Throughout the time that I have been using bitcoin and in my stay ( forum) it is common to read your OP, there is a problem that is repeated and some users are repeated, the adoption based on the fact that it is not used in this and another way, that if they are few, that if people hodl and don't spend bitcoin, blah blah. But what's wrong with that, what or who measures whether the adoption is on the right track.
When it is perhaps the opposite, as it is or as it works, it is better than one would even expect, look at the market or the volumes that are handled, look at how bitcoin is talked about in the economic plane, not is "the strange currency".
Bitcoin is used! people pay for goods and services directly and indirectly, so why always is there has to be qualify it, there is no comparison except to do it with Fiat and that tendency to look at these equivalences are guides but not determinants.
Bitcoin is used what has to be used and is having unprecedented success, there did not exist and for now there is no similar crypto, although there are others, but for now they are part of the ecosystem that governs bitcoin and that is important, well it is the niche to which bitcoin belongs.
So I would be worried that those who are using bitcoin stop using it, because they use Fiat in its entirety, if you spend a satochi, well done, if you save a satochi, well done, if others do not use it, nothing happens, they will have to use it in at some point and if they don't it doesn't matter, the bitcoin market can afford it.
Topic: Why aren't people utilising cryptocurrency payment methods? (Read 920 times)
I have seen lots of people complaining about the volatility of the market that it's the reason why they don't want to be accepting cryptocurrency as means of payment, I tend to agree with them, because let's assume you accept bitcoin or ethereum up to $10k and the next day a sharp decline of about 10% occurs, that's a huge loss on the trader side, and when you get to explain to them about usdt and busd they will want to stick to the fact that its bitcoin that they can only accept
One makes virtual currency unable to become a real currency in any of the countries until recently. There are many things to consider to get it. maybe someday it will all happen.
I have seen lots of people complaining about the volatility of the market that it's the reason why they don't want to be accepting cryptocurrency as means of payment, I tend to agree with them, because let's assume you accept bitcoin or ethereum up to $10k and the next day a sharp decline of about 10% occurs, that's a huge loss on the trader side, and when you get to explain to them about usdt and busd they will want to stick to the fact that its bitcoin that they can only accept
Why aren't people utilising cryptocurrency payment methods?
Some of it is because of crypto volatility as they have to hold some crypto for a while to pay for stuff with it, and the other reason could be trust issue many people still have with the whole crypto space
Other than that I think ~70% of known online stores now support payment with cryptocurrencies, specially those that sell mostly non-physical products like apps/games and you can now pay with crypto for various online courses that are available these days, Knowing how easy it is to use crypto as a payment method it shouldn't take that long till people realize the potential and convenience that comes with it and adopt it as their main method of payment.
Because most people don't know how to use bitcoin. They think it is something very complicated. They follow the media and all the media does is spread FUDs. Hence they start thinking that bitcoin is a scam. They think it is not safe to keep or hold bitcoin. I mean look at how many times you will read about that one guy who lost his 7,500 BTC (i have read this seen this same news floating around so many times that I even remember exactly how much bitcoin he lost) and is now searching for it at the landfills.
And then there are countries where the laws about crypto currencies aren't clear and confusing, hence businesses thinks that accepting crypto currencies is some sort of unnecessary risk for them.
And then there are countries where the laws about crypto currencies aren't clear and confusing, hence businesses thinks that accepting crypto currencies is some sort of unnecessary risk for them.
Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
They think it would take lot of effort and they also think that Bitcoin is for tech-nerdy and also people thinks that Bitcoin is being used for some illegal stuff therefore it's bad to use and many more reason to go.Accepting cryptocurrency as payment method isn't that easy to do, you have to make sure that everything is going according to plan such as the fees, price volatile, etc. There were big merchants for example Steam accepted Bitcoin as the method but immediately removed it sooner because of the price volatile, so you have to take an account for that.
Cryptocurrency for many people it's just reserved as a store of value and that's why they feel reserved about their crpto asset and drag foot in using it as a means of exchange while to others the laws that exists within their geographical milieu do not support the use of cryptocurrency such as Bitcoin and this makes them to hoard it hope for when it could be given that acceptance within their milieu by the government of their State.
For other reasons as to why, I can't actually tell yet.
For other reasons as to why, I can't actually tell yet.
This is something that can't be forced on or rushed, if truly digital payment is going go take over Fiat it's going to be a long process, remember, government a and powerful entities are benefitting from Fiat, same thing must happen with crypto that's why they want regulation.
If the government could make a profit for them maybe whatever they would do next. so you better do a very good action for now and see what will happen in the future. if you can save valuable things maybe something big will happen later.
The crypto payment industry is continually growing. Nonetheless, recognition is not at the top of the list. As is customary, there are Bitcoin maximalists who refuse to spend their cryptocurrency on things.
Some people, however, are taking advantage of the cashback chances offered by cryptocurrencies and cryptocurrency cards. I realise that cryptocurrencies and blockchain are only a small portion of the public, but why are those who are currently interested not using bitcoin for payment?
So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?
There aren't that many things that could be bought with bitcoin, that's the main problem. Usually people end up using "services" for bitcoin and that's a lot better. Like let's say you need a logo designed, and I can design logos, you pay me in crypto and I do a logo for you and that's about it.Some people, however, are taking advantage of the cashback chances offered by cryptocurrencies and cryptocurrency cards. I realise that cryptocurrencies and blockchain are only a small portion of the public, but why are those who are currently interested not using bitcoin for payment?
So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?
If you still think that you want to buy an apple or a banana or pay your electricity bill with crypto then you are going to end up with something like the situation we are in right now, and that means we are not going to really end up with something amazing like paying with bitcoin to everyday stuff. Just hire people with bitcoin and be happy that you can even do that.
Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
They think it would take lot of effort and they also think that Bitcoin is for tech-nerdy and also people thinks that Bitcoin is being used for some illegal stuff therefore it's bad to use and many more reason to go.Accepting cryptocurrency as payment method isn't that easy to do, you have to make sure that everything is going according to plan such as the fees, price volatile, etc. There were big merchants for example Steam accepted Bitcoin as the method but immediately removed it sooner because of the price volatile, so you have to take an account for that.
the thing that makes people immediately switch to cryptocurrencies payment modes is that it is easy to use, safe, and of course has added value, in my opinion these 3 things we can't get in cryptocurrencies, for example is convenience, of course, not everyone has time to fill up wallet balances because they have to trade.
No mate, they did not switch immediately because by the time cryptos came out, people are doubting about it and they think it was only a scam or a criminals money because it is being used the most in the dark market for illegal transactions.It takes a long time before those doubts have cleared out but still not all that embrace cryptos are using it for payment purposes, this is why the op complains. He also sees that the majority of the crypto users are only after on its volatility feature or earning capabilities. Maybe once their countries have made cryptos a legal tender, that would encourage them to try and use their cryptos as a currency.
I do not know where the idea came to the author of the topic that people do not use crypto for daily transactions.
Almost everyone uses it as long as they are allowed to do so. The laws in most countries do not allow crypto transactions, so these transactions are hidden, that is, outside the official frameworks, so they are not noticed. If you can join Facebook and Discord groups in local groups, you will see a huge amount of money being traded through crypto .
Almost everyone uses it as long as they are allowed to do so. The laws in most countries do not allow crypto transactions, so these transactions are hidden, that is, outside the official frameworks, so they are not noticed. If you can join Facebook and Discord groups in local groups, you will see a huge amount of money being traded through crypto .
I think Op is referring why cryptocurrency is not being used so common maybe just like the fiat, he forgot that many countries cryptocurrency is restricted from citizens to use it and anyone found that goes against the law can be punished. Their are people who are ready to spend cryptocurrency to purchase things but most business people don't accept cryptocurrency. The reason why people don't normally spend cryptocurrency is because they see cryptocurrency more as an asset just a currency, they prefer to invest it for a long time than to spend it.
Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
The crypto payment industry is continually growing. Nonetheless, recognition is not at the top of the list. As is customary, there are Bitcoin maximalists who refuse to spend their cryptocurrency on things.
Some people, however, are taking advantage of the cashback chances offered by cryptocurrencies and cryptocurrency cards. I realise that cryptocurrencies and blockchain are only a small portion of the public, but why are those who are currently interested not using bitcoin for payment?
So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?
The crypto payment industry is continually growing. Nonetheless, recognition is not at the top of the list. As is customary, there are Bitcoin maximalists who refuse to spend their cryptocurrency on things.
Some people, however, are taking advantage of the cashback chances offered by cryptocurrencies and cryptocurrency cards. I realise that cryptocurrencies and blockchain are only a small portion of the public, but why are those who are currently interested not using bitcoin for payment?
So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?
Accepting Cryptocurruncy as a payment system for individual is by personal choice if the national government has not adopted as the general payment method. Accepting bitcoin as a payment system by individual has nothing to do with the adoption of bitcoin. Let me tell you if government approve the uses of bitcoin in all businesses in the country. Bitcoin adoption will be on it own growing to its maximum potential. Bitcoin will grow on its own if only the state governments approve it. Even though they did not, bitcoin will still grow.
Let me ask a simple question, and the answers will actually show why cryptocurrencies in the form they are now will never become a mass means of payment:
List the ADVANTAGES and DISADVANTAGES of cryptocurrency?
Everything is very simple ! Supporters of cryptocurrency as a means of daily settlements will now answer the question themselves - why their dream is not destined to come true, given today's realities
Only condition - let's write honestly, do not forget about the shortcomings and write about them honestly!
List the ADVANTAGES and DISADVANTAGES of cryptocurrency?
Everything is very simple ! Supporters of cryptocurrency as a means of daily settlements will now answer the question themselves - why their dream is not destined to come true, given today's realities
Only condition - let's write honestly, do not forget about the shortcomings and write about them honestly!
The terror of sanctions has always worried me. Something taboo can instantly go viral in my country and including bitcoin is still not common in underdeveloped areas. I just don't want the authorities to suddenly come and crack down on my shop for secretly accepting bitcoins thanks to people's posts on social media. This has happened in the past.
Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
legality is the main factor why payments using Bitcoin or cryptocurrency cannot be used by most people, because Bitcoin is not a centralized currency so there are still many pros and cons regarding its function.
Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
Bitcoin is not a currency or legal tender in some countries, for that reason some people do not make transactions using Cryptocurrencies.although the legality is still gray in some countries, but there are some places that have accepted Cryptocurrency (Bitcoin) as a legal currency for transactions. As did the University of Nicosia, Cyprus, which became the first university to accept Bitcoin for tuition payments. Not only that, the emergence of the Bitcoin Automatic Teller Machine (ATM) is proof that public interest is still very high to make transactions using Bitcoin.
There are always two sides (positive and negative) to everything about Bitcoin that has managed to take the world by storm. Let's take the positive side in the midst of the debate over the legality of Bitcoin, because there are so many Bitcoin users today, it has even become a trend in making transactions as a means of payment.
You are right when you say that governments benefit from fiat. It is clear because it is their basis for trading and addressing their investments, loans and GDP. Eventually crypto will be incorporated further and further in the mainstream finance world but as with anything new it will take time to be accepted widely while those with other interests try to prolong the inevitable.
This is something that can't be forced on or rushed, if truly digital payment is going go take over Fiat it's going to be a long process, remember, government a and powerful entities are benefitting from Fiat, same thing must happen with crypto that's why they want regulation.
I do not know where the idea came to the author of the topic that people do not use crypto for daily transactions.
Almost everyone uses it as long as they are allowed to do so. The laws in most countries do not allow crypto transactions, so these transactions are hidden, that is, outside the official frameworks, so they are not noticed. If you can join Facebook and Discord groups in local groups, you will see a huge amount of money being traded through crypto .
Almost everyone uses it as long as they are allowed to do so. The laws in most countries do not allow crypto transactions, so these transactions are hidden, that is, outside the official frameworks, so they are not noticed. If you can join Facebook and Discord groups in local groups, you will see a huge amount of money being traded through crypto .
The thing is only a few use crypto in their daily transaction. Even though many of us are involved in cryptocurrency, we do not use cryptocurrency in our daily transaction simply because the availability for crypto payment is limited. Just for example, water and electric bill are paid in fiat currency, you can only use crypto to pay it if you use a third party payment system, still at the end line, fiat currency is paid to the provider.
This is something that can't be forced on or rushed, if truly digital payment is going go take over Fiat it's going to be a long process, remember, government a and powerful entities are benefitting from Fiat, same thing must happen with crypto that's why they want regulation.
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