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.
Topic: Why aren't people utilising cryptocurrency payment methods? - page 3. (Read 894 times)
legendary
Activity: 2394
Merit: 1082
Leading Crypto Sports Betting & Casino Platform
Few reasons upon which I don't spend bitcoin as payment are
Bitcoin will be more profitable if its kept and hold for long term as an investment, than to spend it and lose our bitcoin quickly. Although its adoption will also never grow if bitcoin is not used as a payment, but the fact that we can use fiat to purchase since its not making us profitable anyways. If you spend bitcoin, its like you are just giving away your future profits. Adoption will always grow as long as the country's government starts supporting it, but i'm not seeing it for now.- Risk of losing when used without proper knowledge.
- Its increasing price with time.
- Low acceptance in stores.
- High transaction fee.
- Long term profit.
Adoption rate will still grow since the demand on different matter increase so if we can still see a huge demand coming on bitcoins for sure many merchants will think about adding it since maybe they can look at it as good opportunity to dive in since more people using it. But for now since the volatility is high maybe we cannot see it happening especially when those companies new to this technology so maybe for now they just see it as a risky option.
I was using crypto payment most often about 5 years ago but since then alot more regulation came in to bring red tape and lots of questions about its usage by any normal business. In some cases the reaction was to dissemble their ability to accept this payment type and also some natural churn of companies opening and closing. Having the burden of red tape takes away alot of the appeal. I dont think its totally suppressed but explains some of the lethargy to what would be quite natural growth.
I think we do see more BTC usage but always it has to keep improving usability to the average person, widening the scope of its audience away from purely the tech focused enthusiast. Some of its happened and yet much more progression has to occur still.
I think we do see more BTC usage but always it has to keep improving usability to the average person, widening the scope of its audience away from purely the tech focused enthusiast. Some of its happened and yet much more progression has to occur still.
Few reasons upon which I don't spend bitcoin as payment are
Bitcoin will be more profitable if its kept and hold for long term as an investment, than to spend it and lose our bitcoin quickly. Although its adoption will also never grow if bitcoin is not used as a payment, but the fact that we can use fiat to purchase since its not making us profitable anyways. If you spend bitcoin, its like you are just giving away your future profits. Adoption will always grow as long as the country's government starts supporting it, but i'm not seeing it for now.- Risk of losing when used without proper knowledge.
- Its increasing price with time.
- Low acceptance in stores.
- High transaction fee.
- Long term profit.
rather than on making use of it plus having the problems when it comes to regulation plus the fees or overall operation hassle and stuffs then they wont really be minding about these things.
Applying out crypto payments then it would really be varying on business owners or even just as simple as personal payment option to be given.
Adoption is still on the move and recognition is still really not that in full scale still.
Few reasons upon which I don't spend bitcoin as payment are
Bitcoin will be more profitable if its kept and hold for long term as an investment, than to spend it and lose our bitcoin quickly. Although its adoption will also never grow if bitcoin is not used as a payment, but the fact that we can use fiat to purchase since its not making us profitable anyways. If you spend bitcoin, its like you are just giving away your future profits. Adoption will always grow as long as the country's government starts supporting it, but i'm not seeing it for now. - Risk of losing when used without proper knowledge.
- Its increasing price with time.
- Low acceptance in stores.
- High transaction fee.
- Long term profit.
There are many reasons why many people don't use crypto as paymemt method and the most common is its volatilty. Let's also add the stereotype of crypto being used by the criminals and the governement telling its people that it is not a safe form of asset or currency.
I think volatility is not the only reason, taxation is also a bit of a problem. Like you get paid in crypto for selling one banana, then you have to tax it right? What if the price of bitcoin goes up until you could pay the tax for it? What if the price goes down? I mean there are so many different stuff that the tax part of the deal would become a bit of a trouble.It is not the same as buying bitcoin making a profit or a loss and then paying taxes for it, that is way different from selling something for crypto and then paying taxes for it. This is why I believe that not many people are doing the same thing, it is not going to be the same thing at all.
If people around the world use cryptocurrency payment method and it is definitely very useful with cryptocurrency funds can be exchanged more quickly. Cryptocurrency is the future of digital payments and therefore has a strong impact on the global economic system. But many countries of the world are not legalized yet so everyone is used to using fiat currency.
Many investors value there Bitcoin over the fiat currency just like when Tesla started receiving payment in Bitcoin, many investors never opt to it because the believe the current price then might increase in the next few years making their Bitcoin portfolio worth more. Since the market is never stable and there is tendency that the market will always appreciate with time, then there is no need to giving it out for exchange.
I think there many Crypto sites that received payment in Bitcoin although they are mostly recognized in some regions that does not have any law or policy against the use of Bitcoin. We hope with time, the Bitcoin adoption will become more bigger than what it is now and many will commence using it of payment of services.
I agree with this. People see it as an investment deal, meaning if you have bitcoin then it is better to hold it, and not spend it. But, I would like to also remind that if you use fiat to buy something instead of bitcoin, you could also use bitcoin to buy that thing and then use the fiat to buy bitcoin as well. So, the end result would be the same, but you would have used bitcoin to purchase something, which is a great feeling.I think there many Crypto sites that received payment in Bitcoin although they are mostly recognized in some regions that does not have any law or policy against the use of Bitcoin. We hope with time, the Bitcoin adoption will become more bigger than what it is now and many will commence using it of payment of services.
You may say why would I do that because you are doing the same thing basically, but I think the feeling of it is more than enough of a reason. That's my personal opinion of course, if you do not agree with that then you could just use fiat for sure.
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?
My own perception about bitcoin is that if i can make maximum profits through investing and long term hodling, or with good trading, then there's no reason to spend it and use it as a mode of payment. I would rather keep it in my wallet instead. After all, when bitcoin will be widely adopted and that the government decides to accept cryptocurrency as a payment, everyone will eventually buy and spend bitcoin most often. Maybe we need more time and right timing so that we can utilize bitcoin as more on a payment method.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?
It surprises me that people criticize holders when it is the move that makes the most sense and it is a mistake to think that someone can force people to go against their self-interests as we know that the longer we hold our bitcoin the greater the profits we will get.
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?
My own perception about bitcoin is that if i can make maximum profits through investing and long term hodling, or with good trading, then there's no reason to spend it and use it as a mode of payment. I would rather keep it in my wallet instead. After all, when bitcoin will be widely adopted and that the government decides to accept cryptocurrency as a payment, everyone will eventually buy and spend bitcoin most often. Maybe we need more time and right timing so that we can utilize bitcoin as more on a payment method. 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?
To make cryptocurrencies work effectively like fiat is certainly not easy, when we switch the payment system which is usually fiat to become cryptocurrencies of course it takes a lot of conditions, and I'm sure the very high transaction fees make us think again about paying with cryptocurrencies.
for transaction fees it is very high but we get convenience in sending and transferring our money by making bitcoin or altcoin, it's just that for transactions it might be an alternative to global payments, if applicable in the future all over the world it becomes a transaction tool, so it's not confused to exchange fiat in an applicable country 
Few reasons upon which I don't spend bitcoin as payment are
The first in your list applies only if for a newbie but not for you because you have a long term experience already on using a bitcoin. The second one is correct and this is also the reason of the many on why they won't use their bitcoins. if they try to then they can't help but regret it later on.- Risk of losing when used without proper knowledge.
- Its increasing price with time.
- Low acceptance in stores.
- High transaction fee.
- Long term profit.
Third one will depend on which country you are into but if let say you are from El Salvador or two of those countries which btc is now a legal tender then you won't having a hard time looking for shops where btc is accepted but in case you are from unsupported countries, why won't you try online shopping? I bet there is only less to or restrictions at all. Fees in btc aren't always high though.
To make cryptocurrencies work effectively like fiat is certainly not easy, when we switch the payment system which is usually fiat to become cryptocurrencies of course it takes a lot of conditions, and I'm sure the very high transaction fees make us think again about paying with cryptocurrencies.
Quote
I don't think there are many direct adoptions to use cryptocurrencies, nowadays online shopping is getting massive and in my country there are no shopping sites that provide payment options with cryptocurrencies, it's a big task for developers to work closely with site owners to be able to take advantage of cryptocurrencies for payments.
I guess, those that made cryptocurrency legal in their land are really making a huge amount of incomes from their businesses because many crypto users prefer to purchase goods and services and pay with cryptocurrency. But it will be difficult for those countries that are not yet accept cryptocurrency in their land for their business men and women to accept cryptocurrency as a payment because their citizens are not use to cryptocurrency in their country which will not help their business men and women to make a good profits like those that accepted fiat money as a payment in their businesses.
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.
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.
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?
Many investors value there Bitcoin over the fiat currency just like when Tesla started receiving payment in Bitcoin, many investors never opt to it because the believe the current price then might increase in the next few years making their Bitcoin portfolio worth more. Since the market is never stable and there is tendency that the market will always appreciate with time, then there is no need to giving it out for exchange. 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?
I think there many Crypto sites that received payment in Bitcoin although they are mostly recognized in some regions that does not have any law or policy against the use of Bitcoin. We hope with time, the Bitcoin adoption will become more bigger than what it is now and many will commence using it of payment of services.
I've used cryptocurrency several times for payments as well as accepting payments. but that's rarely done unless the conditions allow it to do so. like my fiat is lacking when it comes to paying for something. or transactions between cryptocurrency users. but I think the majority of people prefer to make cryptocurrency as an investment and not as a means of payment. especially if it's Bitcoin. so I prefer to hold it rather than issue it for payment. because of course I am optimistic about the potential in the future.
and another reason is because there are still many people who are not familiar with cryptocurrencies. the comparison who knows crypto and doesn't know crypto is very far in comparison.
and another reason is because there are still many people who are not familiar with cryptocurrencies. the comparison who knows crypto and doesn't know crypto is very far in comparison.
Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
There are many reasons why many people don't use crypto as paymemt method and the most common is its volatilty. Let's also add the stereotype of crypto being used by the criminals and the governement telling its people that it is not a safe form of asset or currency.
So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?
I will only use it as payment in the form of stablecoins. Cryptocurrencies like bitcoin or ethereum is more of an investment for me. I've been earning crypto since 2016 and if I just didn't spend it due to unexpected circumstances then I think would've be rich now.
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?
Aside from people call it as a scam the volatility of this coin is one major problem since it discourage businesses to utilize this as their payment method because they could lose a lot of money if market collapsed badly. Maybe if bitcoin will move the same with fiat we can see good adoption and make this what we wanted but for now there's a lot of problem bitcoin need to fix first.
This is a good idea but not everyone can set the right fee using this type of wallet
Why not? There is plenty of guides around how to set up the fee manually, even on this forum. As a matter of fact, here is a good one https://bitcointalksearch.org/topic/make-sure-to-avoid-wasting-btc-for-too-high-fees-step-by-step-guide-electrum-5182906 in my case, i use the wallets which already have a set transaction fee, i will have to switch to electrum wallet to i can manage my transaction fees on my own but i have no idea how to use mempool.
No reason really to use those kind of wallets as on top of overpaying, they are often close-sourced meaning less safe Jump to: