Topic: Why aren't cryptocurrencies successful as a medium of payment - page 4. (Read 1853 times)
Such great developments don’t take place in a short time. The market is constantly improving. When the time comes, the cryptocurrencies will be used as a payment medium.
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.
although it is popular, it has not become the means that most people use. I think that in the near future everything will change and the crypt will become even more popular
In my opinion, the infrastructure for cryptocurrency is not extensive, so it hasn't been evenly distributed.
Of all that can be concluded, not all regions will receive cryptocurrency.
To become a payment medium, all regions must accept it.
Of all that can be concluded, not all regions will receive cryptocurrency.
To become a payment medium, all regions must accept it.
This is not the main problem. Does not need to become global payment method overnight.
The problem is that it is not recognised and it is not widely accepted. The other problem is the fast change of price. You don't want to send $100 and couple hours later the other side is receiving $80.
The industry of cryptocurrencies money is very young, and many people do not believe that encrypted money is the future currency. It will take some time to spread the interest information of the encrypted currency as a way of payment.
Actually, not all coins are accepted for the payment. Bitcoin itself, as the first cryptocurrency in the world is only accepted in some companies or e-commerce in the world. Here, the crypto cannot be successful as the medium of payment because not all countries accept the crypto. Crypto is decentralized. not all companies trust them because of this day. But, what about some next years? Who knows?
The huge volatility of prices makes people afraid to accept crypto as a means of payment. Storage encryption requires downloading wallets, and using wallets requires some skills, which makes people reluctant to use crypto. When one day uses crypto, the value of crypto becomes simple. When it is relatively stable, crypto will be popular in any corner of the world.
This is a long time of popularity, how does it change humans in a short time? You need to be patient. The future world can of course be paid in cryptocurrency.
Cryptocurrency has just started to be introduced into our lives, some States have already adopted it. But this is only the beginning. Also, the problem is that few people know about cryptocurrency. To make it freely used as a means of payment, it is necessary that everyone knew about it and knew how to use it. All this will take time.
In my opinion, the infrastructure for cryptocurrency is not extensive, so it hasn't been evenly distributed.
Of all that can be concluded, not all regions will receive cryptocurrency.
To become a payment medium, all regions must accept it.
Of all that can be concluded, not all regions will receive cryptocurrency.
To become a payment medium, all regions must accept 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?
from my observations in the area where I live, because not all people know about crypto, many people here still use real money as legitimate payments and their views about crypto are bad enough, in my opinion What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
The government.
I wouldn't blame the government for this. Businesses are perfectly capable of accepting crypto if they so desired and payment processors like bitpay do exist. What I would argue is that merchants are just not interested in doing it, or at least not most of them.There have been some governments who have banned crypto if i'm not mistaken, but it currently is not a systemic problem. In the US, there is a local restaurant that I know of that accepts bitcoin and the government has no problem with this. The truth is that its a pain in the ass for the business. They're used to cash and credit cards and those methods are fast and easy.
Also if bitcoin hasn't gained a foothold, do you really think altcoins are going to? I would argue that a good percentage of the world population doesn't even know ETH exists and they certainly don't know that coins like WAVES or LTC exist. Though I don't want it to be this way, the fact is that people are comfortable with banks and cash and plastic money. Those things are ubiquitous and crypto is not.
Now, gaining governments enthusiastic support because there is a cryptocurrency designed to make applying their regulations easier and more efficient would be quite helpful. I see this being the opportunity.
People don't care about what cryptocurrency is behind a crypto payment. What they care is that there is some advantage to them for using crypto payments, that it is easy to use, and that enough consumers and merchants use and accept it.
That means there must be innovation on the mobile payment applications and POS systems to make these things happen.
This is not entirely true, in some countries cryptocurrencies are banned by the Central Banks as payment means. In addition to legislative restrictions, the introduction of cryptocurrency as a means of payment is hampered by too much volatility, insufficient scalability of the network is not comparable at the moment with Visa and MasterCard and the absence of free instant conversion of crypto currency with fiat.
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?
Crypto currency is a completely new kind of digital money. Do not expect that in a few years all people will switch to using crypto currency. This process will be very lengthy and will take many decades. Individuals and now make payments in the crypto currency, but so far this is not often the case. Everything has its time. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
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 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?
There should be a legislation for every country and massive adaptation of cryptocurrencies in order to be successful as a medium of payments like fiat money, but not necessarily to replace the existing currencies of every country.
First, because cryptocurrency suppliers only exist in the market, this makes most coins available only on the market. Second, the price of coins is changing every second. The ever-changing price makes coins impossible to be the payment method in life!
Fluctuation , technical, fear of hacking etc. These are some common reason. It's need some time to make it mainstream
Because now electronic money is being hacked by hackers, and some users are limited in knowledge, so electronic payments are not very popular yet, some countries still accept it. Payment in electronic money as Japan, Korea
Now it takes a cycle, the cryptocurrency is growing, and it will become a payment medium in a few years. This is something that will happen, you don't have to question.
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.
Jump to: