocurrency
November 02, 2018, 12:03:42 PM
Cryptocurrency is not profitable as a method of payment, because of several reasons. Firstly, the market is not stable and never will be, and secondly, the government has not yet legalized cryptocurrency.
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