Topic: Why aren't cryptocurrencies successful as a medium of payment - page 3. (Read 1909 times)
September 03, 2018, 01:39:15 AM
I suppose that crypto has not been reached world's recognition to be the way of payment but it goes to this fact that will be used later when all people will be interested in crypto and in its development in common, so crypto will get more investments and it could help.
September 03, 2018, 01:36:31 AM
There are many factors why it is not yet accepted to everyone as medium of payment, one of it is the trust as it is a digital money and can be breach or hack unlike fiat which has already the foundation for security and it's physical. One also is the lack of understanding on the complex world of crypto currency and of course how unsteady the market is.
September 03, 2018, 01:33:43 AM
crypto is still in its infancy, and the most payment method is not perfect. This is not a problem that can be solved in a short time. We still need to wait for instructions from governments.
September 03, 2018, 01:31:09 AM
There are still many facilities that support crypto as a medium of payment. This can only be applied in some areas or places only and have not been able thoroughly to various places in the world. even the still large number of restrictions for the crypto space also make the movements are still limited and cannot yet be free.
September 03, 2018, 01:26:47 AM
I don't think that cryptocurrency will be a payment medium. we know that not everyone knows crypto well. if they use it badly it will make them lose. besides, the people should be able to accept the unstable crypto prices on the market. if they are not ready to accept it, the price of crypto will getting down in the future.
September 03, 2018, 01:11:24 AM
I think the main reason is because the price of cryptocurrency is unstable, and now the cryptocurrency promotion is limited!
September 03, 2018, 01:10:14 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?
World recognition and volatility. That's all the reasons, in the rest is almost ideal to become a means of payment, at the same time reduce the number of scammers. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
September 03, 2018, 01:07:53 AM
I think it needs attractive advertising like young influencers in social media. If large corporations/companies have partnered with the project, the crypto will be a form of payment. Knowledge for the people is what I see in order to spread the crypto as medium of payment. Explaining what crypto is, its functions and benefits for people 
September 03, 2018, 12:38:59 AM
I don't think it will ever get. because the structure in this crypto also did not easy for us to make a reference. Especially in crypto all are free, and there are no things that limit.
September 03, 2018, 12:32:16 AM
You can make coins, then sell them
that is why cryptocurrency cannot be easily used as a transfer tool, because anyone can make coins, while the intrinsic value of cryptocurrency is 0, with a nominal value that can be very large
consider the security and comfort of the community if cryptocurrency is truly adopted en masse
that is why cryptocurrency cannot be easily used as a transfer tool, because anyone can make coins, while the intrinsic value of cryptocurrency is 0, with a nominal value that can be very large
consider the security and comfort of the community if cryptocurrency is truly adopted en masse
September 03, 2018, 12:24:48 AM
Although cryptocurrency has a good purpose for the future, but not yet adopted by all parties as a payment medium.
Because to delete the old payment system it takes time to change everything.
Because to delete the old payment system it takes time to change everything.
The first thing that became a problem was that there was very little public understanding about crypto and there were still many misconceptions about crypto. At first you must know that cryptocurrency is not legalized in any country, so the main reason why cryptocurrency cannot be used as a payment method. also the price of cryptocurrency is not stable.
I agree that an important obstacle to widespread use is the public has very little understanding of cryptocurrency. On the other hand, most people I ask have heard of Bitcoin. So, there is some awareness of cryptocurrency. What needs to happen is a way for the public to understand what cryptocurrency is, how it works, why they should trust it, and most importantly, what advantages it has over traditional payment mechanisms.I'm not aware of any country that has prohibited using cryptocurrency as a medium of exchange. So, I don't believe it is illegal.
What is lacking is government support. I'm not aware of any country that enthusiastically supports crypto payments.
Fluctuation , technical, fear of hacking etc. These are some common reason. It's need some time to make it mainstream
You highlight "fear of hacking". In speaking to people about crypto payments, often they ask about "hacking". The trouble is, none of these people understand what "hacking" means. They just hear the word in the news and know it is something bad and has something to do with technology.Before crypto payments will see widespread use people need to,
- understand what it is
- how it works
- why they should trust it
This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.
Agreed that it can still be successful but the chances are very low when people are still not positive about it, they still believe in popular payment instruments such as cash and credit cards, these tools are guaranteed by law and government. It's safer while cryptocurrency does not seem to guarantee user safety, when we lose money, no one is responsible or protective of us, and of course, from that, the popularity of crypcurrency is very low, more time can not change too many things, it is not created for the main purpose as paymentYou highlight a benefit to merchants about crypto payments... it's guaranteed payment with no way for the buyer to reverse a payment, as is the case with card payments.
This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.
It's been nearly 10 years.Credit cards were introduced in the the late 1950s. By the late 1960s, they were used widely (certainly a larger percentage of payments than crypto payments).
Of course, any new payment technology will take time to gain acceptance. My question is based on the observation that we are nearly ten years into this payment technology invention, and therefore, by now it should more widely used.
First, recognition by the government, then acceptance as a means of payment. Most merchants will not accept cryptocurrencies unless the government recognizes them.
The problem is very simple, because there are no ways and means to make payments in the Cryptocurrency!
Payments are being done in cash or through bank from such an old time and these means of payment are accepted and trusted by people. In my opinion crypto is a new mode of payment. Slowly people are getting familiar with it and have started accepting it but it will take time for crypto to be a successful acceptable medium of payment globally.
I think that you need to work on your main job. After all, the earnings on the crypt are long-term and there are a lot of scammers in the companies. I even know the fraudsters of moderates who allocate selected investments for the company to themselves.
It is not like that. It is likely that there are still many countries that have not legalized and recognized crypto money to become a means of payment in their country. It is also possible that there are still very few people making payments because most people save their Coins. The biggest possibility is in my opinion. Maybe there are other suggestions.
The crypto cannot be successful as the medium of payment because not all countries accept the crypto.
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