Why aren't cryptocurrencies successful as a medium of payment - page 23.

kendra1107

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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?

Well, only a small portion of the world's population knows about cryptocurrencies. So it is most likely that most individuals and establishments would not accept something they don't know about. Putting ourselves in their shoes, I believe we'll be thinking the same way! And even with those who are well informed are still skeptical about accepting crypto as payment due to some complications and risks involved in the system.

iRakic

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People are afraid of things that are new and complex. BTC is a revolutionary technology and many people have little or no trust when it comes to it. I am talking only about BTC because that is only relatively known and accepted cryptocurrency. Others have a pretty long way to be accepted.

honex2

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This is a good question..I read an article "why bitcoin down when its the future" there is still a lot uncertainty about crypto . the major problem is that its not regulated. Because of that someone can decide to sell his token any price he wants not minding the effect its going to have on the market

Umuoji

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Cryptocurrencies are not successful as a medium of payment because of the government of the countries, but there are some few countries that accept bitcoin as a means of payment

omitusaf

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Quote from: jatoman on June 13, 2018, 06:48:06 PM

Would you say getting governments and their regulators such as tax authorities and custom agencies to support crypto payments is a requirement before there will be widespread use?

Well, not necessarily. But it can hasten the widespread use. One of the biggest reasons why cryptocurrencies have not seen wide adoption is because of the stiff policies of the governments. Some governments ban it, some impose heavy taxes on it and the likes.

jatoman

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Quote from: Yakamoto on June 13, 2018, 07:43:18 PM

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?

Mostly it comes down to some of the same reasons as to why bitcoin is so popular compared to a majority of the coins that exist today. The other method came first, more people use it, and thus there is a general consensus to use the currently existing system rather than something else. Plus cryptos aren't exactly the most intuitive payment system compared to what everyone else can do, but that's just part of the territory.

So, perhaps one of the most important obstacles to overcome is delivering a user experience that allows consumers to easily understand how to use it. Perhaps a close second is a user experience that allows retailers and other sellers use it, and integrate payments with their financial systems. It has to be an experience that is similar to paying with a credit/debit card.

That requires a series of applications designed for both consumers and retailers.

batang_bitcoin

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

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Innovation and the change of point of view the way people/users looking at it.

Crypto's are meant to become a medium of payment but as the days are passing by it is changing. We saw on how it's effective and profitable to become an investment, store of value and asset. But it's still being used the way it is and those other use that I mentioned just adds as its feature.

deevan

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That is because not all cryptocurrency are meant to be created as a medium for payment, they are actually made as a security token or utility token which can be used in their own ecosystem of their launched project. Means if you want to utilize the product in any way then you have to do by purchasing their tokens & of course you can sell them on exchanges for any other cryptocurrency. There are some coins which are meant for payment system in a secure way on top of that is Bitcoin, everyone knows about it.

jatoman

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Quote from: Tylev on June 15, 2018, 12:06:41 AM

Quote from: makladun on June 13, 2018, 11:25:58 AM

The reason is that they have appeared recently and the market has not developed the payment infrastructure yet, while it could be in the following years.

If bitcoin were less used as a means of accumulating value, and more as a means of payment, there would be less price shocks and problems. However, now the functions of bitcoin are distorted and because of this, we have many problems with autumn both bitcoin and crypto currency in general.

So, there is a bit of the "Catch-22 Problem" because for it to be more widely used there must be payment infrastructure such as Point of Sale or "POS" systems enabled to accept cryptocurrency; retailers, merchants, vendors, and other sellers won't add such infrastructure until consumers or buyers demand it.

9jaflick

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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?

one of the major problems the crypto ecosystem is facing is stability, the stability of crypto is one thing we can not control.

profit-shooter

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Because they are not officially accepted and many states do not want that to happen, because it will be difficult to control the money flow and taxations. People would be able to do any transactions without letting know the government. Crypto is a threat to the state governance.

jatoman

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Quote from: frowsiter on June 14, 2018, 11:51:40 PM

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?

So, what seems to be the largest obstacle to overcome is making cryptocurrency regulator friendly. Until governments, more specifically, their regulators who operate their trade laws allow, and, perhaps more importantly, enthusiastically support cryptocurrency it will be difficult for it to be widely used.

I don't see much discussion about what is necessary for a cryptocurrency to be "regulator friendly".

Tylev

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Quote from: makladun on June 13, 2018, 11:25:58 AM

The reason is that they have appeared recently and the market has not developed the payment infrastructure yet, while it could be in the following years.

If bitcoin were less used as a means of accumulating value, and more as a means of payment, there would be less price shocks and problems. However, now the functions of bitcoin are distorted and because of this, we have many problems with autumn both bitcoin and crypto currency in general.

frowsiter

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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?

They are tiny friction of everything! Yes thats the answer mate and we could not get it to higher level as long as some regulatory bodies dont get the things done right for the crypto currencies usage. We have these currencies floating around but we are not using them because laws and regulation are preventing us from using them.

To use them as medium of payment thats the only prerequisite that im currently looking forward to change soon. Otherwise these currencies will keep floating in the crypto sphere with boundaries and never will be used.

purple.thoughts

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I think for now, people and businesses are accepting cryptos. They are introducing it to the community little by little so that people will be familiarized by it. There are a lot of scams involving cryptos but we, who use it are the ones who understand what are the scam and what are real so we should help people to realize that.

hastang

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there are some issues of cruptocurrency that hinders to become the medium of exchange. one of which is volatility and supply of the coin to the market. if this issues are address then maybe somehow people will start accepting cryptocurrency as part of the society...

askmecrypto

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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?

The main reason of what I think that cryptocurrencies could be used as a means of payment at the moment is because the high volatility plus, people treating cryptocurrencies more as an asset instead of as means of payment medium.

KuromaYoichi

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The reason is that crypto is only starting to become popular last year so it still need a lot of time until normal people and business know about it and decided to adopt it as one of the payment option. Government also one of the factor of this slow adoption because they still want to regulate crypto before allowing business to accept them.

tweetbit

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The government and the people, those two factors that impending the growth of bitcoin and the cryptocurrency as a whole. If only the people and the revolution against the monopoly of big corrupt officials in our financial system has started simultaneously in each country by way of boycotting the banking system then it should have been given the government a signal to legalize bitcoin and adaptation of businesses would have been spreading.

jonval21

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I love the Cryptocurrency world

for now is no succeful due is a new way to create an exchange p2p of money, the reason is the cryptocurrency need more time to become the best way to make payments. we need that each people in the world can buy and sell via cryptocurrency.

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