Topic: Why aren't cryptocurrencies successful as a medium of payment - page 8. (Read 1909 times)
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.
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?
The most basic reason is that this sphere is not regulated in any way and is not recognized by most countries. I think that this process will accelerate as soon as at least one of the influential countries recognizes the crypto currency. And while this industry is between legal and illegal, then we will not see a mass application.
I think that the reason is because most people hold people as an investment, and don’t want to spend their crypto assets( because they hope that their cryptocoins will be more valuable in the future). The key would be the introduction of a solid stable coin, which people would be more happy to use as a method of payment.
It's simple. The main problem it's people's trust. When people will start trust cryptocurrency and will want use them, they will appear in shops and banks.
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?
first of all cryptocurrencies are not enough fast for payments. it takes time for approvement. especially for bitcoin. second volatility is very high so there is a risk for both buyers and sellers. third it is still not easy to cash out from cryptocurrencies because of some regulations.
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?
The developers have no readiness to achieve that, this should require research that is not for a moment. Another reason is that cryptocurrency requires more time to be the best way to make payments, we need to make it easier for everyone in the world to buy and sell via cryptocurrency.
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?
At this time crypto has not become fiat. Later, if all of my time comes and we can all send crypto to someone else in the world, or in the city, and they can accept it and easily turn it into a fiat, or vice versa, crypto will just be a long story and die.
Too little time has passed. We need to wait for the network effect infrastructure to take effect.
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?
1. Price volatility
2. Still not convenient to use for non tech savvy people
3. Limited scalability issues (especially txs throughput with popular crypto such as BTC & ETH)
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?
I do not think that crypto can not be a medium of payment, but there is someone who prevents it from being a medium of payment. But I am sure, crypto will almost certainly become a global payment media in the future if it feels more comfortable and safe, because the real points are just that.
There are many reasons first of all Government has not legally adopted it yet. Secondly people doesn’t have good understanding of it, as it is still new to market & its Volatality in nature also make it traders to think before use. Crypto is gaining power from time to time , as it now used more in international transaction, but when it will used for daily needs it will be more than successful.
I think this does not fail in using crypto for media payments. Because in my country there is still a store that provides a payment using digital coins and this is the technology forward. But the barrier until now only the Government has yet to grant permission.
Bitcoin is actually being used for payment now, but because of its high volatility, it has led many businesses to reject it as a medium of payment
A lot of development that must be done by crypto so that it can become as a medium of payment. Crypto must strive for technology and also its ability to be accepted by all circles of the world community. So crypto can expand its use and develop its technology so that it can be accessed easily. If crypto is able to convince the government, the government will make it easier for crypto to realize its goal.
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 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?
The thing that stops me most is because people are afraid of using cryptocurrency, they still doubt it. The government always prevents, opposes and even blocks the development of cryptocurrency, which makes people think it is illegal. What's more, blockchain technology is not so perfect, so it needs to be developed further.
a lot of factors that make this system becomes less so successful. the most visible reason is about understanding crypto from different societies which is certainly there that still lay against the crypto. not even the few who still reject the bad and think about this. the other reason of course because the number has not been supporting facilities to it especially for many developing countries in the world.
I agree that there is a lot of effort to get consumers to understand what cryptocurrency is, how it works, why they should trust it, and, most importantly, what about it is better than paying with cash, cheques, or credit/debit cards. 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 an easy matter, changing a habit that has been trusted and done for years. World money does look old-fashioned, so is fiat.
But, they are very trusted and become something that is essential. Crypto was born just now, and to reach it still takes years.
a lot of factors that make this system becomes less so successful. the most visible reason is about understanding crypto from different societies which is certainly there that still lay against the crypto. not even the few who still reject the bad and think about this. the other reason of course because the number has not been supporting facilities to it especially for many developing countries in the world.
So far very few people know about the cryptocurrency. This is the reason. Many people just do not trust cryptocurrency ...
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