Will cryptocurrency soon be an alternate payment option? - page 3.

gabmen

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Quote from: puertorikosena on November 06, 2019, 01:05:31 PM

Quote from: growthincrypto on June 28, 2019, 03:56:41 AM

Just a month ago, giants like Starbucks, Nordstrom, Whole Foods, and AT&T announced that they accept cryptocurrency as a payment option.
With the popularity that cryptocurrency is growing there is no doubt that it will soon be among other payment methods. Especially for the international payments, with its ridiculously low fee and time taken for inter-border transfers it is surely the favorite among the traders.
Also, with giants accepting it as a payment option there is no other need to prove its authenticity.

Do you own any cryptocurrency yet?

Despite the positive news, still little can be gained by paying with cryptocurrency. I think that this is not beneficial for many, so the adoption of cryptocurrency is delayed. It seems to me that little will change in the next five years.

Though the fact still remains that it is already being accepted now as mode of payment for an increasing number of companies. Never mind that adoption is in a slow pace. We're getting there. Of course not everyone will be that well versed yet on how crypto transactions work, but slowly people will realize that it's pretty safe and simple. It's already an alternative to paying with fiat.

Maotezi

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Of course it will already exist as a payment option, and now it has a much better impact on economic development than some currencies.
It has to be persistent in the idea of bitcoin replacing money.
it won't be long the paper money in circulation, the gold exchange is cryptocurrency and very well in the middle of paying.

puertorikosena

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Quote from: growthincrypto on June 28, 2019, 03:56:41 AM

Just a month ago, giants like Starbucks, Nordstrom, Whole Foods, and AT&T announced that they accept cryptocurrency as a payment option.
With the popularity that cryptocurrency is growing there is no doubt that it will soon be among other payment methods. Especially for the international payments, with its ridiculously low fee and time taken for inter-border transfers it is surely the favorite among the traders.
Also, with giants accepting it as a payment option there is no other need to prove its authenticity.

Do you own any cryptocurrency yet?

Despite the positive news, still little can be gained by paying with cryptocurrency. I think that this is not beneficial for many, so the adoption of cryptocurrency is delayed. It seems to me that little will change in the next five years.

k@suy

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Quote from: Naughty Princess on October 12, 2019, 10:36:58 PM

Quote from: riyadmozu19 on October 12, 2019, 06:37:45 AM

In only a few countries cryptocurrency can be an alternate payment option because many countries have announced bitcoin as an illegal digital coin. Now if the government take any step to make it legal then it can happen.

It is now being used as alternate payment because it is more faster and convenient method to transact. Crypto really is develop for that purpose but most of people understand it as an asset for investments. It happens as an alternate as long as the government recognize it.

Indeed, many people are using cryptocurrency now because it is convinient, it is not only good for short and long term investment but rather it is good for purchasing goods too. We can line up the bitcoin and altcoin to alipay, wechat cash and so on. There will be a qr code too to send your payment, Ive seen one in Gong Cha, a milk tea store.

ILuckyGuyI

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Cryptocurrency is already at a nice level and they can be used in various places. I think they will definitely be more powerful and be a credible payment option in time. There are so many people who use cryptos already.

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Quote from: growthincrypto on June 28, 2019, 03:56:41 AM

Just a month ago, giants like Starbucks, Nordstrom, Whole Foods, and AT&T announced that they accept cryptocurrency as a payment option.
With the popularity that cryptocurrency is growing there is no doubt that it will soon be among other payment methods. Especially for the international payments, with its ridiculously low fee and time taken for inter-border transfers it is surely the favorite among the traders.
Also, with giants accepting it as a payment option there is no other need to prove its authenticity.

Do you own any cryptocurrency yet?

I was using bitcoin though since 2016. Implementing bitcoin as a payment option on the following giants such as Starbucks, Nordstrom, Whole Foods, and AT&T would help promote bitcoin and other cryptocurrencies as well. Once they implemented bitcoin as a payment option many companies including their competitors would start implementing bitcoin too. And Bitcoin as a payment option on those companies would help bitcoin gets more trust and exposure from the public.

sapnu

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Quote from: Sahyadri on October 12, 2019, 06:46:25 AM

Though many Asian countries are already accepting cryptos as a payment option. But I doubt that will translate crypto as an alternate payment option globally. There are many reasons to that such as security concerns, high volatility, lack of awareness, lack of digital illiteracy etc etc. Also, many countries are pretty conservative when it comes to decentralized monetary system. Giving out the control isn't something they would want.

I totally agree with this subject, I can confidently say that because look at the news as of now there are ATM machines that are being used from different countries that are bitcoin-based, meaning you can buy bitcoin in that so you dont need any internet maybe it kind of faster buying. But the point is that cryptocurrency is being recognized in different countries having their own technology that is blockchain-based making every transaction faster ad safer than ever before, I could believe that in the future it may happen that cryptocurrency is being used as a worldwide currency. It is the best in terms of many features like payment method and al a source of income.

Bim abk

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Quote from: deviant99 on November 06, 2019, 09:02:37 AM

It is possible use it as an alternate payment option the future is shaped by a mobile device or a computer and it is a solution for fast and easy online and offline payments.

yes it might happen because of the increasingly rapid digital development in this world. Alternative payment using crypto is now widely done but can not be spread throughout the world, maybe if developments in crypto are increasingly rapid crypto can be an alternative payment in many sectors

Wintersoldier

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Actually, the advantage of cryptocurrency payment might be used negatively, one example that I think about it is that the mode of payment for e-commerce that most people choose in our country is cash on delivery payment, this is to ensure that the product will arrive surely, since the buyer will pay once he/she has the item in his hands. With cryptocurrency, we might want to pay ahead for the product not considering the item if it will surely arrive on not.

deviant99

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It is possible use it as an alternate payment option the future is shaped by a mobile device or a computer and it is a solution for fast and easy online and offline payments.

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Quote from: alexsandria on October 09, 2019, 08:05:07 PM

Hmm is this even a question? I mean you had already answered it on your statement. Well, yes, cryptocurrencies are now used by people in their transactions. Companies you have mentioned have adopt so that they can cater bitcoin and other crypto users. Crypto users now also are growing, which means more adoption will happen in the near future.

maybe its more on realization than a question because OP is already mature in this forum and he already knew the answer to that question,
but the question is for us,on how we must treat crypto
its been so much cool if one day i can buy a vegetables using my cryptocurrencies and i can even watch moviea and buy popcorn bringing my Mobile phone only and directly paying bitcoin to the cashier

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Crypto poses a serious risk if it is used as an alternative payment for service or product payment. Price volatility is one of these so the seller may not get the right price for the product he sells. And another is no refund if you send the crypto currency. So if you send your crypto currency to the wrong person you will not be able to recover it immediately.

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I already own and and trade crypto. after I read your post, I think crypto can immediately become an alternative for any payment. I agree with your thoughts, there will be no doubt for a company that crypto can be used as a payment method. I think crypto has advantages over cash if it can be used as a method of payment between countries, with payments using crypto, it is possible to make entrepreneurs switch from using cash to cryptocurrency. and that will please the merchants.

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So anyway, I applied as a merit source :)

Quote from: Rufsilf on October 13, 2019, 12:33:32 AM

With the fact that we are started to used it already, it is clear that crypto(esp. Bitcoin) will serves as it purpose. It just wondering why people take this a purely an investment but it actually consider as a currency by then.

It started as a currency, became a bigger store of value than traditional ones like Gold and Silver, so more people started buying it and inflated the price. That with the deflationary supply people are trying to their hands on a couple or more bitcoins every now and then. So it became an investment and it is the reason why so many exchange came up with bitcoin as currency.

Quote

People will surely be prepared for this since of hassles free and fast transactions confirmation.

Many other pros and cons too. It depends on what you are comfortable with and what the merchant is accepting.

Leyss

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It is still very difficult for business structures to switch to the use of cryptocurrency, and so far I do not see any particular prospects in this matter. There are two problems here - the price volatility of the cryptocurrency and the complexity of the practical application of tax reporting. Currently, tax reporting for legal entities is provided by banking services to business structures of all forms of ownership. Banks issue the necessary documents for the tax authorities and the audit, evidencing the details of the financial and economic activities of legal entities. It will be very difficult to do or even impossible if legal entities switch to the use of cryptocurrency.
At the same time, for individuals, I do not see any problems in using cryptocurrency as a means of payment. Now there are a lot of different forms of sharing cryptocurrency and regular currency in the form of payment bank cards, which are very convenient in practice.

bounceback

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if the government approves cryptocurrency as an alternative payment then I really like the news because for example bitcoin cryptocurrency is one of them as an alternative payment, maybe people who have bitcoin will definitely use bitcoin payments instead of bank payments because if we think if we want to pay something through the bank it will definitely throw away waste of our free time.

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Yes it will be an alternative payment option because it can never be the main option.
Though we know that crypto is more efficient compared to other digital payment and the fiat system but no government would allow to destroy their own creation to give way for crypto which is more transparent to the people.

The world is corrupt, every government has their own agenda, that's why as long as they sit, its their agenda that will be serve first before anything else.

Rufsilf

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Absolutely yes, it is much easier and no hassle at all. I totally agree for cryptocurrency to be an alternate option for making a payment since it can make the transaction much faster.

And i think only some of the cryprocurrency will be accepted even though there's a lot of it.

With the fact that we are started to used it already, it is clear that crypto(esp. Bitcoin) will serves as it purpose. It just wondering why people take this a purely an investment but it actually consider as a currency by then.

People will surely be prepared for this since of hassles free and fast transactions confirmation.

nasipadang

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Quote from: growthincrypto on June 28, 2019, 03:56:41 AM

Just a month ago, giants like Starbucks, Nordstrom, Whole Foods, and AT&T announced that they accept cryptocurrency as a payment option.
With the popularity that cryptocurrency is growing there is no doubt that it will soon be among other payment methods. Especially for the international payments, with its ridiculously low fee and time taken for inter-border transfers it is surely the favorite among the traders.
Also, with giants accepting it as a payment option there is no other need to prove its authenticity.

Do you own any cryptocurrency yet?

They have a special app for making payments using cryptucurrency, so not all wallets support the system. Here regarding payment, the owner must understand how the transactions of digital currency work, so for small and medium businesses will have difficulty with payment options with digital currency, but at least as an alternative payment has been reached and I'm sure all users of this forum have cryptocurrency in their assets. In the business, payment features become an interesting view, because we know that technology is advancing, systems such as cash are rarely used because of e-money or e-wallet, we will see whether digital currency will be an option for future businesses.

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Quote from: riyadmozu19 on October 12, 2019, 06:37:45 AM

In only a few countries cryptocurrency can be an alternate payment option because many countries have announced bitcoin as an illegal digital coin. Now if the government take any step to make it legal then it can happen.

It is now being used as alternate payment because it is more faster and convenient method to transact. Crypto really is develop for that purpose but most of people understand it as an asset for investments. It happens as an alternate as long as the government recognize it.

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