Topic: Why aren't cryptocurrencies successful as a medium of payment - page 20. (Read 1881 times)
The price of cryptocurrency has not been stable. This is the biggest difficulty for tokens to become the currency in life. You can think that if the price of the beverage we drink changes every minute! What do you think?
Cryptocurrencies first haven't won the trust of people due to the non-stability in the region of investments, so people don't consider it much useful regarding that
The second government hasn’t accepted the crypto yet as a mode of digital payment so till then we cannot do much of anything in this
Third very few people know about the cryptos so that's also making a major issue if people don't know what crypto how will you be going to pay them through coins
So these are some of the factors playing the major role
But we can predict that maybe someday in future we will be using cryptos as a digital currency
Saving the environment with it.
The second government hasn’t accepted the crypto yet as a mode of digital payment so till then we cannot do much of anything in this
Third very few people know about the cryptos so that's also making a major issue if people don't know what crypto how will you be going to pay them through coins
So these are some of the factors playing the major role
But we can predict that maybe someday in future we will be using cryptos as a digital currency
Saving the environment with it.
The adoption rate of cryptocurrencies is still very small and until that number reaches at least double digits globally I don't think we are going to see people using cryptocurrencies as a medium of payment. As cryptocurrencies need to be accepted everywhere before people shift to using it.
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?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Yes, almost of the cryptocurrencies today just focus on the trading and exchange listing, i mean we didn't see those developer trying to tell about the news and the development of the Apps and the Real objective of their project, if just they want to develop and focus to the goal of the project, we will really see it has a good price movement.
We have to understand every great thing being adopted and used generally today took time. Cryptocurrency is currently in its early stage and it is gradually warming its way to the top please be patient and give our baby more years before you start expecting it to be everywhere.
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?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
in my opinion, most part of the world are yet to know the basics of Crypto as a digital money. This news we are spreading every single day on and outside of this forum. and definitely crptocurrency will be adapted by the mass. it's use of Decentralization(No Governing body) will also be adopted too
because current blockchains are not enough proper for the payments. it needs to be faster with a better network size. and fees should be less. Maybe lightening network is going to solve these problems and we will be able to use bitcoins as payment.
I know there are projects to extend Ethereum so that it can handle this type of load. EOS claims that someday it may be able to handle this load.
I'm not aware of any blockchain designed from scratch to meet this requirement.
The answer lies on the surface. The main reason for the small popularity of the Cryptocurrency is very rich people. Many do not want anyone to know about the amount of cash they have. They hide their savings offshore. They do not want to move so much money. I think the existing balance in the financial world suits most rich people.
because current blockchains are not enough proper for the payments. it needs to be faster with a better network size. and fees should be less. Maybe lightening network is going to solve these problems and we will be able to use bitcoins as payment.
In addition, cryptos are not still as common as a fiat currency. People who doesn't give attention to modern technology haven't heard of and maybe those who have heard about it do not have any interest. In short, cryptos for payment are not regulated, can only be done online and not all people knows about it.The government also act as a hindrance for this kind of adaptation and implementation, and we know hot it works. Cryptos must be recognized by the government first before it can be fully used as a mode of payment.
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?
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
but at least cryptocurrency can be a technology considered by some agencies or governments
crypto is small in the eyes of the world, but it will be great someday
now this is the right time to invest, and never leave the train
I think some developments have to come in place first before cryptocurrency can be used as a medium of exchange. Also, it has to be unanimously adopted by almost all countries, in order to people to gain trust in it.
We're on early stages there's a lot of development on the projects so you need to pay attention on every detail in your holdings. Cryptocurrency are going to be successful in the near future they have great developers/ and head dev. that will update the software anytime in the long run using blockchain technology.
Market is not ready yet to provide such payment, I think this problem will be solved in 1-2 years.
The reason is that the Fiat mafia is unable to accept the fact that their system is going to fall to Cryptos. They are giving a one last full blooded final battle because their whole empire depends on it. If Fiat falls, then the whole dollar based system falls. and not only that, every government tax system and banking system collapses. Its not a battle anymore, its a war.
Cryptocurrency has been very successful in it use as a method of payment. Waves, monero and few major alternative currency and bitcoins are all being used on daily basis for transferring money across the globe.
Sure, there are some examples where it is used a medium of payment. Still, this represents only a fraction of a percent of payments.My question is, what is preventing cryptocurrency from being more widespread as a medium of payment.
Because big players require brakes, crypto is just too volatile compared to USD let's say. There are literally no brakes which can be implemented to stop the crash
The main reason would be infrastructure. There just arent enough places accepting payments made in crypto and there are a few reasons for that. The main currencies in the space are too slow to transfer like BTC and ltc and they desperately new scaling solutions to be usable. Others like nano are potentially quick enough to be used at the point of sale but are largely untested or unheard of by the average shop owner. Another point is that there isn't really the demand to spend crypto, even if shop owners were to enable crypto payment, how many crypto enthusiasts would spend their precious crypto on let's say a pizza when it could be worth 10 times as much a year down the line.
Until the volatility dies down and people stop using crypto as an investment it will be difficult to use it as a currency and that is the sad fact.
Until the volatility dies down and people stop using crypto as an investment it will be difficult to use it as a currency and that is the sad fact.
It's still early, crypto payment apps are still not user-friendly... As soon as customers and merchant solutions will be developed we will see an increase in adoption as well
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 that the main reason is that the market is not regulated and there is a lot of chaos that can not be tolerated in the global economy. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
because current blockchains are not enough proper for the payments. it needs to be faster with a better network size. and fees should be less. Maybe lightening network is going to solve these problems and we will be able to use bitcoins as payment.
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