Topic: Why aren't cryptocurrencies successful as a medium of payment - page 15. (Read 1853 times)

Your average person does not see the need for cryptocurrencies yet, they can do everything they want with their fiat while cryptocurrencies offer limitations on the things you can buy and require to learn a new way to do something, when that happens it is clear there is going to be resistance to change, but all of those people are going to lament not adopting cryptocurrencies a lot sooner once their value skyrockets and fiat itself begins to face trouble.

It's a new type of currency. You can't expect something brand new to come along and take over. It would have to take decades. Maybe even centuries.

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.

I agree that an obstacle is the process of converting to and from fiat currency. 

For example, when I buy bitcoin from CoinBase it takes over a week to receive.  And, I must pay transaction fees of several US dollars.  Similar process when selling bitcoin.

For consumers that have access to credit/debit cards where they have instant access to their bank accounts and pay no fee for using them, there aren't many advantages of using cryptocurrency over credit/debit cards.

Well people have stopped using cryptocurrencies as a s means of payment and everyone is now using it as a form of investment because they have realized that they can make a lot of money from buying and holding cryptos. This is why it will take a long time before cryptos can become the accepted currencies, until people start using them as currencies

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.

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.

I agree that extreme price volatility such as what we saw between November 2017 and February 2018 is an obstacle.

However, the past several months cryptocurrency prices have been stabilizing because speculation has been driven out of the market.  Further, the last couple weeks bitcoin's price has been more stable than the US dollar.

So, cryptocurrency is approaching similar price stability as fiat currency.  That's why I don't believe it price volatility is that significant of an obstacle.  Instead, I see government support of cryptocurrency as a medium of payment and awareness being the two most significant obstacles.

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.

A lot of obstacles are preventing cryptocurrency from becoming more successful some of them include the so much governmental regulations against it and the low public awareness of cryptocurrency. Many countries have refused to accept cryptocurrency as a medium of payment because of fear of losing control over their financial systems, all these have prevented the massive adoption of cryptocurrency globally.

Governments won't enthusiastically support cryptocurrency as a medium of payment until there is a cryptocurrency that is "regulator friendly".

They see cryptocurrency as a tool to evade regulations.  This is because all existing cryptocurrencies, a) hide the identity of the Buyer and Seller, and more importantly, b) hide the detail of the nature of the purchase.  Without this information regulators such as tax authorities or customs agencies can't do their jobs.

Their support for a cryptocurrency will come only when this cryptocurrency allows their regulators to their jobs.  "Regulator friendly" means there must be a way to learn the detail about the nature of the purchase.

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.

I agree that most people have heard of bitcoin.  I asked virtually everyone I know whether they have heard of bitcoin.  100% said yes.

However, when I ask people who have heard of bitcoin whether they know what cryptocurrency is, all but one person said no.

So, while people of heard of bitcoin, too fee understand what cryptocurrency is, how it works, why they should trust it, and, most importantly, what about it makes it superior to traditional payments so they will want to use it as a medium of payment.

It's going to take a significant campaign to get enough people aware of it and wanting to use it.

Because it's been too little time. There should be infrastructure for this. And then the law of network effect will come into force. It remains to wait very long...Waiting, watching...

Because we all people have been brainwashed to believe it's all the lies  the corporations have been feeding us for so long, 2017 was the year when people learn about btc completely               

Yes, extreme price volatility where the value of routinely drops or rises significantly in less than 24 hours can be an obstacle to wide spread use.  

While in the past year, especially between November and February, there has been instances of extremely price volatility, in the past 90 days price of cryptocurrencies such as bitcoin have been stabilizing.  In the past several weeks the price has changed less than 5%, which is similar to the change in value of fiat currencies such as the USD.  

For example, on 13th of June bitcoin was 6299.52 USD.  At the time of this post it is 6337.85 USD.  That's less than 1% change in price over a 2 week period.

During the same period the US Dollar Price Index went from 93.82 to 94.58.  This also was less than a 1% change.

So, during the past couple weeks the price volatility of bitcoin was actually less than the US dollar.

Speculation was the driver for extreme price volatility of cryptocurrencies in November through January.  As speculation was driven out of the market, prices stabilized.  Over the next year I expect price volatility of cryptocurrency to be similar to price volatility of fiat currency.

This is why I don't believe price volatility will be a significant obstacle to wide spread use over the next few years.  Instead, I see other obstacles posters on this thread have highlighted being more significant.

I think it's because not all country is accepted cryptocurrencies for a payment system and besides that, the price of cryptocurrencies still too volatile which is not good to be used as a payment. people cannot accept if the price is always changing in any second and if they want to use cryptocurrencies as a payment when they buy something, the price of that product will always change and they need to spend more amount of coin when the price increase. and we know that the price of the product will always increase in the future, so they will need to spend more.

Yes, all technology goes through the Diffusion of Innovations (https://en.wikipedia.org/wiki/Diffusion_of_innovations).  Cryptocurrency is no exception.

We are in the "Early Adopter" phase, which are cryptocurrency visionaries and enthusiast such as we at bitcointalk.org.

Geoffrey Moore in his book, Crossing the Chasm,  suggests that transitioning from the Early Adopter phase to the Early Majority requires special messaging.  His point is success has less to do with the technology (even though this does need to be truly disruptive) and more to with communication and education to reach the Early Majority.

This is why I believe there needs to be a significant marketing and education campaign making people aware of cryptocurrency, what are its advantages over traditional mediums of payment, how it works, and why they should trust it. 

I agree.

What items #1, #2, and #3 have in common is the need for compelling applications that make it fast, easy, and safe for buyers to use and sellers to accept cryptocurrency payments.  The applications I have seen are just too cumbersome of a user experience for most people to use.

It is not yet accepted by many countries as an official currency maybe because of the market volatility. The market value of mist cryptos are lacking consistency which is a must when it comes on cryptos to have equality in the world market. It is indeed profitable but maybe, there'll be more years to come before cryptos to be official in most of the countries.