Why aren't people utilising cryptocurrency payment methods? - page 5.

Gozie51

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Quote from: Robert518 on August 11, 2022, 03:36:53 AM

but why are those who are currently interested not using bitcoin for payment?

The bitcoin believers are certainly utilizing the bitcoin service for payment and investment but you understand that it is a gradual process and the community still forms a very small percentage of the world population and essentially the youth. It is still a process that is finding it place. For such kind of explosive adoption, you will expect that more countries would adopt it fully.

TribalBob

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Quote from: Robert518 on August 11, 2022, 03:36:53 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?

people do not accept payments with cryptocurrencies classic reasons can be said and we know this long ago, the problem of prices that are not flat always changes in seconds, different from the fiat money we use
and besides crypto itself has not been legalized in every country

mindrust

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Quote from: Robert518 on August 11, 2022, 03:36:53 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?

I just use my Master Card. It is fast and reliable. When I have a problem with the merchant, they solve the problem very fast. Most crypto cards are using the credit card companies' infrastructure anyway. You are not actually using your crypto when you use those cards... You are still using your FIAT but they are giving you the illusion of using your crypto... VISA/MC don't care as long as you are using their infrastructure. You think you use crypto, VISA/MC keep making money. Everybody is happy.

mayfair_coin

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Because cryptocurrency payment methods are irreversible and in business if someone wants refund then it is possible for some people and if refund is for 1000 people then it will be difficult to refund as it will require more manpower and time and second thing is that people have not yet got enough trust in the bitcoin gateway, from which they are still away from it although it is running in some countries and they are using it.

AicecreaME

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Even without the public adoption, bitcoin will do its thing to show us its full potential. Why bother convincing the crowd to adapt cryptocurrency payment method if they don't even care what Bitcoin is, besides, it's not really wise spending a lot of transaction fees every time you're going to buy something using cryptocurrency just to prove something to the public.

I'd rather waste fiat buying that's so prone to inflation rather than wasting Bitcoin that could save me in the future.

bangjoe

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What method of payment? what kind of payment do you want to expect as there are too many if not more specific to mention? Is it in the form of goods or services?

If possible, see the policy of the country and live and make bitcoin a legal payment or just an investment alternative. Likewise in paying for services using Bitcoin. For example, in this forum, many services are paid for using Bitcoin or other types of crypto on demand. The problem is that you expect payments on a large scale or just a few scopes.

doomloop

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Quote from: RikandMorty1 on August 11, 2022, 08:20:41 AM

I have seen multiple websites start to accept bitcoin payments. Heck, even Tesla did it at one point. But if you're referring to day to-day trade like buying a coffee, I don't think the bitcoin blockchian is even capable of handling that number of transactions. The lightning network does provide a workaround to this problem tho, so we'll see.

I think he is referring to both online and offline use of crypto as a currency and not as an asset. Buying coffee with btc is possible and in fact it is happening already. Some threads here before shows that. It's not that btc cant handle much of a transaction because there's also a lot of btc sellers and buyers every single day but what can discourage people to do it is because of the high fee.

I think the fee of a normal btc transaction is almost a dollar which can be more than the price of your coffee but if it's on a high end coffee shop and what you are ordering is a premium/special coffee then I think you won't feel bad of using your btc to pay it but like you said there's also lightning network which fees are much cheaper.

justdimin

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Quote from: Vvang on August 12, 2022, 06:02:06 AM

We still have so many crypto unbelievers, 90% of humans out there are still waiting for regulations, people failed to understand that once the government have power over something it will block powerless people to achieve greatness, the insanely high volatility of crypto is why ROI can go as high at 1000%.

I don't think that we are at 90% levels anymore, it looks like we are at maybe like 70% or so for the people who haven't gotten in. And not all people who haven't gotten in just yet are people who are hating bitcoin or waiting for regulations, some do not because they do not have money, some do not because they do not understand how to, there are a million reasons.

So, if we talk about a realistic number for people who can but prefer not to, that could be around 50% if you ask me. That's an important deal and I think it would be a lot smarter for people to just focus on the people who do get in, instead of losing time over people who haven't just yet.

Cookdata

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A lot of people would rather store their bitcoin as a means of investment than use it to pay for necessities, it is more of an asset used to protect value and hedge against inflation than merely a method of making payments, though that wasn't how it Satoshi described it on his whitepaper though the narative has changed.
Imagine the person who once used 10,000 BTC to purchase pizza, I don't know how that person could have felt now, but it is one of the worst things anybody would have ever done, that's a fortune that can sustain some people for years and decades. This is just why some people have refused to trade their cryptocurrency for basic needs.

Fortify

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Quote from: Robert518 on August 11, 2022, 03:36:53 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?

This seems like a chicken and egg scenario. People want convenience at the end of the day and existing payment networks are pretty damn convenient, regardless of what people here might think. Crypto currency is directly competing with the likes of Paypal and Visa, who have been around for decades longer. They've worked out sophisticated contracts with different companies and they offered comparatively low fees, plus and here's a big one - payments are instant. Consumers don't want to wait around for 2-3 confirmations to go through the blockchain network before they get to use their product or service, paying extra for quicker confirmation also defeats the benefit of low fees.

Rikafip

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Quote from: Robert518 on August 11, 2022, 03:36:53 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?

Because even if you want, you can't really buy many things using bitcoin, as simple as that. And one doesn't exclude the other as I am paying with bitcoin whenever I can, but for everything else I am using crypto debit card as currently there is no cheaper and easier way to spend your crypto.

Mainstream adoption is a slow and tedious process that won't happen anytime soon, and until then I see crypto debit cards and payment processors as just another step towards that goal.

Z-tight

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For some people it is hard to spend bitcoin in their country, next to no merchant or business accept it (not even with a payment processor), that alone has reduced the number of people that would have spent bitcoins on goods; some people don't spend it simply because they do not use it, nor trust it, these group are non-bitcoiners anyway; then some people don't want to spend it, but instead speculate with what the price can be later on in future, and there could be many other types of bitcoin users. The good part of all these is that nothing goes amiss, bitcoin still works fine as people choose for themselves how they want to use it.

virasisog

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Quote from: Robert518 on August 11, 2022, 03:36:53 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 realize 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 are still people who are not aware and k knowledgeable on how to use Bitcoin in transacting so we can't question them for choosing fiat over BTC. I think one solution that we can do regarding this matter is to spread awareness about the importance of Bitcoin in our society not just as a profitable investment but also as a digital currency. If people will only see the convenience that Bitcoin has to offer, I'm sure that they will switch to using it. There are still lots of misconceptions about Bitcoin and I guess more people need enlightenment about its real purpose.

kryptqnick

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Quote from: Robert518 on August 11, 2022, 03:36:53 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?

The majority of humanity don't use cryptos at all. Among a small minority of those who use cryptos, I'd say the majority are doing it for profit (either by trading or by hodling). Then there are a small bunch of people who actually try to pay with Bitcoin or accept Bitcoin as payment for their services/goods/businesses. Some of these would convert to fiat to not risk high volatility, some would use Bitcoin only (on-chain transactions, payments directly to a BTC address or a non-custodial wallet), some would try to make use of custodial wallets or off-chain solutions. That means that there are different people, and not many of those who would agree on how to use Bitcoin as a payment, even among those who believe in Bitcoin as a payment method.

Smack That Ace

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Quote from: TheNineClub on August 11, 2022, 07:18:39 AM

Honestly, it's the community's fault. With the constant prospect of getting rich on the back of crypto, laser-eyed goblins talking about 100k or lows and highs, people still, for the most part, view crypto as a long-term investment than a payment method. It's always in the back of our heads, the notion that if you buy something for 100$ worth of BTC, in a year that could have been 500$ and then you basically fucked yourself over 400$. Not saying it's right, it's just how it is.

What you said is absolutely true, it's all because the community has made bitcoin an investment and not a currency or payment method as it was originally intended. But I don't want to deny that, thanks to the hype and volatility that people have turned it into an investment, bitcoin is getting more and more attention.

Today, very few people consider bitcoin as a currency they consider bitcoin to be a good profitable investment and this change has formed unbreakable.

Vvang

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We still have so many crypto unbelievers, 90% of humans out there are still waiting for regulations, people failed to understand that once the government have power over something it will block powerless people to achieve greatness, the insanely high volatility of crypto is why ROI can go as high at 1000%.

2stout

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A few things in no particular order: 1) Perhaps fear of government surveillance and retribution; 2) The principal of HODL and not wanting to lose during the next bull run season; 3) adoption is still picking up and we're not quite at the point of "mass" adoption just yet.

Zilon

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It is obviously that Crypto enthusiasts now see it as an asset and not the currency it was originally created to be. Volatility has made hodlers stick to their portion with high hopes of good ROI in the future. This has limited the adoption of Bitcoin and has also stirred this believe of Bitcoin been a scam by novices because most time the throw questions like how does an asset without government backing have value and keeps appreciating overtime. I think if it maintains its original status quo of been a currency as the created made it to be it will gain more adoption within shorter time

el kaka22

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Main reason is people not wanting to make money that way, they want to make sure that they make money from just a simple investment and that's good enough for them. Look at Tesla, they bought 1.5 billion dollars worth of bitcoin for a while and sold it for a bit of a loss. Instead, they could have built the greatest payment system ever, hell Elon was part of paypal mafia, so it would have worked out well for him since he knows what he is doing.

This way we would have an idea on how to make a profit with payment companies as well, but they just prefer that they end up with some sort of situation where it would work well for them in the long run instead, and not take any risks.

Don Pedro Dinero

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It is as simple as I expect that at some point in the future my bitcoin will be worth 10 times more. If I have to pay I prefer to pay with what I know will be worth less in the future. To do otherwise would not be very smart. There are people who, with the altcoin that has become fashionable, expect it to be worth 100 or 1,000 times more, so don't expect them to pay with it.

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