Topic: Why aren't cryptocurrencies successful as a medium of payment - page 10. (Read 1909 times)
The comprehension is that they annex materialised late and the constitute has not progressed the value base much, piece it could be in the followers years.
they are not backed by the government and because of its volatility it is not an ideal to use in payment. for now crypto is good for asset.
I agree with this, i think crypto will not be successful as a medium of payment for some reason but the main reason is, it is not backed by the government, and if that things happen, they will surely add tax on it.
I think cryptocurrency will become a payment medium. It may take another ten years, but it won't rely on Bitcoin for trading. Bitcoin is considered too expensive to be used for payment media. There will be other better coins to replace it.
Crypto is like a social network. As soon as it becomes accessible to the masses, and we can not manage without it in everyday life, so soon it will be possible to pay freely for a hamburger from his crypto-wallet. We should wait for a while.
Most people, me inclusive believe that the value of a coin might appreciate over time, and for that reason, i might want to hold on to my coins and use cash for payment instead. Also, not everyone is accepting of cryptocurrencies yet, a lot of shop-keepers and business owners are unaware of it or how it works, so that itself is a limitation to crypto being used as a successful medium of payment. It is also not as fast and convenient to use as compared to cash.
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?
The main reason is the lack of free exchange of any volume of fiat for cryptocurrency. Also, no one in their right mind will send money by cryptocurrency if high volatility persists.
For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world . However there is massive adoption of cryptocurrency recently that even these regulations will be a thing of the past.
Three factors to consider why are, orientation, volatility and time. First the orientation of the economic public still needs to be resharpen many are yet to believe that Cryptocurrency is the big deal, and the current volatility of the crypto market scares them off, this leads us to the second factor, unless the crypto market becomes stable, currencies will find it difficult to reveal their true potential, finally we just have to give it time, hopefully things would get better. Nevertheless I believe in no time EON protocol would be a mega medium of exchange in the crypto world.
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 some of the reason is the acceptance! as we all know that crypto-currency still its "Infancy" and only used by a small portion of our entire global population maybe the majority of the population still unaware about crypto-currency including its uses and function so its a long process and promotion is needed to make it more known to entire global population.
I think digital currency isn't reasonable as a medium of installment. due to the estimation of digital currency that high causing crypto is abused by a few people. furthermore, not every person has thought about the digital money world and obviously, it will make cryptographic money hard to create. it would be better if the cryptographic money is utilized as a venture since I believe it's more productive.
People are always afraid of what they do not understand, this is normal. Bank cards are also immediately came to replace cash. Soon crypto-currencies will enter our lives as well.
Government plays a vital role in the country to make it the legal payment method. If they does it then business will start accepting it just like they accept credit card. But many countries do not yet recognized it as a payment method thus it stops the people to use it.
in my mind, if Popularity, rules, and general use. I think every new technology takes time to be widely used by people, new technology needs to adapt first and people feel safe when using it. And also People really need to understand the plan of cryptos in changing the world. Just because there are still many facilities that cannot support crypto only. In addition, Crypto is also still quite difficult to be accepted in various regions.
Because the cryptocurrency still has no cash to use, and digital payment is already very convenient. Therefore, cryptocurrency will be a good supplement and future direction for international payments, but the payment is still high and needs to be further reduced or even free.
The reason why cryptocurrency has not become a payment medium is because cryptocurrency is known by few people, and there is no support from the state. Encryption is still in its childhood. I think it needs to be developed. I will definitely become a medium in the future.
It is still in the early stage of its development that's why it is not a medium of payment for majority of people. Some are already using it though but still only a few of them because others would rather make it an investment than a currency since there is still a possibility that it would become so valuable in the future that you will regret using it when it is cheaper. Market is also unstable that's why it is unfavorable for merchants to make it as payment option if they would keep it than convert it directly to fiat upon accepting it.
The reason why cryptocurrency has not become a payment medium is because cryptocurrency is known by few people, and there is no support from the state. Encryption is still in its childhood. I think it needs to be developed. In the future, it will definitely become a payment medium.
The thing is, if Ethereum can be used as a currency everywhere, you can have all your liquidity/cash/money in ETH. You don't need to have FIAT then, because FIAT is missing out on ETH gains.
So if you then buy something with ETH, it does not matter, since all your liquidity is ETH. If I can buy anything I want with ETH without converting first to FIAT, I'd like to live 100% with ETH and have almost no FIAT.
Yes, this is the place where everyone must arrive to appreciate the true power of using cryptocurrency as a medium of payment. That you purchase everything with a cryptocurrency and every seller, employee, supplier, government gets paid in cryptocurrency.So if you then buy something with ETH, it does not matter, since all your liquidity is ETH. If I can buy anything I want with ETH without converting first to FIAT, I'd like to live 100% with ETH and have almost no FIAT.
Once people arrive here, the days of fiat currency may be short.
The thing is, if Ethereum can be used as a currency everywhere, you can have all your liquidity/cash/money in ETH. You don't need to have FIAT then, because FIAT is missing out on ETH gains.
So if you then buy something with ETH, it does not matter, since all your liquidity is ETH. If I can buy anything I want with ETH without converting first to FIAT, I'd like to live 100% with ETH and have almost no FIAT.
So if you then buy something with ETH, it does not matter, since all your liquidity is ETH. If I can buy anything I want with ETH without converting first to FIAT, I'd like to live 100% with ETH and have almost no FIAT.
Normal fiat currency like USD and EUR is relatively stable and lacks volatility, e.g. the price of a can of Coke hasn't changed much in 10 years.
Crypto is completely different. it's far more volatile and acts like stocks/shares or investments rather than national currencies
If I have holdings of fiat and holdings of shares - which should I use to buy a TV now? the fiat obviously
Why liquidize an investment that could be worth far more in the future over using fiat that will probably be worth approx the same?
Crypto is completely different. it's far more volatile and acts like stocks/shares or investments rather than national currencies
If I have holdings of fiat and holdings of shares - which should I use to buy a TV now? the fiat obviously
Why liquidize an investment that could be worth far more in the future over using fiat that will probably be worth approx the same?
The first is that the price of cryptocurrency is very unstable, so no one is willing to hold it for a long time, especially for businesses. Moreover, the transaction cost is too expensive, which is a very large expense for the current large number of transactions, so many merchants do not accept it.
People are always afraid of what they do not understand, this is normal. Bank cards are also immediately came to replace cash. Soon crypto-currencies will enter our lives as well.
It took decades before bank cards were widely used. It should NOT take that long before cryptocurrencies will be widely used. Jump to: