Bitcoin Forum

I thought about the use of cryptocurrency by merchants for day to day trade settlement. When combined with fiat, it gives customers a lot of options and flexibility to chose how they transact. On the flip side, I am also thinking that crypto volatility could poss a lot of dangers and issues when adopting crypto for payment.

What do you think about the future of cryptocurrency payment, will conventional altcoin (non-stablecoins) have a chance or the race will solely be won by stablecoins?

That's why the scalability can help the merchant to avoid the dangers that can be caused by the crypto volatility. As long as it has very good scalability and the transaction can be done instantly and it can compete to be a payment system it must have a lot of liquidity too.

Exactly, that's why merchants are having a hard time accepting it as mode of payment. Although there's a lot of third party payment provider like BitPay.

Well there is XRP for one, others hate it for being a bankers crypto, but I think that's its intention in the very beginning, to be establishment itself as payment or remittance crypto. And I would say that so far they have done a good job. Of course there is Libra, although we really don't know what happened to that project after it received a lot of backlash from government around the world.

One of the main reasons why global adoption doesnt move out that fast due to volatility aspect. There are several platforms that i have known like Steam
where they do accept bitcoin as a payment but due to fee and volatility issue, they've decided to remove it out which is a sad thing.
For now we cant do anything with it and i cant really deny the fact that stablecoins and xrp ^^ mentioned above do really fits out for the job.

Although, it could be a better way for both parties (buyers and sellers) transacting with cryptocurrency as payment options; present payment only accept bitcoin or etherium as most of this are not exagerrated with sudden price swings. Stablecoins are still good way as it emanates little changes as per daily exchanges rates.


Altcoins are part of the whole cryptocurreny innovation and most of them have different purpose  and used case. Given that most of them are working with different especialization, its safe to infer, that in terms of payment distribution, users will prefer high liquidity coins (like you say stablecoins, etc)

There are quite a few solutions that allow merchants to liquidate BTC on the go.
If a merchant doesn't want to carry the risk of holding bitcoin, it's quite easy. It could even be done without specific checkout software and/or proprietary solutions/platforms.
Just use an exchange, start a trade, and fill it with the set amount that it asks for. If the fee is also sufficient, the merchant carries little risk. Because supposedly the price could change during the time the transaction takes to be completed. BitPay outweighs these risks by demanding a certain fee to accept transactions and also asking for a BTC/FIAT rate a little above current rates.

It's really sad to see that removal since many thought that it is the start of global adoption but suddenly bad scenario changes the phase of the game the volatility didn't cooperate for the one of big step of the game changing event especially with bitcoins.

But this could change if those merchant discovers the stable coins and xrp since they can rely on it interms of transaction speed as well the cost.

There is Bitpay which you can use as third party which can automatically convert the payment to you with the preferred crypto by your customer.
This will allow you to be worry-free with the volatility.
https://bitpay.com/online-payments/

Satoshi Nakamoto created bitcoin precisely for the purpose of using It as a means of payment. And he managed to create a means of payment that does not depend on any banks and countries. But then speculators came to the crypto market and distorted the meaning of cryptocurrencies.

I think cryptocurrency is an amazing payment option in this 21st century, it has helped made global payment easy and faster, I believe cryptocurrency is the future of the world finance. Conventional altcoin has a better chance with its stablecoins counterpart in driving payment

The world has switched to digital, including in terms of payment or transaction. Cryptocurrency is still fluctuating in price, but as an alternative payment and investment, I think cryptocurrency will continue to grow both in terms of technology and price

in reality in the world of crypto, bitcoin and ethereum have always been a means of payment exceeding stable coins. So far, I think all crypto users have trusted payments via bitcoin. in fact, many companies have accepted bitcoin as a means of payment, for example, steam. it's just that, many do not survive because of fluctuations that occur at the price of bitcoin so quickly.

I think that cryptocurrency is the future of payment and all advantages of crypto in touch-less payment is proved. Altcoins is not the selection, because its price is not stable and it is risky in finance term, it must be stablecoin, and an national official cryptocurrency is the best choice. China is the first country that is in cryptocurrency testing phase, it's called central-bank digital currency (cbdc). I believe that cryptocurrency is the future of payment, but it is not one of cryptocurrencies that we have now.

China though is not the first, we have Maduro's Petro and Russia's crypto rubble. But I think China will do far better that the two nations because of how they are going to structured their CBDC.

As for bitcoin, it's drawback is its volatility nature. If you are a online merchant a simple fluctuations will really affect the price, unless you are really into bitcoin and would rather HODL the payments for you, it will be a big and daunting task for bitcoin to be a crypto payment method, just saying.

I think it would depend on the business owners if they are willing to take risks with the volatility of the crypto market. For example, I remember that steam was excepting cryptocurrency as payments for their games and other payable content, and they didn’t like the volatility of crypto and discontinued it, IIRC.

Most of the owners are probably worried about the payment methods and the legal aspect of the crypto currency‘s right now. We’ll see.

If they are scared of the volatility, I think with stable coins, they would be at ease.

P.S. I don't know what ”poss” have to do with crypto :D

That is the risk for bitcoin and other digital currency to be use as payment method. But there are still other solution,merchants can add a little fee to accept transactions and also asking for rate a little above in the current rates of digital currency into fiat. But if the merchants is a risk taker then there will be no problem regarding this matter.Also it will become profitable on their sides because of this volatility,although it's value may go down but it will increase again.

Crypto payment is very reliable in terms of fast, convenient, and no or fewer transaction fees. In that case, it has a downside when it comes to unstable coins due to fluctuating prices in no time which is volatility. So that is also the major reason most people find it difficult to accept or adopt a whole range of merchants. But in my opinion, it will be the way of others in the future where there will be a gateway to automatically convert the crypto to fiat and vice versa within the system. It seems like this is just like Bitpay.

Agree, especially now that people can't go out and send cash. I have some friends using crypto as a digital way of sending money.

I have experiencing buying and paying Cryptocurrency to my host and I bought a lot of stuff too on the internet using my Cryptocurrency it's tried and tested and proven to worked and this is what constitutes to the success of Cryptocurrency as payment options and I don't see any problem when it comes to adoption, altcoins also have a chance for adoption for payment, as long as the advancement in Cryptocurrency in payment the adoption will make a progress.

Paying by cryptocurrency coins is quite convenient. However, the only problem with cryptocurrency payment is that it isn't recognized widely nowadays. Furthermore, it only accepts some of the coins such as BTC, ETH,.. not other coins. Personally, I think crypto payment will need a while to be widely popular!

That's one of the real issue that Merchants are facing. The volatility of coins to be accepted that makes some of them be deficit when converting it into fiat. However, there are still good few coins that can be use for low fees with fast transactions. Or also accept some stable coins if the problem will be the unsteady market price.
 
 But it is hard, I have seen few  businesses here in our place and got a chance to speak and ask the workers about how are those crypto payments doing so far. And sadly, it wasn't yet well used and most of the customers preferred to pay in fiat rather than crypto coins.

Agree, volatility of a coin is the bottle neck while paying crypto currency on a fixed price item when paying using crypto currency but its not a problem anymore for there are wallet like coins ph that we can convert first to fiat.

Price volatility is one of the big concern to common people who tend to accepts or use cryptos but lets see what we can get from using cryptos.

The value of cryptos are real unlike fiat which holds no value in real and the monetary value gets depreciating due to inflation.
We can make transactions easier.
Irreversible payment so reversing payment and scamming others is impossible.
No border to cryptos, we can send or receive money from any country with very less fee and in few minutes but wire transfer take huge fee and days of waiting for our money to be received.

After all the volatility issue third party merchants are still using and accepting crypto as means of payment, they combined the most popular altcoins, Bitcoin and stablecoin in one, whichever one you have can be accepted, they charge based on present value, for example alchemy

Stablecoin might only win the stable aspect because they like fiat so it is indeed suitable for payment, but other digital currencies can dominate by using the auto-convert system at that time and indeed their project-based is good, it might happen to adopt them to the real world for payment.
but come back later whether it is more efficient or will be inferior to e-money because they use fiat and just click to purchase no need to bother. hopefully, in the future many cryptocurrency projects are competing to open new innovations for a better future.

IMO only a few whales control the entire crypto market which makes it highly volatile unless that volatility is somewhat stable merchants will always have to think twice before accepting it as payment. Until then stable coins are the only good bet.

It is actually happening now. p2p have been launched by Binance and then followed by Kucoin, I think these two are using every market scalability to expand options to traders. Now even merchants are being pressure to put a label on it. I think crypto volatility will always affect the market so even with lots of merchants around, risk is always pose on the crypto space. But Im sure makign this happened will be a great improvement on adoption and innovation of blockchain and crypto space.

People like this will be very extraordinary, because besides he can help crypto lovers who already have coins or tokens, he can also benefit through collecting coins and popular tokens that he received as a means of payment.

I think people do not want to take crypto as a payment system because of its volatile market. Otherwise crypto can be a good alternative to fiat payments system when nowadays peoples are more concerned about their privacy. We just need to find a system to implement law order to prevent and bad activities like scamming, hacking or fraud activity. I think P2P trade is a good option too.

Volatility is not the problem here I think lack of understanding is, every merchants you plan to accepts or use crypto must understand how it works and what it's all about, assuming a cup of coffee cost 1$ and 17,000 says is 1$ today it might worth 15000 sats or 20000 sats tomorrow, it's left for the merchants to make choices, either swap for stable coin instantly to avoid volatility or hold

It is reliable in very stable internet, very normal times, and with no attacks on it (considering if it is not BTC or ETH). The problem with most coins other than Bitcoin and ETH is that they are actually very insecure and if any 51% attack were to happen those transactions would be reversed, making them unreliable in those cases.

In the future, it will be possible to accept cryptocurrency everywhere, and most likely that of course stablecoins will have more chances to gain a foothold to pay for any product, but popular altcoins will also be in demand, it's just a matter of time.

This is where Decentralization and security comes in to play. Yes, Cryptocurrency Payments will be scalable for these merchants. For instance we have a few people who have adopted this trend. Now, you don't even need to worry as the likes of NOWPayments (https://nowPayments.io/) is a way of accepting cryptocurrency on your website. With an easy to integrate system, the NOWPayments API allows you to start accepting cryptocurrency as a form of payment on your website.

Volatility is the limitation here because it makes merchants and local store considering the loss when the price of the coin goes down. However, with continuous adoption of block chain technology, there is a solid possibility that the crypto will be less volatile most especially the bitcoin so therefore I will encourage you to consider accepting crypto if you are a merchant. Crypto is the future of online payment.

To make use of cryptocurrencies for the purpose of just another payment processor, you never need to worry about its fluctuations; fluctuation should be the concern of long-term holders. Still, if you're going to make use of only highly reputed altcoins then you never need to worry about its price volatility because in long run all those highly reputed altcoins will get you higher value but random/new coins are a real danger for your profit level if you opt them for providing extra options for payments for your clients.

Stablecoins also will fluctuate according to price of bitcoin/USD hence it cannot be the right option for accepting payments. Moreover stablecoins are here for the purpose of eliminating the need of fiats and its known hassles while transacting through banks. If you hold, both altcoins and stablecoins will not get you big differences.

The main thing that will play as the main role in this case must be the scalability. even if you can convert it into fiat and how about when the users have made a transaction to the coins ph wallet. It needs the time to make it gets confirmed by the block too.

Moreover, to be applied in our daily lives, every store can accept payments with Bitcoin or other coins, so it is very difficult for us to apply it. Now Cryptocurrency can only be used for online shops and only for certain countries, not all countries accept payments by Crypto.

The future of cryptocurrency payment is still a mystery because so far, many people still not using crypto as the payment system, even many of them don't know about cryptocurrency. The volatility of the cryptocurrency will be a matter to them. If they can use a stable coin which is not too big for the volatility with the fiat money, I think they will not have a problem to pay using cryptocurrency. But if the volatility is not too big or doesn't have many differences than the fiat money, I think that will be okay for people to use crypto as the payment system.

We can't change the volatility of an unstable coin like Bitcoin and Ethereum. But it's also not bad because there are quite a few online merchants and services that accept crypto as payment. I hope to put a sign in our store to let others who use crypto like me accept crypto as payment. It is easier to use crypto in return for earning platforms and for receiving freelancers from their employers. Almost everyone now relies on work from home.

It can be reliable if there is a “stable” version of BTC rather than relying on the market price. Like Coins.PH for example. They have two Bitcoin addresses per account, and one of them is the PHP version of BTC.

The PHP balance of Coins.PH is considered as a Bitcoin address because it uses the same blockchain explorer as the other ones. The difference is that this kind of Bitcoin address is the stable version, which doesn’t rely on the market condition.

If the Bitcoin wallet has a feature like that, there would be no problem for companies to massively adopt it as a mode of payment. Like Steam’s case where they do accept Bitcoin back then. However, they removed that option because of the volatility. They just forgot that there is a stable version of Bitcoin that they can integrate.

I still prefer other altcoins rather than using stable coins. You will never know when those creations will explode.  ;D

About the volatility, that is one of the main reasons why merchants are doubting to use bitcoin and altcoins as a means of payment.
There is just too much risk for now.
It would need a merchant who is willing to risk it at the start and somehow find a way to make it more profitable in the future.

What I view about stablecoin is that becoming more efficient in most traders who trusted the effectiveness of the system. Faster service will be more advantage ways to create more demand to grow stronger and better. That's why we need to promote crypto payments in order to help everyone learn how it works.

With how the new normal works, its best for each merchants and people who are working with freelancers to adopt crypto payments, with proper
knowledge, it's much easier and quicker to receive funds, crypto populairities also increased as there are people who transacts using this payment
process, awareness to many other possible venues needs to be reach this alternative currency can serves and act like normal if more businesses will
learn how it works and how they can take the advantages.

See it completely depends upon the payment options chooses by the companies, now most of the companies are choosing POS mentioned TPS in order to increase their transactions. So, I hope both Non-stable coins and stable coins will have their demand in the market, we should be very careful which one is best for payments.

it seems like it's being talked about POS coins. hopefully, this will not disturb traders and market demand is increasing. because this market was built by traders and investors. they have to be balanced I guess to be in the market.

We can boldly say that, the world has been doing the right thing with cryptocurrency but, many merchants haven't understand the techniques around the digital payment methods. Due to cryptocurrency volatility, many of these merchants have been afraid of this payment methods, though bitpay has Solved some partial aspects of the volatility but not in totality. Frankly speaking, cryptocurrency payment adoption has not been growing because of fear in the minds of those merchants. The payment would have be reliable if the volatility was minimal in nature.

Bitcoin offers one particular application of blockchain technology, a peer to peer electronic cash system that enables online Bitcoin payments. While the Bitcoin blockchain is used to track digital currency transactions, the Ethereum blockchain focuses on running the programming code of any decentralised application.
BASID aims to drive crypto payment (https://basidcoin.com) at the forefront of online payments. They introduce a payment gateway service that provides a secure, convenient, and reliable cryptocurrency payment solution for merchants and customers worldwide.

plus, I have a thought that cryptocurrency is more popular as an investment asset than as a means of payment. I hope that in the future there will be important events that will open people's awareness about cryptocurrency and its technology.

I never saw any merchants allowing the payment through USDT or any stablecoins, or maybe that's just me.
Bitcoin's being adopted by some numbers of merchants even though it is unstable so I believe that some non-stable altcoins would surely be adopted like for one ETH, that I read in this article : https://cryptonews.com/guides/who-accepts-ethereum.htm

You see this issue about using crypto for payment is platform related, that is, where some platforms will like to use stablecoins such as Tether, there are others who see it fit using other crypto such as Bitcoin, I have seen this most times in gaming or betting platforms. So I am of the opinion that, each crypto platform uses what they want and believes in. The same Tether which might be thought to be the future of crypto payment, is the same which is doubted by many people owing to the many unpleasant news about them, coupled with centralization.

Some platforms were being popular to be a payment system and I should remind you there are some like tron, iota, and many more. The majority of people consider token as an investment rather than become a payment system. Coin is different with token.

Many merchants are hesitant to use cryptocurrency for payment options, the main reason being that the price of cryptocurrency is volatile.
But in my opinion the real reason is that many merchants assume that cryptocurrency users are still small, so they don't need to accept it yet
cryptocurrency as payment. Because if the reason is because of volatile prices, it is not possible. Because there are many ways to overcome
volatile crypto prices. Like using a third party or with an application that directly changes to fiat or stablecoins.

Many people are confused about using crypto as payment because of its volatility but it's also very possible, the merchants must understand how crypto works, once they accept payments in crypto they can switch them to stable coin in seconds, merchants should accept well recognized coins that have good volumes only and also mix with few stable coins

some projects have begun to make their blockchain by making their coins on their networks. It all depends on their roadmap to launch their coins. better management and will be very functional support of their platform. Until now not too many people use it for payment instruments.

In my experience I have seen very little business use of cryptocurrencies. Even bitcoin is having hard time being accepted in many establishments. I did noticed though that it is widely being accepted as a way to donate to individual entrepreneurs, small entreps and the creators of content on many platforms. I still believe that the best use of cryptocurrency is through the remittance of digital money through the internet anywhere in the world. They should concentrate on that aspect and I think cryptocurrencies might have a chance.

indeed, from the first the main problem was about crypto volatility which would indeed be difficult to use for payment. so, between traders and buyers it is necessary to convert precisely the price of the goods and the value of the crypto itself so that changes in the price of crypto do not affect the price of buying or selling goods. I mean, every trader and buyer must always pay attention to the price chart, and always make it the same. if there is already an automatic conversion application, it will definitely be easier.

In terms of technology, cryptocurrency was already a part of innovations nowadays. Just like we have in my country, we have an exchange where they are already accepted Bitcoin, XRP, Bch and ETH were it was very reliable and I've been using it for couple of years now even up to the present still useful and safe as well.

Stable coins can be a way for the shops to cash out their daily sales and then they can sell those stable coins at the end of the month for USD or in their local currency.
But they can easily be fooled by people with fake transactions if the shopkeeper don't know a thing about digital currencies so educating them will be a big problem as accepting cryptocurrencies isn't like accepting payments through POS terminal and also not easy like accepting cards or in digital wallets.

Maybe all of us here have used crypto as payment so we can't say it's not reliable. Am I right? We need to let others know how much cryptocurrency can do when it comes to online transactions so that more people can know and understand how it really works. We can also demand them to accept or pay using crypto instead of fiat so they can try. They will have no idea if they can't see it themselves or try it on their own.

I think to adopt payments using crypto, stable coins are more appropriate than crypto in general. Because this will give a real value at each item price, there is no change in prices in seconds.

There was bews some time ago that such retail giants like Amazon and EBay will start to accept payments in cryptocurrencies, but the main problem is crypto`s price instability so it`s very difficult to use cryptocurrency as payment method, only few markets accept it and I can`t predict when situation will change

I think for the crypto payment system in the future, it might be more suitable only with stable coins, as we know that stable coins only move with fixed prices different from very significant altcoin, stable coins are almost not much different from the dollar.

Stable coins are often seen as a defence against volatiliy, but volatility has the trend to atenuate in time, as the market expands and the coin get's more distributed, so in time the part of stable coins will not be so important ...
doing/receiving crypto payments in daily life will have so many adavantages against fiat that it will be adopted widely

We are a age where everyone is getting digital. Everything is getting digital. People are adopting digital payment methods, However people are not much aware of cryptos but I think it has a good future as we have many +points in crypto.
 
Some people are trying to copy all the features of crypto with some payment apps (I noticed many similarity in many payment apps) but anonymity can only be provided by crypto.

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