Why aren't people utilising cryptocurrency payment methods? - page 2.

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Quote from: Pujangga on August 24, 2022, 10:01:52 AM

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.

Plus having that main problem about;

volatility
regulation
too technical for others to understanda
no merchants been offering around

You could really see that there are con's and disadvantages on some point which fiat could only do and this is why it would really be just
still remaining as an alternative payment option and wont really be able to replace fiat currency anytime soon and this is the reality.

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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.

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Quote from: numaibtc on August 16, 2022, 07:18:24 AM

Maybe because of UX, UI, trust, ease of access, lack of regulations...

What's your take? Not only in payments, but also for personal investments. There are a lot of barriers to entry still, for the "average joe", and I think trust is key to access, for example, the Defi space and investing in these products.

That's true. I agree with those barriers to entry, but especially with the lack of education to access Defi.
The Rebus project https://twitter.com/RebusChain in the cosmos ecosystem is working on making Defi mainstream, by bridging Trad and Defi.

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If the price is fixed to Bitcoin and not to fiat then it changes the equation a little bit but there will always be volatility in crypto and you are right these things matter to those using crypto or newbies that are considering using crypto.

I think the OP was interested in knowing about using it as a method of payment rather than use it as a tool for holding or investing.

Quote from: Vaculin on August 21, 2022, 06:41:49 PM

Having volatility issues is one thing that doubt others to use bitcoin as a payment method because it’s price keeps on changing and is never fixed. And to think that bitcoin is much better when used as an investment rather than spending it like fiat, then it’s not surprising that most traders would want to hold and trade it later since they will surely benefit huge profits from it.

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The main reason I don't use bitcoin as a transaction tool is because it's prohibited by the government and there are no shops or anything that uses bitcoin as a payment method, but that doesn't mean bitcoin can't be used as an alternative payment.
although bitcoin is a very good investment and profitable instead of using it as a means of payment, we can use it secretly or can also use it unexpectedly which can really help us in unexpected situations like what I experienced here:
https://bitcointalksearch.org/topic/--5401052
and this incident was unexpected and helped me a lot.

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Quote from: Robert518 on August 11, 2022, 02:36:53 AM

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.

True, but people still fear, don't understand or believe they don't need cryptocurrency. That is why adoption isn't skyrocketing.

Quote from: Robert518 on August 11, 2022, 02:36:53 AM

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?

Personally I don't use bitcoin for payments because it's not possible. Even using crypto cards I still have to convert crypto to fiat first in order to make purchases through debit card. Cashback, however, is paid in crypto.

Quote from: Robert518 on August 11, 2022, 02:36:53 AM

So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?

Yes, I use it because crypto cards are accessible and practical for people who want to go beyond the traditional banking system, while not losing the contact with the reality of daily life. It's not ideal yet, because you have to keep exchanging fiat to crypto and crypto to fiat too frequently while also managing different wallets inside your account, but that is ok, since there are no maintenance fees for the account or for the debit card. Moreover, we have cashback. Those features are superior to every ones offered by fiat banks I'm aware about in my area.

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Quote from: Robert518 on August 11, 2022, 02:36:53 AM

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.

I think there are many problems why people don't use payment methods in crypto, maybe it could be an obstacle from the local government, people don't believe in crypto, it might be difficult to make transactions and maybe many other reasons.

But for me and I'm sure that someday many will do it, considering technology and future developments, crypto can be the main thing in making transactions.

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Quote from: ShowOff on August 18, 2022, 04:57:45 PM

It's mostly a matter of regulation, but there's bound to be a lot of other things that would cause it to not be used. I don't think traders really want to use bitcoin as a means of payment, that just doesn't seem right considering they just want to profit from the trades they make. Trader are the smallest in terms of adoption, they do not use bitcoin as a means of payment although in some cases some of them can use it for certain services.

The risk of volatility is the most talked about thing when one talks about the adoption of bitcoin as a means of payment. I can justify that, and by far it has been the most influencing factor for bitcoin adopters out there even in countries that have legalized bitcoin as a means of payment like El Salvador.

Having volatility issues is one thing that doubt others to use bitcoin as a payment method because it’s price keeps on changing and is never fixed. And to think that bitcoin is much better when used as an investment rather than spending it like fiat, then it’s not surprising that most traders would want to hold and trade it later since they will surely benefit huge profits from it.

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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 .

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Many people are using crypto as payment methods and have been doing it for many years. Crypto usage increases year on year with more and more retailers and online shops accepting crypto as an option at the checkout. It is not all about credit cards and associated perks or cash backs, there is more to it but crypto is already widely accepted.

Sooner or later it will begin to become even more mainstream than it already is but unfortunately because of negative media coverage some people have concluded crypto equates to criminal activity therefore they are reluctant to get involved.

Quote from: Robert518 on August 11, 2022, 02:36:53 AM

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?

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Quote from: Fatunad on August 19, 2022, 04:59:31 PM

Quote from: erep on August 19, 2022, 04:51:14 PM

Quote from: boris singer on August 18, 2022, 06:23:28 PM

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

If Bitcoin is not added to the latest regulations for wider use including for alternative payment methods then whatever efforts we make will not be successful, so I think the government will not give dispensation for the use of crypto and keep it for futures investment not for alternative payments because of the potential replace the use of fiat.

Even they are afraid off about that probability of replacing fiat but still it cant really be possible if we are really thinking up realistically.Even though cryptocurrencies does have its pro's and benefits but it wouldnt be surely enough on taking replacement of fiat that we've been using through ages.It cant just be possible but instead it would really be just sitting around on being alternative.

So far, crypto payment is just another alternative to fiat payment method. I don't think that will change in the coming years. Why not be grateful that crypto is increasing its usage in the market? And the number of users as well are increasing. But to replace fiat, I don't think we will see that in our lifetime. We are going digital but the fiat system will remain for long time.

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Quote from: erep on August 19, 2022, 04:51:14 PM

Quote from: boris singer on August 18, 2022, 06:23:28 PM

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

If Bitcoin is not added to the latest regulations for wider use including for alternative payment methods then whatever efforts we make will not be successful, so I think the government will not give dispensation for the use of crypto and keep it for futures investment not for alternative payments because of the potential replace the use of fiat.

Even they are afraid off about that probability of replacing fiat but still it cant really be possible if we are really thinking up realistically.Even though cryptocurrencies does have its pro's and benefits but it wouldnt be surely enough on taking replacement of fiat that we've been using through ages.It cant just be possible but instead it would really be just sitting around on being alternative.
People or merchants would really be that hesitant on utilizing crypto payments since we know that not all corners of the world will really be allowing this thing and if its allowed
but people are still hesitant on doing so due to volatility or moving prices which it isnt surprising for such reaction.

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Quote from: boris singer on August 18, 2022, 06:23:28 PM

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

If Bitcoin is not added to the latest regulations for wider use including for alternative payment methods then whatever efforts we make will not be successful, so I think the government will not give dispensation for the use of crypto and keep it for futures investment not for alternative payments because of the potential replace the use of fiat.

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Quote from: ShowOff on August 18, 2022, 04:57:45 PM

It's mostly a matter of regulation, but there's bound to be a lot of other things that would cause it to not be used. I don't think traders really want to use bitcoin as a means of payment, that just doesn't seem right considering they just want to profit from the trades they make. Trader are the smallest in terms of adoption, they do not use bitcoin as a means of payment although in some cases some of them can use it for certain services.

The risk of volatility is the most talked about thing when one talks about the adoption of bitcoin as a means of payment. I can justify that, and by far it has been the most influencing factor for bitcoin adopters out there even in countries that have legalized bitcoin as a means of payment like El Salvador.

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

ShowOff

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It's mostly a matter of regulation, but there's bound to be a lot of other things that would cause it to not be used. I don't think traders really want to use bitcoin as a means of payment, that just doesn't seem right considering they just want to profit from the trades they make. Trader are the smallest in terms of adoption, they do not use bitcoin as a means of payment although in some cases some of them can use it for certain services.

The risk of volatility is the most talked about thing when one talks about the adoption of bitcoin as a means of payment. I can justify that, and by far it has been the most influencing factor for bitcoin adopters out there even in countries that have legalized bitcoin as a means of payment like El Salvador.

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Quote from: romero121 on August 14, 2022, 12:22:19 PM

Few reasons upon which I don't spend bitcoin as payment are

Risk of losing when used without proper knowledge.
Its increasing price with time.
Low acceptance in stores.
High transaction fee.
Long term profit.

1.Risk of loss if used without proper knowledge. - At what irretrievable loss!
2.Its rising price with time. - a very controversial argument. It may grow, or it may not be... Or it may grow, but you, due to regulation, will not be able to sell it, or you will be charged wild taxes!
3.High transaction fee. - Fact
4. Long-term profit. - Doubtful. Within 2-3 years there can only be a loss of profit, see historical charts
5. Low acceptance rate in stores. - This is all the result of 1+2+3+4

I already wrote - volatility and difficulty in use are two factors, without defeating which, it is pointless to dream of the widespread use of cryptocurrency as a means of payment.

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Quote from: Fivestar4everMVP on August 17, 2022, 06:47:33 PM

People are not spending their bitcoins for several reasons, some of this reasons are personal reasons, while the others are obvious, I am going to mention one of those personal reasons and one of the obvious reasons -

1. Most people still see bitcoin and cryptocurrencies in general as an investment vehicle rather than as a currency to be spent on goods and services just the same way we spend our fiat currency - this is a personal reason.

2. Look around you, you will discover that actually, not too many businesses and services accept bitcoin and other cryptocurrency payments, some businesses still think cryptocurrencies are scam, others think it's illegal, some other businesses that have interest in it do not know how to go about implementing crypto into their business, and maybe they are too busy to do the research needed, or maybe they are afraid not to fall or follow a wrong information that will lead to them being scammed.
So when there is just a small number of business and services accepting cryptocurrency payments, you discover that crypto holders have a very limited access to spending their crypto, since a business accepting crypto payments might not be close to them or might not even be in their area - this is an obvious reason.

The two reasons you mentioned are indeed the problem why until now not many people use crypto as a payment method. I myself more
comfortable buying goods and paying for services with fiat, because I have done it in the long term, and it becomes a habit that is hard
to change. Then knowing that crypto holdings can generate huge profits, of course I think it's better to use crypto for investment.
After all, my country prohibits the use of crypto as a means of payment, making me even more uncomfortable using crypto for payments.
So in the end if I want to spend the crypto I have, I will first convert the crypto to fiat. Maybe if there are many countries that support crypto
and legalize crypto as a legal tender, there will be many businesses and services that accept crypto payments. For now, let's just be grateful
that crypto is a profitable for investment.

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For me, crypto cards are the most attractive feature of crypto. They offer their excellent features, no matter where you are in the world and no matter how much money you have in your account. You don't have to be a tech geek, not buy coins or mine them, and all transactions are private of course, there is some risk that you could lose value over time but overall there are more advantages than disadvantages. So, to answer your question: why don't people use cryptocurrency payment methods?

Well, it could be that the price of Bitcoin makes people feel the currency is not safe. After all, there are a lot of fluctuations and corrections in markets at this moment. It could also be because people don't want to learn it. People have different motivations for learning and not learning. Most obviously, people who are not interested in cryptocurrencies will not use them. There are many reasons why we don't do something, but I think it's safe to say that many don't know it or don't want to take the time to learn more and use it.

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Quote from: Zlantann on August 11, 2022, 10:40:38 AM

Infrastructural deficit is one of the challenges of utilizing Biitcoin payment services. Some areas in my locality don't have access to electricity or internet facilities to aid such transactions. In these places if you don't have fiat, you can't transact any form of business. People also see Bitcoin majorly as a form of investment rather than a legal tender. They prefer to use fiat in buying and paying for services while they HODL their Bitcoin hoping that the price would rise. Countries would attract more investors in the Bitcoin space if diverse restrictions placed on Bitcoin transactions are lifted.Then we can have a Bitcoin ATMs just life conventional bank ATMs.

A cryptocurrency that generates a good return on holding does not make sense at all as a means of payment. In addition, there are several other reasons why it is still difficult to use cryptocurrency for these purposes. All goods and services are valued in fiat. It turns out that in order to purchase the necessary goods, we must first convert fiat to cryptocurrency, and when calculating back, convert it to fiat. However, only a small part of trading establishments directly accept cryptocurrency. With the spread of cryptocurrency and its legalization by states, the situation should gradually improve.

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Quote from: Robert518 on August 11, 2022, 02:36:53 AM

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.

Volatility
How people sees cryptocurrency.

I think these are the 2 reasons why there are still people who are hesitant to use cryptocurrency. We want to see businesses to utilize cryptocurrency payment methods right? At first place, people are building their own business because they want to gain profit. Business owners are still hesitant to accept cryptocurrencies because of the fact that it's volatile. Today they will accept Bitcoin for example and tomorrow, there is a chance that they will lose their supposed gains because of volatility.

Another one is how people see crypto. They see crypto as a scam because this is how the negative people teach to them. They see crypto as a fraudulent thing thus, they are just ignoring it and not involving themselves into it. Kinda sad TBH because there are people who are still spreading negative things about cryptocurrencies.

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