Topic: Why aren't cryptocurrencies successful as a medium of payment - page 13. (Read 1909 times)
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.
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 nowadays, the encrypted currencies have not been officially recognized all over the world, and some countries have banned their circulation. This leads to slow development.What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
I think its how’s government supporting/accepting crypto currency in a country and lack of awareness are the main causes cryptocurrencies are not being used as a successful medium of payment. As of now people are investing in crypto to increase their asset value and earn profit.
It is because of volatility and no business owners would want to take a payment that is very volatile. Also their is trust as traditional business owners do not trust cryptocurrencies yet or to be more accurate they do not believe in it. If at least these two are solved then crypto as a mode of payment will become true.
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.
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.
Because there arent many merchants accepting bitcoin or any other altcoin at the momentt, i am sure that if they existed, there would be a lot of encourage from other people to start using cryptocurrencies as a daily need
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.
Reducing the huge number of cryptocurrencies to 10 coins (by the number of available blockchains) would solve the issue with the common for all countries cryptocurrencies. And then it would be possible to accept crypto as a means of payment. Ten coins are easier to operate than 1600.
I think this is due to the fact that many countries still do not want to accept cryptocurrencies as a means of payment. Many governments are against it and therefore some difficulties arise
The government has no measures and detailed plans to manage and create regulations in this area, and of course when they are out of control and people still use crypto as a payment method, many problems will arise, that could be money laundering or not paying taxes or using crypto for gambling, a country that always exists the problem, that country will soon collapse. So the government against and does not allow crypto to be used universally as the only way to avoid chaos, also, I think every user does not like to use crypto as payment method, it is probably very wasteful when the crypto always brings unexpected profitsAs you can see right now only Bitcoin is famous and known among the big amount of people. People are afraid of chances and on the other hand, they don't understand the benefit of the blockchain and cryptocurrencies, that is the reason why we are not using crypto as dollars for now, but in few years it will become common.
I agree that the lack of awareness and understanding is a significant obstacle preventing widespread use of cryptocurrency as a medium of payment.I have asked virtually everyone I know whether they have heard of Bitcoin. So far, 100% answered, "Yes". So, virtually everyone has heard of Bitcoin.
I then asked each the follow up question, "do you know what cryptocurrency is?" So, far only 1 person knew, and he is a computer scientist.
There needs to be significant promotion of cryptocurrency as medium of payment so buyers and sellers understand what it is, how it works, why they should trust, and, most importantly, what about it provides advantages compared with traditional payments such as cash or cards.
The biggest reason is the volatility. Merchants can't rely on the prices they set if the value of the currency is constantly fluctuating. Similarly, consumers are hesitant to use crypto for payments if they fear the value of the currency they are using will appreciate.
As you can see right now only Bitcoin is famous and known among the big amount of people. People are afraid of chances and on the other hand, they don't understand the benefit of the blockchain and cryptocurrencies, that is the reason why we are not using crypto as dollars for now, but in few years it will become common.
Another reason is that with the new regulations governments are trying to limit the capabilities of people to acquire cryptocurrencies, in the past you could buy coins without identifying yourself and now it is becoming more common to have to give your data away to get bitcoin, this goes against the philosophy of cryptocurrencies that offered a way to send transactions all over the world without the intermission of third parties and with a low barrier entry of only needing access to a computer to do so. Crypto currencies are new and the industries is just started to develop and i believe given crypto currencies time, it will rank up and be used for many payment option, one good about crypto currencies is that it is acceptable everywhere.
I think there is a lot of things that need to be prepared before cryptocurrencies can be successful as a medium of payment. I think each store online and the local store is not ready to accept cryptocurrency as their new payment system. besides that, the government needs to set up the infrastructure for applying and accepting cryptocurrency as a new payment gateway. I am sure that if everything is ready, we can use cryptocurrency as another payment system and we can pay with the cryptocurrency.
I think the current encryption technology is not mature enough, there is no regulatory policy to regulate the benign development of encryption
I want to say, For now, there is no readiness as it is a new way to create money exchange. The reason is cryptocurrency takes more time to be the best way to make payments. The government is also not fully supported and banking or other finance companies are also strongly opposed to crypto and they think that crypto can be dangerous.
Personally, cryptocurrency is not suitable as a payment medium. because the high cryptocurrency value causes crypto to be misused by some people. Besides, not everyone knows about the world of cryptocurrency. So in my opinion better cryptocurrency, we use to invest and later generate profit.
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?
Many factors are the reasons why Cryptocurrency does not succeed in becoming a medium of payment including government regulations that have not yet legalized Cryptocurrency, but there are still many people out there who do not know and understand about Cryptocurrency. So I think let's introduce Cryptocurrency to family, friends, and people around us. I hope if everyone already knows and understand about Cryptocurrency, I am sure the government will definitely legalize Cryptocurreny because many use Cryptocurrency as payment medium. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Cryptocurrency is volatile. The price is not stable yet..imagine someone buys a good worth $1000 from your site and you wake up to discover it has dropped to $900
It is not easy for cryptocurrencies to be integrated as a medium of payment for many reasons. First is that not all country are open to cryptocurrency, as I have observed in the ico campaign, many country are still prohibited to join in the sale. And next is the law compliance that is still being processed. But when this thing is over, it is a very good way to use a crypto coin as a mode of payment.
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