Topic: Why aren't cryptocurrencies successful as a medium of payment - page 11. (Read 1853 times)
They may want to use their crypto by holding them instead of being used as a form of payment. When you use them as payment your coins will be reduced or depleted and you will not be able to grow it. But when the project is good and worth using the coin as payment you will do it
It will be difficult for cryptocurrency to be used as a medium of payment until the high transactions fee is fixed. The cost of gas is too high as compared to fiat payment. Something need to be done about this. Transfer on blockchain is supposed to be very cheap and compared to fiat payment
It is not,and in 5-7 years for me so Ronnie everywhere will be applied,and the paper will be dislodged at all permanently,and who do not need to be,as all payments will occur electronically,and to track and monitor people easier desire of any state,so soon to this scale will come
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?
Maybe it is because, most people who are investing in crypto doesn't want to use their crypto as a medium of payment, since they trust that the price of cryptocurrency is still undervalued and that it will cost a lot in the future. Another thing is, not all stores, shops, or establishments are accepting cryptocurrency, that is why you can only use cryptocurrency in just a few stores to transact.
the anterior corporeality that change a trouble is the general considerate of crypto is besides petty and thither are calmness diverse misconstruction towards crypto
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.
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?
The possible reason maybe is due to the market volatility. The market value of most cryptos are suddenly changing from time to time which serves as a risk that there'll be times that profit will be lost. Consistency on the market value of a currency is really important to have equality in the market which is not present to most of the cryptos given that they are naturally volatile.What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
So, I don't believe price volatility is a significant obstacle preventing people from using a cryptocurrency for a medium of payment.
Because many countries are against it, not all countries support it. Maybe they still need time. In a few years, perhaps the government will default to cryptocurrency.
The first problem is that he can't receive government regulation. The second problem is the popularity of cryptocurrency, which is very important for cryptocurrency instead of cash. XRP is a good cryptocurrency.
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?
In order to use the crypto currency more as a means of payment, at least two conditions are necessary: legalization in most countries and the creation of an appropriate infrastructure for its real application. For the time being, the infrastructure for applying crypto currency is still not sufficiently developed and there are big problems with its legalization.What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Because there are still many vulnerabilities in cryptocurrencies, it is not perfect, and many people still have many misunderstandings about encryption. The government does not fully support it, and banks or other financial companies are also very opposed to encryption, so it still has difficulties to overcome.
I don't think it can't be a payment medium, but someone is preventing it from becoming a payment medium. I think at least it is now, but it will definitely not stop it in the future. It will definitely become a global payment medium if it is more convenient.
Why not use it?
Why not use it?
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?
In order to use the crypto currency more as a means of payment, at least two conditions are necessary: legalization in most countries and the creation of an appropriate infrastructure for its real application. For the time being, the infrastructure for applying crypto currency is still not sufficiently developed and there are big problems with its legalization. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Cryptocurrency can possibly be seen as a commodity, a form of digital gold (in the case cryptos like Ethereum, "digital oil"), stocks and shares in technology, and so on. But why would anyone want to use something as a currency that could potentially go up 2x, 10x, 20x in a few months?
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?
For the past 10 years inflation has been exceptionally low in countries such as the US value of the fiat currency hasn't changed much in value. On the hand, in countries such as Argentina with hyperinflation the value of fiat currency has changed dramatically.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?
And yes, some cryptocurrency are designed to be held as an investment. After their ICO few rise or fall in value of over 100% in a few months. For certain, bitcoin did between November 2017 and February 2018. Since then, it has been stable. The past month bitcoin has been more stable than the USD.
Lastly, people sell some their investments (stocks, bonds, commodities, precious metal, and so forth) all the time to get fiat currency to purchase goods and services including TVs.
What I think impacts the decision to use cryptocurrency for a medium of payment is what benefit does it provide buyers and sellers. Consumers that don't have access to banking services such as bank accounts or credit/debit cards it provides a way to make electronic payments or remittances anywhere in the world. For sellers it provides an electronic (not cash) payment with little to no transaction fees.
if you had a good bank account your money would be more in the future too. the thing is: you cannot save all money but you 'll need to spend some. of course, it would be financially beneficial to spend as few as possible.
The same applies to crypto, just that it is performing better than your bank account. as crypto is quite new, not yet really spendable and still risky, most people would not have all their money in a crypto account. but as the time goes by volatility will decrease and usability will increase. once is known how much bread you get for one token, the value will adapt to the economy only.
The same applies to crypto, just that it is performing better than your bank account. as crypto is quite new, not yet really spendable and still risky, most people would not have all their money in a crypto account. but as the time goes by volatility will decrease and usability will increase. once is known how much bread you get for one token, the value will adapt to the economy only.
Cryptocurrency can possibly be seen as a commodity, a form of digital gold (in the case cryptos like Ethereum, "digital oil"), stocks and shares in technology, and so on. But why would anyone want to use something as a currency that could potentially go up 2x, 10x, 20x in a few months?
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?
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?
Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.
That is a problem without a doubt, the volatile nature of cryptocurrencies can make it difficult for merchants to accept cryptocurrencies as a payment method, but as far as I can remember there are some services that allow you to convert your bitcoin immediately to fiat, that way you do not risk your profits in the market of cryptocurrencies, but those services come with a price and if the profits you get in your business are very small this could take an important part of your profits away from your pocket.And, yes, for this to be practical there needs to no or very small transaction fees.
Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.
That is a problem without a doubt, the volatile nature of cryptocurrencies can make it difficult for merchants to accept cryptocurrencies as a payment method, but as far as I can remember there are some services that allow you to convert your bitcoin immediately to fiat, that way you do not risk your profits in the market of cryptocurrencies, but those services come with a price and if the profits you get in your business are very small this could take an important part of your profits away from your pocket. 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?
because cryptocurrency is just a digital currency that can not be in the hence of that many people who can not do sales and payment premises cryptocurrency if we want to make payment we must exchange it first to the rupiah and can only make paymentWhat are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.
The price of bitcoin during the past month has been more stable than the US dollar. So, I don't agree there is high price volatility.There was high price volatility between November 2017 and February 2018. Since early May the price hasn't been that volatile.
bitcoin will still volatile in the future and I think it makes bitcoin cannot be used as the payment. the seller and the buyer don't like to see the price always changes from time to time and they still prefer with fiat for making a transaction. maybe there will be coins that can accommodate about the price so that coin can help cryptocurrency to be used as the payment.
Regardless of volatility, the most effective tactic to navigate the obstacle of price volatility is a cryptocurrency where the cycle time from when a buyer converts fiat currency into this cryptocurrency, then makes a purchase using this cryptocurrency, and finally, to when the seller converts this cryptocurrency back into fiat currency can happen within a few minutes, if the buyer and seller desire it. The result is neither the buyer nor the seller are exposed to price volatility over such a short duration.
To my knowledge, no such cryptocurrency, or blockchain, exists that has such a short cycle time.
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