Why aren't cryptocurrencies successful as a medium of payment - page 12.

michellee

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Quote from: jatoman on July 10, 2018, 10:53:39 PM

Quote from: happy weblancer on July 07, 2018, 02:34:56 PM

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.

holigans

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Quote from: jatoman on June 13, 2018, 12:15:25 PM

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 payment

jatoman

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Quote from: happy weblancer on July 07, 2018, 02:34:56 PM

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.

jatoman

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Quote from: tavernakava on July 09, 2018, 02:18:45 AM

Crypto needs to be mass adopted before it becomes as a main medium of payment. Remember there are some countries that still do not have credit card payments. There are some places you can pay with crypto, it just needs to get bigger. Once there is more adoption, more companies will invest into crypto payments. Right now it doesn't seem like the best option for the average business to offer that service.

One of the revolutionary aspects of cryptocurrency is it is for everyone, including the over 2 billion people without access to banking services such as bank accounts or credit cards.

lucy5632

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Crypto is still a new field and certainly still arising out the pros and cons of the existing therein. so from that Crypto can not be used as a medium of payment. Although some countries have already implemented this in some places, overall there are still many who are still reviewing this crypto.

jatoman

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Quote from: Tylev on July 07, 2018, 03:20:49 PM

Governments of different countries will always distrust the decentralized crypto currency. Very few states will maintain the uncontrolled crypto currency for it and give it the status of a means of payment. There will probably be few countries like Japan and Germany. In any case for now. However, depending on how the decentralized crypto currency will behave in the future, the number of such countries will increase or decrease. In any case, the process of legalization of the crypto currency will be long and controversial.

I agree that governments aren't going to support a cryptocurrency for a medium of payment until there is one that is "regulator friendly". As you highlight, they won't support an "uncontrolled crypto currency" because this lack of control is "hostile" to regulators.

Instead, there needs to be a cryptocurrency that allows regulators such as tax authorities and customs agencies to apply their regulations. Better still, a cryptocurrency that actually makes applying regulations more efficient and effective than apply these regulations to traditional mediums of payment such as cash and card should certainly get governments to support such a cryptocurrency.

To my knowledge, no such cryptocurrency exists.

genset88

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Quote from: jatoman on June 13, 2018, 12:15:25 PM

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?

I think people are afraid of using cryptocurrency. The government always prevents the development of cryptocurrency, which makes people think it is illegal. Moreover, the blockchain technology isn't really perfect, it needs to be further developed.

Duogembrot

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it looks like cryptocurrency can be used for payment because cryptocurrency may also be fluctuating so no one can predict the price of cryptocurrency and if it is paid they are very afraid if cryptocurrency falls.

cmarquez

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Cryptocurrency is a very young market that is why we should make it mature more. Also I beleive the one reason that affects bitcoin for not beiang a medium paymeny is because of personal interest and tax. Since there are no tax to be paid in transaction governments are not promoting it to the people.

ishirut009

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Quote from: jatoman on June 13, 2018, 12:15:25 PM

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 as a whole is just in its infantry stage. So we are very lucky to know about this in this early stage because we can exploit this once in a lifetime opportunity. Do you agree with me here ?

andeonnut

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Because bitcoin is still difficult to use and sovereign data is a challenge to secure.

CryptoAssasin

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MenaPay - Crypto made easier than cash

As of now, most of us don't have any idea how cryptocurrencies work and how its value went up a price. Some find it difficult to use and hard to understand. They are only hear cryptocurrency through social media or browsers but they lack information about it and the sad thing is that most of them are seeing it as scam. Because of lack of knowledge, they easily judging cryptocurrency as worthless medium of payment where in fact, it is the most convenient way to transfer money worldwide.

mariomerula

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I think the main reason are not the fees that many coins apply but the main problem is the high volatility of crypto market, vendors want stability when they receive payments..

tavernakava

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Crypto needs to be mass adopted before it becomes as a main medium of payment. Remember there are some countries that still do not have credit card payments. There are some places you can pay with crypto, it just needs to get bigger. Once there is more adoption, more companies will invest into crypto payments. Right now it doesn't seem like the best option for the average business to offer that service.

southcat

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I think that cryptocurrency can become a payment medium all over the world. It is not because it is still immature. There are still few people who know him. The government's attitude toward cryptocurrency is still severe, as long as it is supported by the state. It will be fine soon.

jatoman

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Quote from: andthereyou on July 08, 2018, 10:37:26 PM

Quote from: jatoman on June 13, 2018, 12:15:25 PM

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think the SEC are preventing cryptocurrency from being successful as a medium of payment. Because there are still many project who has successful ICO, waiting for the approval or license from SEC to operate their business. Same situation as salpay project.

I think the SEC is actually trying to help initial coin offerings. For example, by declaring that neither Bitcoin nor Ethereum are securities that opens ICOs that are cryptocurrencies based on either of these.

Now, there are other regulators such as tax authorities that aren't fond cryptocurrencies.

andthereyou

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Quote from: jatoman on June 13, 2018, 12:15:25 PM

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think the SEC are preventing cryptocurrency from being successful as a medium of payment. Because there are still many project who has successful ICO, waiting for the approval or license from SEC to operate their business. Same situation as salpay project.

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Quote from: jatoman on June 13, 2018, 12:15:25 PM

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?

I think because crytocurrency is not yet accepted in other countries and the technology for using as a tool in payment is not yet fully develop. Also tge pissible reason it will not use as medium of payment because of volatility,the value of cryptocurrency is not stable.Maybe after several years crypyto currency will be consider as medium of payments.

unknown-user

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Quote from: jatoman on June 13, 2018, 12:15:25 PM

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.

jatoman

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Quote from: Msile on July 07, 2018, 02:44:02 PM

Well the biggest factor is the adoption rate. The crypto market is still at a early stage and as the adoption rate increases we are going to see more payments being made using cryptocurrencies. I'm pretty sure that cryptocurrencies are going to become the number one medium of payment in digital transactions due to the privacy and security it provides.

I agree that like any new innovation it must go through the Technology Adoption Curve. So, considering cryptocurrency is less than 10 years old, it's not surprising it doesn't have widespread use a medium of payment.

I too have no doubt that at some point it become the most popular medium of payment. I started this thread to learn the opinions and insights from cryptocurrency enthusiasts as to what they perceive as the obstacles preventing adoption.

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