Topic: Why aren't cryptocurrencies successful as a medium of payment - page 7. (Read 1909 times)
Cryptocurrency is very volatile and is not insured by anything. The price is not stable yet..imagine someone buys a $ 100 product and an hour later it fell to $ 90.
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?
As far as i am concerned, a limited/lack of understanding of how cryptocurrency works is one of the factors hindering it from gaining much acceptance in addition to the fact that it will put people in control and may challenge the status quo of financial institutions. Overcoming these two factors, then it is certain that the acceptance of cryptocurrencies as a medium of payment will soar.
Cryptocurrencies appeared only few years ago. Fiat money exists few thousand years. But I believe that in 5-6 years fiat money will be replaced by crypto in developed countries.
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?
Not every country can actually manage to have a good economy and that is the reason why cryptocurrency will not always grow because it also requires a legalization from the government.
I'm also not aware of any jurisdiction that enthusiastically supports a cryptocurrency. Until there is a cryptocurrency that helps governments apply regulations, I doubt there will be such support.
What needs to happen is a collaboration between cryptocurrency designers and regulators.
Maybe because most of the countries have already a currency that they are being used intensively, changing that parameter would be difficult when you have so much time used to dealing with your currency, plus, bitcoin is still really volatile, it can rise in price but it can also drop abruptaly, and that generates losses to the business that could implement it as a medium of payment
At this stage of development of the cryptomarket, most coins are perceived as assets for investment, rather than as a way to pay for something.
First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.
It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.
First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.
It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.
Lets assume bitcoin has a larger community and the oldest blockchain,and never prepared for such a large population, so which might have struggled for this reason. What can we say for those that opted for coin for online payment even for their online shopping mall like SGGCOIN, INS that never succeeded? Another factor for bitcoin medium of payment is its volatility. Tether should be an option of payment with its stable value, I hope it can be adopted.
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?
Not every country can actually manage to have a good economy and that is the reason why cryptocurrency will not always grow because it also requires a legalization from the government.
First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.
People don't want use this asset like bargaining chip. May be when cryptoshpere will create infrastructure where you can use them - people start buy any items for the cryptocurrency.
because this is a fairly new phenomenon in the financial market and most people are still wary of cryptocurrency. if everything continues in the same spirit, then in a few years it will be possible to pay in stores with cryptocurrency. you just have to wait for this moment.
In developed places, encrypted money can be used as a payment medium. Most areas need to be further popularized if they want to achieve this.
The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.
I would give an example of the question, How can older people and children use crypto currency in everyday life? After all, the fact is that cash not only because of people's habits is the most desired way of paying bills, but also the ease of use plays a very big role.The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.
I would give an example of the question, How can older people and children use crypto currency in everyday life? After all, the fact is that cash not only because of people's habits is the most desired way of paying bills, but also the ease of use plays a very big role.
The reason that cryptocurrencies are not a successful medium of payment is because people are now using it as more of an investment than a currency. There is also the problem of scalability with the coins, transaction times and transaction fees when the transaction volumes increase. Cryptos are not yet a feasible method to be used for everyday payments.
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 absence of regulation becomes the most important consideration for businessmen do not use crypto currency, they prefer paypal because there is already regulation.What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.
To use crypto currency as a means of payment, it is necessary that all payment card acceptance terminals be converted to receive a crypto currency. In addition, crypto is not yet so popular in the world to remodel payment terminals for it. With more popularization of crypto currency, it will become one of the most convenient currencies for calculation.
Crypto currency can be calculated in stores and without cards and terminals. But it will take considerably longer. There is still such a problem as an address error and a refund for an inappropriate purchase. These problems need to be regulated
Jump to: