Topic: Why aren't people utilising cryptocurrency payment methods? - page 4. (Read 894 times)

I think this has something to do with the mindset of the public against cryptocurrencies as a whole.

Unfortunately, majority of the people view cryptocurrencies as a way of a scam due to the media on how it stigmatized its usage over the years. People also associate it in dealings with contrabands and illegal stuff, in which why they see that whenever you transact using cryptocurrencies, they have this fear that the government would held them liable.

Though that might be the case, over the years, the usage of cryptocurrencies as a means of payment has been slowly evolving. More and more countries accept its utlization and understand its long-term positive effects on the economy.

This is a reason, and the important thing is that people aren't much aware about it. Even now it is possible to see people who doesn't have the access to banking and use fiat. They never knew how to make use of cards, by that time we're taking of cryptocurrency payments. Maybe in the upcoming few years of time we can expect a big change as slowly people are getting aware of the existence of cryptocurrencies.

The price of Bitcoin transactions really goes down compared to its tx fee years ago.  But yes it is quite expensive compared to zero fees of bank transfers.  Comparing the fees, and the transaction confirmation, it is really a disadvantage using Bitcoin payment methods since we spend more than the intended price of the item.  Aside from that, we might regret spending BTC for payment if we see the bitcoin market skyrocket.

That's why I chose to focus on using Bitcoin for investment, one of the obstacles is the high transaction fees. If I really want to use crypto to buy
goods or pay for services, I choose to use altcoins, which has lower transaction costs. Because some altcoins have low transaction fees, the problem is
that not all online stores provide a choice of altcoins for payment. That's why until now I'm more comfortable using fiat to make payments. Moreover,
there are still many countries even whose governments consider it illegal to use crypto for payments. So instead of breaking the law, it's better for us
to use crypto just for investment, if I want to spend crypto, then I usually convert it first to fiat on exchanges.

you are right ....when we make transactions with one of the coins. some of them require very high transaction fees like ETH so we think twice about using it as a transaction tool and in addition to the taxes imposed by the government on every crypto transaction

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.

This is a good idea but not everyone can set the right fee using this type of wallet, 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.

In huge majority if cases Bitcoin transaction fee is only a problem if you are using wallets where you can't manually set the fee so the wallet makes you overpay the transactions several times over. Alternative is to use wallets like Electrum with the combination of https://mempool.space/ where you can check what's the fee needed for your transaction to go through. Use that and you will see that sending bitcoin ain't that expensive at all.

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

Actually, the use of bitcoin and other cryptocurrencies as payment could also increase the chance of one business owner to own more and more bitcoin thru the use of accepting them as payment methods.

Other than security and privacy of one's bitcoin address and wallet, a lot of other reason arise as to why crypto payment is a concern. A lot of people are still against bitcoin and still has a bad image about it. Volatility on price on cryptocurrencies as one thing may cost 10 dollars right now but may cost 5 dollars later. Anonymity of the address holder which may cost to physical danger in case targeted. There many more reasons as to why cryptocurrencies payment is an issue.

For sure some establishment or organization have doubt with it about the people who are afraid to adopt the use of the crypto because of the possible things they didn't expect because not all of them knows how the crypto works of course it might give a hassle to them to make a change that they don't know how to function, in the other hand to the people who would like to adopt it takes a lot of time before getting implemented if this really helps the organization for the improvement.

It is quite essential to note that people tend to condemn what they don't understand. As was the advent of the then missionaries who only after lingering, bonding, persuading, and doing everything almost possible to ensure their prospects are converted, so should it be done for cryptocurrency. People need to trust the system and besides ease of access to its knowledge base by either peer-to-peer, group settings, forums, or campaigns; they need stability.  If the cons outweigh the pros, why bother?

I am also hindered by the government in my country which is not friendly with crypto, so I find it difficult to use crypto for payments. Even though
in my country the government forbids using crypto as payment, but I can still use crypto some times for payment. Some times I use Bitcoin to pay
for services or buy goods from people I know, so with the consent of both parties, and without the knowledge of the government of course.
Because if the government finds out, of course I will be penalized for violating the rules. But because I want to support crypto, I still dare to use
crypto as a payment method even though it is risky. I really hope that in the future the government of my country changes its mind and will
legalize crypto as payment.

I'm interested in having crypto cards but unfortunately, if I have that I confuse to use a crypto card since my country still didn't adopt crypto better than big countries. My government only cares about FIAT and doesn't care about crypto and the technology behind it, they will care if crypto can give them money or use it as money laundering for corruption lmao.

People are holding to get profit in the next bull run.  That is one major reason that people with BTC are not utilizing cryptocurrency payment methods.  They think that it would be a waste spending a growing "asset"  when they can spend fiat in place of it.  Aside from that regulations is also a concern since many BTC holders don't want to expose the address of their BTC holdings or the identity behind the BTC  they are holding.

The government always looks after businesses and they won't easily allow them to accept cryptocurrency payments which the government couldn't regulate. Also, people still need enough education about cryptocurrency so they will know how to transact using it. There are still lots of things to consider before adaption happens and it differs in all countries.

Crypto enthusiasts will really love the idea to spend crypto and use it as a payment system as long as their country too is crypto friendly and that crypto payment is widely accepted. Otherwise, the government will call the attention of those stores who did not follow their laws and will be subject for investigation. And people should also be educated that crypto is legit and not a tool for scams.

Because the majority of merchants are comfortable with the current payment system and feel that there are no urgent need to adopt cryptocurrency payment.



There are several reasons and some of it are:
1. They see BTC as an asset that will grow in value over time so they tend to hodl it than spend.
2.  Availability of the merchants that accept Bitcoin in their local places.
3. They are more comfortable using other means of payment due to confirmation speed.


I am more comfortable paying in cryptocurrency than using my bank account.  So yeah, I use cryptocurrency for payment.

There are both absolutely primitive and objective reasons, as well as less noticeable ones.
Let's start from simple and primitive to more complex.
1. So far, the technology, if it can be used, is only for technically well-savvy people who understand the features of this technology. For example, explain to a pensioner that if he pays utility bills and makes a mistake in 1 character in the wallet address, his money will be lost and cannot be returned? Or force an ordinary citizen, far from technology, to accept that you have to remember complex passwords, or buy special storage devices, and you can’t write seeds or a password on a piece of paper, because the money will be stolen and not returned! The mass population, far from technology, is not ready to switch to such technology
2. Cryptocurrency volatility. Tell me - do you know many examples of local ones that would have the same cost changes? And who will guarantee the "stability" of cryptocurrency deposits? State ? NO ! They do not control the crypto market, bitcoin and others... Are you ready to keep your savings in a currency that tomorrow will turn into an empty phrase? But it can be more expensive in 3-5-10 years. But this is not accurate ... And not necessarily .. And not a fact
3. The position of the state - in addition to the fact that the state will never allow the emergence of an alternative to a controlled local currency, to something uncontrolled? This contradicts both the very ideology of STATE POWER and is a real risk for the state.

there are many more reasons to give, but these 3 are enough to answer your question

There can be a lot of reasons of not using crypto payment methods. Asking this on a forum where bitcoin users are more, you are likely to get skewed answers.

Some business owners and users may not even bother about crypto. For them the cash they get at hand is more than enough, why go for something that is complex technical to understand and horrendously difficult to keep safe?

For some it might be that their average earning from their business is just enough to run their family, for them bitcoin is something for the higher ups.

Why not do a public survey on the common reasons as cited by many of my fellow forum members and see how much of what we think to be true - open idea to the OP to actually get a research paper going.