Why aren't cryptocurrencies successful as a medium of payment - page 14.

princeyeboah

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Quote from: jatoman on June 13, 2018, 11:15:25 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?

Cryptocurrency is not meeting its full potentials as medium of payment because it has got some few setbacks which until it has been solved, will continue to hinder the increase in cryptocurrency usage. Governmental and media attacks are major factors which wards off a lot of people from using cryptocurrency.

jatoman

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Quote from: poornamelessme on July 04, 2018, 12:45:58 PM

There is potential there, but right now crypo is too volatile and too many roadblocks are in place.
In the US, one even has to determine taxes on BTC when used for purchases.

Too messy right now.

Part of making a cryptocurrency "regulator friendly" is providing a way for tax authorities to ensure the seller collected the appropriate sales tax for a purchase.

This means there needs to infrastructure to help sellers determine what is the correct sales tax to collect. Fortunately, most point of sale or "POS" systems have the ability to calculate sales tax. Still, there are a lot of sellers that don't have such POS systems. So, there is infrastructure to be created here.

poornamelessme

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Quote from: jatoman on July 04, 2018, 12:30:25 PM

Quote from: MiniMountain on July 01, 2018, 12:43:03 PM

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

For it to be widely used first merchants, retailers, vendors, suppliers, and other sellers must have the infrastructure to accept cryptocurrency as a type of payment. Fortunately, there are a lot of advantages for sellers in accepting cryptocurrency. Most importantly, the fees are much less than fees they pay to use credit/debit cards.

It's these advantages that will drive sellers to accept cryptocurrency.

There is potential there, but right now crypo is too volatile and too many roadblocks are in place.
In the US, one even has to determine taxes on BTC when used for purchases.

Too messy right now.

jatoman

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Quote from: MiniMountain on July 01, 2018, 12:43:03 PM

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

For it to be widely used first merchants, retailers, vendors, suppliers, and other sellers must have the infrastructure to accept cryptocurrency as a type of payment. Fortunately, there are a lot of advantages for sellers in accepting cryptocurrency. Most importantly, the fees are much less than fees they pay to use credit/debit cards.

It's these advantages that will drive sellers to accept cryptocurrency.

huycute10

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Popularity, regulations, and common used. I think every new technology takes times until it was widely used by the people, new technology need to adapt first and people are feel safe when using it and the more it still tiny, the more chance for us to hold as many cryptocurrencies until it was expensive.

DimaGoGroup

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Cryptocurrency industry is very young and a lot of people doesn't believe in cryptocurrency as a currency of the future at all. It will take some time to spread the information about benefits of cryptocurrency as a payment method.

jatoman

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Quote from: geegaw on July 03, 2018, 09:18:18 AM

Quote from: [BTC]Girl on July 03, 2018, 09:00:04 AM

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 profits

There is no doubt in my mind that governments won't enthusiastically support cryptocurrency as a medium of payment until there is a cryptocurrency that is "regulator friendly".

jatoman

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Quote from: jak3 on June 28, 2018, 02:39:41 PM

I don't know about the current market as I think Crypto Currency is the perfect tool for any business out there, It provides all the protection and security everyone requires without losing a lot of money on charges/taxes and slow transactions. Crypto Currencies are now quite young and they will take over everything in some years until then take as much as advantage you can.

I agree that cryptocurrency payments have a lot of advantages for merchants, retailers, suppliers, vendors, and other types of sellers. For certain, the transaction fees are nearly zero, especially when sellers compare the fees they pay to use card interchanges such as Visa or MasterCard. And, they receive value instantly at the time of purchase, instead of having to wait three banking days which is the case with card payments.

geegaw

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Quote from: [BTC]Girl on July 03, 2018, 09:00:04 AM

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 profits

upyem2k

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I think the main problem comes from the lack of support as well as attack from world government. Another thing is that most people believe that for anything to work properly, there must be a policy upon which it will be managed but nobody formulates policy that bitcoin is operated upon. Just blockchain which most people do not even understand.

[BTC]Girl

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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

Tiklohor

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I think because of the daily difference in price, cryptocurrency cannot be successful as a means of payment.

tifani05

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Quote from: jatoman on June 13, 2018, 11:15:25 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?

Perhaps one of the attributes that a payment media is the stability of the media in question, and crypto will not attract many people when its value begins to stabilize.

thaokhuyen08

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It is so new, often new ones are hard to accept. There is no good protection policy for it. More manipulation and a series of scams. Electronic money is hard to get accepted right away as it has so many advantages that other currencies can not

dollurs

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This is a very new technology. As I always say " I think No more than 1-2% population of the world knows about the crypto ". So it will take some times to accept the crypto as a medium of payment. May be few decades ?

ngonco.giolua22

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Cryptocurrency is not regulated yet and its status are still neutral to most country. It's anonymity makes it quite hard for a country to trace a transaction and the fact that the fees are quite absurd to make a small transaction is terrifying enough for Bitcoin not being accepted a a legal way for payment.

cris17

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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.

jatoman

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Quote from: merle on June 24, 2018, 10:43:30 PM

Yes right now, only small cryptocurrencies that can be used for the medium of payment in the real world. Not all parties or industries accept the many kinds of crypto and blockchain technology. But, crypto is always developing. It probably needs more time to introduce the benefits and simplicity of cryptocurrency to the world. It is good for some cryptos have been accepted. We hope that more cryptos are valuable for the medium of payment.

I agree that it seems like further innovation is necessary.

Among the improvements is in the user experience for consumers. There needs to be an application where consumers can quickly and easily load their fiat currency from their bank account or credit/debit card into this application that in turn can instantly convert this into a cryptocurrency ready to spend with a merchant.

vKedax

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At the moment, to pay for a purchase, you need certain skills and knowledge in the cryptocurrency. In daily calculations there are commissions, and this is also a minus, the transaction time is quite large for most transactions with cryptocurrency.

biochem123

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There's many reasons, mainly it's the volatility and also the fact that it's all so new -not enough people trust this type of payment unfortunately

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