It will be in the future. Only we need some time. Average people still dont know about crytocurrencies and their benefits. Eveything needs time. Even if we think about internet you can see the development about that.
Look 25 years before and look now. I believe in 30 or 40 years everybody will use cryptocurrencies during payments.
Topic: Why aren't cryptocurrencies successful as a medium of payment - page 2. (Read 1909 times)
November 01, 2018, 11:30:42 AM
November 01, 2018, 11:00:38 AM
Well, it depends on the cryptocurrency. I am pretty much sure bitcoin and Ethereum have found a lot of use case when it comes to being accepted as a form of payment. Several ecommerce platforms recognise this two cryptocurrencies as a means of payment. As regarding the other cryptocurrencies, the challenges could be as a result of the fact that they are not half as recognised and accepted like the aforementioned two. I believe with time, this challenge will be a thing of the past. As people come to the recognition of the crypto technology, more people will accept cryptocurrencies as a legal tender. It could however take some time.
November 01, 2018, 10:50:33 AM
Cryptocurrency payments are not as successful medium of payment because these currencies are not valid in many countries and only a small part of world approve payment through them.
November 01, 2018, 10:43:36 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?
The thing is that most people now prefer to use cryptocurrencies as investments in a bid to make more money instead of as a currency that they were created for, that is why they coins are having such a hard time being used as currencies. it will get to a point where people will have no choice but to use them as currencies but until then the prices will stay down What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
October 31, 2018, 11:08:46 AM
It's very simple, cryptocurrencies are not accepted globally. Until now, even mobile payments is difficult to replace fiat payment.
October 31, 2018, 11:03:44 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?
the main trouble is that we still can't say whether crypto is forever. what if it will be demolished? what if the government won't like the idea of not controlling their money? the position of crytpo is fragile What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
October 31, 2018, 11:01:48 AM
If crypto is to become a global payment medium, it must be stable in price, secure in terms of security, and as fast as the processing speed of each transaction. In addition it must be popular, Crypto has appeared for about 10 years and it is so new to everyone, We need to give it more time to cryptocurrency can become a means of payment
October 31, 2018, 10:43:58 AM
The main problem that needs to be solved today is the problem of BTC speed as well as commission costs, because earlier in the period when there were a lot of payments, there were very high costs for the commission, if my memory serves me.
October 31, 2018, 10:27:25 AM
it is not that they are not successful it is just that people have discovered that they have a lot of money that they can make from the coins when they are investing for the long term and holding the coins have made them more money. They are using the coins as more of investments right now instead of as a currency and that is why they are not using it
October 31, 2018, 03:13:48 AM
While cryptocurrencies do not have official status and are not recognized by the state about any mass acceptance by merchants as a means of payment, we cannot speak in principle.
October 31, 2018, 01:39:55 AM
The cryptocurrency can be used as a payment medium. What is the meaning of the coin? This requires a process. Now that the cryptocurrency is burning, many people don't know about this product. You don't have to worry about the future of cryptocurrencies. You know that the supporters of cryptocurrencies are mostly young people.
October 30, 2018, 11:04:46 PM
Cryptocurrency has a problem with transaction verification time. Every transaction took so long that is why is hasn't been gone mainstrea. This is one problem. Another is the recognition of some governments. Some countries are still banning cryptocurrency that is upgrades and improvements are somehow being halt.
October 30, 2018, 10:53:22 PM
Crypto has difficulty making it a payment medium. And this also happened in my country which until now the government still has not given permission to use Crypto as a payment medium. Some things that concern the government. And the government is afraid that this Crypto will have a negative impact.
October 30, 2018, 10:44:26 PM
Crypto was unknown to many parts of the world. This makes sure crypto does not yet have an optimal function. of course new stuff like crypto takes time and the stages which will be used as a medium of payment which is quite successful. time long and still now crypto has already started to spread at least is already a good step.
October 30, 2018, 10:10:05 PM
Cryptocurrency:
- Only appeared around 2009
- Prices that cannot be stable
- Need deep understanding of sending tokens
- Need internet to send tokens
- Need Smartphone, debit card, or Ring payment.
Everything is clearly different from FIAT.
- Only appeared around 2009
- Prices that cannot be stable
- Need deep understanding of sending tokens
- Need internet to send tokens
- Need Smartphone, debit card, or Ring payment.
Everything is clearly different from FIAT.
September 08, 2018, 01:24:15 AM
Because this sphere is very poorly developed and no one wants to develop this area first. This can be done by a large campaign, but small business is unlikely. I hope that with the development of the technology of blockchain and introducing into our life everything will become much better!
September 07, 2018, 08:23:24 AM
With a specific end goal to utilize the digital money more as a methods for installment, no less than two conditions are important: legitimization in many nations and the formation of a fitting framework for its genuine application. For the present, the framework for applying digital currency is as yet not adequately created and there are huge issues with its authorization.
September 07, 2018, 08:20:40 AM
Crypto is not ready now to become the way of payment. People are not ready for such great changing but it will be in the future at once. I like this idea because it is more suitable for using and there will be less problems and disagreements. I believe in crypto so much.
September 05, 2018, 01:42:27 PM
New technologies require time and adaptation. It is necessary to gain the trust of the government
September 03, 2018, 01:41:50 AM
One of the major issues facing the crypto ecosystem is stability, and the stability of crypto is something we can't control.
So that's the main reason why cryptocurrencies can't be used as payment methods.
So that's the main reason why cryptocurrencies can't be used as payment methods.
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