Topic: Why aren't cryptocurrencies successful as a medium of payment - page 9. (Read 1853 times)
I think most people don't use it as a means of payment because usually the fees can be consumed by your payment for example if you use bitcoin, also personally I find it difficult to use some promising coin to pay for something, because it's as if you were paying with an investment, as if you were taking gold to a store and thinking about paying the groceries with it.
I think the biggest reason is volatility. Merchants can not rely on the price they charge if the value of the currency continues to fluctuate.Only in a moment, the company can make a profit or loss that is realized without any investment if cryptocurrancy is used as payment.
I think they are not ready, the electronic money market is too young because it is bound by some factors such as users are familiar with the current type money such as ATM card, cash ... but with the advantages such as fast, convenient, decentralized, in the future electronic money will be very potential.
Correct! Crypto has yet to achieve success because not enough people are using it as an actual currency. But it won’t be long before the majority starts using it. Crypto is the best form of payment because of it’s security, transparency and accessibility. Who are we to refuse something designed to make our lives easier?
cash has been around for a long time. hundreds of monetary reforms were implemented in different countries. cryptocurrency appeared recently. and for a wide part of the population it became known only 2 years ago. during this time it is impossible to compete with the same dollar. but cryptocurrency already has its price and has a great influence on the world
Some countries have already recognized bitcoin as a means of payment, and the number of shops and institutions is increasing, where you can also use crypto-currencies as payment, so I believe that everything is ahead of us and that we will use crypto-currency more often as a means of payment - it's only a matter of time .
I think they are not ready, the electronic money market is too young because it is bound by some factors such as users are familiar with the current type money such as ATM card, cash ... but with the advantages such as fast, convenient, decentralized, in the future electronic money will be very potential.
Perhaps electronic money is limited by the knowledge of the internet and technology. Users need to understand about computers and internet to be able to use electronic money proficient, to step further to learn about the platform as well as to use it as payment method.
because we know the cryptocurrency we use BTC and ETH as well as altcoins. so you think the payment of fees is not legal like water and much more. so no machines can use the govement to accept the payment of altcoins. so do everything to legalize cryptocurrency in all countries so that discovering the technical support that can be used for paying BTC or ETH.
Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .
however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
No doubt the slow transaction rates and high transaction fees are obstacles to use as medium of payment.however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
soon, when everything is stable, the transaction rates and the high transaction fees will solve and fix. by the way, there are many another coin that can give us a small transaction fee and the time for completing the transaction not take too long but unfortunately, this coin is not used for the payment and maybe it can be used in the future. I think if we can use this coin, we have an option to pay with that coin and not just use bitcoin as the payment.
Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .
however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
No doubt the slow transaction rates and high transaction fees are obstacles to use as medium of payment. however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
Smile, i’m Not sure if it would be successful as a mode of payment for the fact that not everyone even have the knowledge. It requires a kinda technical know-how.
Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .
however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
The big problem in the crypto to become a medium of payment caused by the volatility of the market. Look at the chart and how the price of crypto was changing anytime and that gives a lot of reason that's why it's still not suitable to become the medium of payment system because the merchant needs to liquidate the crypto in a second. however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
Is it bound by technology? In order to use the electronic money, at least the user must be computer , knowledgeable about the internet, but the vast majority are only young and middle-class people, this market share is small compared to cash requirements. or atm or other forms of payment so perhaps that electronic money can not be disseminated. Nevertheless I believe in no time EON protocol would be a mega medium of exchange in the crypto world.
The cryptocurrency market is a fairly young phenomenon, so far the market capitalization is so small. I think that the first bar for the cryptocurrency market will be the capitalization of one trillion dollars.
Considering that the global economy is about 80 trillion USD per yer and the market capitalization of all cryptocurrencies is less than one trillion USD, I think it is fair to say that crypto payments haven't been successful yet.
It is already successful medium of payment between crytpo traders and users, but it is not yet widely use as medium since we need to let the people globally about it like 50% of all the people then it will start working everywhere.
Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .
however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .
these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .
It is not that easy to understand bitcoin in a short. Second thing business people doesn't make bitcoin a payment option because of its volatility. Third thing majority of the cryptocurrencies have got the access to get used as a currency with their own wallets, but it takes time for a global change to move from fiat based wallet to crypto wallets.
For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world . However there is massive adoption of cryptocurrency recently that even these regulations will be a thing of the past.
I agree.It's going to take innovation because I don't see any existing cryptocurrency that addresses the obstacles mentioned in this thread.
The cryptocurrency market is a fairly young phenomenon, so far the market capitalization is so small. I think that the first bar for the cryptocurrency market will be the capitalization of one trillion dollars.
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?
It is because cryptocurrency is very anonymous and very hard to detect where it came from exactly and that is the very problem here in the industry, that is why right now it is not yet advisable to use cryptocurrency ad a mode of payment. What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Jump to: