Why aren't cryptocurrencies successful as a medium of payment

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

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[makladun]

The reason is that they have appeared recently and the market has not developed the payment infrastructure yet, while it could be in the following years.

[knuckey]

the first thing that becomes a problem is the public understanding of crypto is very little and there are still many misunderstandings about crypto. the government is also not fully supportive and the banking or other financial companies are also very opposed to crypto and they think that crypto could harm and take over their business.

[jatoman]

Would you say getting governments and their regulators such as tax authorities and custom agencies to support crypto payments is a requirement before there will be widespread use?

[OuterTech]

I think you are thinking pessimistic about the future of the cryptocurrency market. For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world.

[cryptotycoon33]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

What is preventing cryptocurrency from becoming a notable medium of exchange is the so much regulations they are giving to cryptocurrency globally. However there is massive adoption of cryptocurrency recently that even these regulations will be a thing of the past. Cryptocurrency is been use in nearly every sector of the global economy including mainly the financial sector.

[beleyeleazar]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The government. That's the major workforce at play right now and it is the main reason why cryptocurrency has not been used as an official medium of payment, full-pledge. The second force at play are the banks.

[TheBiochemist]

I would say that many is still not familiar with the technology which will take a natural course and be more adopted over 10 years or such a scale, when it comes to the public. For companies to use cryptos for transfer they must be faster and scalable, which is now rapidly addressed by cryptos like ZIL,Credits,QuarkChain and the lightning network for BTC LTC to mentions some projects.

EOS have some nice perks to and are more scalable compared to ETH, so I think we will have corporate adoption sooner, 2-3 years and it will be a standard alternative for new companies. When new companies make money old and existent companies must follow to stay ahead and the public will slowly join.

Add regulations and FUD to the pot of slowing elements : )

[Yakamoto]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Mostly it comes down to some of the same reasons as to why bitcoin is so popular compared to a majority of the coins that exist today. The other method came first, more people use it, and thus there is a general consensus to use the currently existing system rather than something else. Plus cryptos aren't exactly the most intuitive payment system compared to what everyone else can do, but that's just part of the territory.

[Rkoshay]

I would add that there isn't an easy way to change crypto into fiat.   When the time comes that I can send crypto to someone on the other side of the world, or across town, and they can receive that and easily change that to fiat, or vice versa crypto will boom.

[rommelzkie]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The real reason is the government. Our government doesn't like the idea of decentralization. Why? because they want to control everything. If the currency is decentralized the community will have a great power over the government. This is the fact

[poornamelessme]

Multiple problems right now with using any crypto for payment.

First, requires an easy way to purchase crypto. Then a better understanding
by the public of what crypto even is. And it'd require instant transactions plus
stability. Plus of course it must be scale.

Kind of the opposite of the situation now. Maybe one day a stablecoin could take
that role, but right now using crypto for purchases is like using the worst credit
card in the world... or if paypal was schizophrenic.

[tsaroz]

You might not see cryptocurrencies being used on day to day basis on the train or movies as a medium of payment but they are increasing in amount and transactions for international medium of payment. The international transactions are costly, and larger transactions are subject to paperworks which cryptocurrencies have successfully solved.

[kier010]

they are not backed by the government and because of its volatility it is not an ideal to use in payment. for now crypto is good for asset.

[maitexisi]

Cryptocurrency has been used as a medium of payment in some countries. But it's still rare.

I think the most important reason is that the government, the government will not promote encrypted currency, but will bring more regulation.

[Serco]

It may be possible that the tax system that makes the payment of crypto money, not only that but the lack of some companies that receive payments through crypto money. There are many considerations that may be difficult for the entry of crypto money, but if the crypto money is efficient then it may be possible to enter the community as a tool of the legitimate currency transaction for our lives.

[ityandsyn]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

     In some country from europe is already developing this system and it takes more time because it needs a bank that will caters the transaction and the payments using electronic cards or even mobile phone and also it needs the different malls and department stores that are willing to accept cryptocurrency as payments .

[bartolo]

Would you say getting governments and their regulators such as tax authorities and custom agencies to support crypto payments is a requirement before there will be widespread use?

Without a doubt, uncertainty about regulations is one of the reasons why many businesses do not dare to accept cryptocurrencies as a means of payment. When everything is clear and the rules are established, it's possible that the process will accelerate as happened in Japan.

[chocolaty]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Because not at all times cryprocurrency is the best medium for payment. I would not personally choose to buy stuffs online with cryptos unless its for investment purposes. Cryptos are volatile and that is no doubt. Fiat money will always play a huge role in global economy and will not be eradicated, atleast for this era. It is still too early to fully turn our heads to cryptos.

[MoonJeina]

Crypto currencies aren't successful as medium of payment fora big reason and that is the influence of government in that country .
There is so much opposition faced by the crypto currencies , especially bitcoin by the government and the banks collectively that it cannot be
implemented as a main medium of flow of money .

[jatoman]

Would you say getting governments and their regulators such as tax authorities and custom agencies to support crypto payments is a requirement before there will be widespread use?

Without a doubt, uncertainty about regulations is one of the reasons why many businesses do not dare to accept cryptocurrencies as a means of payment. When everything is clear and the rules are established, it's possible that the process will accelerate as happened in Japan.

So, would creating a cryptocurrency that is "regulator friendly" help make that happen?

[BTCwin1]

So I think it's a policy issue for all countries, so when cryptocurrency becomes a means of payment, it may affect the financial system of all countries, so I think the biggest problem is policy.

[Retro6]

The reason is that they have appeared recently and the market has not developed the payment infrastructure yet, while it could be in the following years.

There is some great work being produced by cryptocurrencies like Electroneum that are tackling this very issue. According to John McAfee the crypto world will only succeed if we begin using it for everyday transactions. Thats what makes me really excited about Electroneum and their new instant payment system. We need a simple, user friendly application environment so it encourages the layman to adopt it.
If we all just buy and HODL, hoping the coin will go to the moon, we are not taking advantage of this amazing new world. Taking the power away from the banks is the greatest thing given to mankind from Satoshi.

Check out the new BETA coming out soon...

https://www.youtube.com/watch?v=FOtJVfZ29Es

[jatoman]

the first thing that becomes a problem is the public understanding of crypto is very little and there are still many misunderstandings about crypto. the government is also not fully supportive and the banking or other financial companies are also very opposed to crypto and they think that crypto could harm and take over their business.

Yes, there is a lot of work needed to help the public understand what cryptocurrencies are, how they work, and why they should be trusted.  

I agree that governments need to support it.  So, far, cryptocurrencies have been hostile toward regulators, which explains why some governments are against their use.

Financial institutions may never support them because they see cryptocurrencies as competition to traditional banking services.  On the hand, some banks see the opportunity to use cryptocurrencies as an alternative to automated clearing house technology as a way to move money, especially across national borders.

[Cryptoguru274]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

 I think some of the reasons preventing cryptocurrency from being more successful as a medium of payment is the so many regulations coming from government. Many governments have failed to recognized cryptocurrency as a legal tender in their countries and this is hindering the progress of cryptocurrency globally.

[CodyAlfaridzi]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The lack of merchant limit the number of transactions using cryptocurrency. I'll only talk about Bitcoin here because other crypto is just trash and irrelevant as a medium of payment when you have something as good as Bitcoin. The lack of merchant accepting Bitcoin is due to government rules. That is something beyond our capabilities to change. Though it's not impossible that things may change in the future, when the govt is full of younger generation, but that's not happening anytime soon.

On any merchant that accept Bitcoin, I always use Bitcoin simply because it's superior than the rest of the available options. These merchant usually are digital ones though, like online game, mobile topup, gambling, etc. Paypal, Webmoney, etc are far behind Bitcoin in terms of fees, simplicity, and security.

So, would creating a cryptocurrency that is "regulator friendly" help make that happen?

What makes a cryptocurrency "regulator friendly"?

[jonval21]

for now is no succeful due is a new way to create an exchange p2p of money, the reason is the cryptocurrency need more time to become the best way to make payments. we need that each people in the world can buy and sell via cryptocurrency.

[tweetbit]

The government and the people, those two factors that impending the growth of bitcoin and the cryptocurrency as a whole. If only the people and the revolution against the monopoly of big corrupt officials in our financial system has started simultaneously in each country by way of boycotting the banking system then it should have been given the government a signal to legalize bitcoin and adaptation of businesses would have been spreading.

[KuromaYoichi]

The reason is that crypto is only starting to become popular last year so it still need a lot of time until normal people and business know about it and decided to adopt it as one of the payment option. Government also one of the factor of this slow adoption because they still want to regulate crypto before allowing business to accept them.

[askmecrypto]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The main reason of what I think that cryptocurrencies could be used as a means of payment at the moment is because the high volatility plus, people treating cryptocurrencies more as an asset instead of as means of payment medium.

[hastang]

there are some issues of cruptocurrency that hinders to become the medium of exchange. one of which is volatility and supply of the coin to the market. if this issues are address then maybe somehow people will start accepting cryptocurrency as part of the society...

[purple.thoughts]

I think for now, people and businesses are accepting cryptos. They are introducing it to the community little by little so that people will be familiarized by it. There are a lot of scams involving cryptos but we, who use it are the ones who understand what are the scam and what are real so we should help people to realize that.

[frowsiter]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

They are tiny friction of everything! Yes thats the answer mate and we could not get it to higher level as long as some regulatory bodies dont get the things done right for the crypto currencies usage. We have these currencies floating around but we are not using them because laws and regulation are preventing us from using them.

To use them as medium of payment thats the only prerequisite that im currently looking forward to change soon. Otherwise these currencies will keep floating in the crypto sphere with boundaries and never will be used.

[Tylev]

The reason is that they have appeared recently and the market has not developed the payment infrastructure yet, while it could be in the following years.

If bitcoin were less used as a means of accumulating value, and more as a means of payment, there would be less price shocks and problems. However, now the functions of bitcoin are distorted and because of this, we have many problems with autumn both bitcoin and crypto currency in general.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

So, what seems to be the largest obstacle to overcome is making cryptocurrency regulator friendly.  Until governments, more specifically, their regulators who operate their trade laws allow, and, perhaps more importantly, enthusiastically support cryptocurrency it will be difficult for it to be widely used.

I don't see much discussion about what is necessary for a cryptocurrency to be "regulator friendly".

[profit-shooter]

Because they are not officially accepted and many states do not want that to happen, because it will be difficult to control the money flow and taxations. People would be able to do any transactions without letting know the government. Crypto is a threat to the state governance.

[9jaflick]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

one of the major problems the crypto ecosystem is facing is stability, the stability of crypto is one thing we can not control.

[jatoman]

The reason is that they have appeared recently and the market has not developed the payment infrastructure yet, while it could be in the following years.

If bitcoin were less used as a means of accumulating value, and more as a means of payment, there would be less price shocks and problems. However, now the functions of bitcoin are distorted and because of this, we have many problems with autumn both bitcoin and crypto currency in general.

So, there is a bit of the "Catch-22 Problem" because for it to be more widely used there must be payment infrastructure such as Point of Sale or "POS" systems enabled to accept cryptocurrency; retailers, merchants, vendors, and other sellers won't add such infrastructure until consumers or buyers demand it.

[deevan]

That is because not all cryptocurrency are meant to be created as a medium for payment, they are actually made as a security token or utility token which can be used in their own ecosystem of their launched project. Means if you want to utilize the product in any way then you have to do by purchasing their tokens & of course you can sell them on exchanges for any other cryptocurrency. There are some coins which are meant for payment system in a secure way on top of that is Bitcoin, everyone knows about it.

[batang_bitcoin]

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Innovation and the change of point of view the way people/users looking at it.

Crypto's are meant to become a medium of payment but as the days are passing by it is changing. We saw on how it's effective and profitable to become an investment, store of value and asset. But it's still being used the way it is and those other use that I mentioned just adds as its feature.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Mostly it comes down to some of the same reasons as to why bitcoin is so popular compared to a majority of the coins that exist today. The other method came first, more people use it, and thus there is a general consensus to use the currently existing system rather than something else. Plus cryptos aren't exactly the most intuitive payment system compared to what everyone else can do, but that's just part of the territory.

So, perhaps one of the most important obstacles to overcome is delivering a user experience that allows consumers to easily understand how to use it.  Perhaps a close second is a user experience that allows retailers and other sellers use it, and integrate payments with their financial systems.  It has to be an experience that is similar to paying with a credit/debit card.

That requires a series of applications designed for both consumers and retailers.

[omitusaf]

Would you say getting governments and their regulators such as tax authorities and custom agencies to support crypto payments is a requirement before there will be widespread use?

Well, not necessarily. But it can hasten the widespread use. One of the biggest reasons why cryptocurrencies have not seen wide adoption is because of the stiff policies of the governments. Some governments ban it, some impose heavy taxes on it and the likes.

[Umuoji]

Cryptocurrencies are not successful as a medium of payment because of the government of the countries, but there are some few countries that accept bitcoin as a means of payment

[honex2]

This is a good question..I read an article "why bitcoin down when its the future" there is still a lot uncertainty about crypto . the major problem is that its not regulated. Because of that someone can decide to sell his token any price he wants not minding the effect its going to have on the market

[iRakic]

People are afraid of things that are new and complex. BTC is a revolutionary technology and many people have little or no trust when it comes to it. I am talking only about BTC because that is only relatively known and accepted cryptocurrency. Others have a pretty long way to be accepted.

[kendra1107]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Well, only a small portion of the world's population knows about cryptocurrencies. So it is most likely that most individuals and establishments would not accept something they don't know about. Putting ourselves in their shoes, I believe we'll be thinking the same way! And even with those who are well informed are still skeptical about accepting crypto as payment due to some complications and risks involved in the system.

[Gekkoo]

In my everything is a matter of necessity and moment, so if the digital coins be adopted completely, it would soon become a means of payment. Yet we know of the speed in transactions and through it the world can become more globalized, but i still insist on the interests of humanity. To add the developers should read this topic.

[kinzey]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think mainly because cryptocurrency is new, the awareness of how cryptos work to the public is still unknown to most people. People probably heard about bitcoin but how it works and how it could change our future is still unknown to them. I think the govt should or another agencies and we the crypto community should raise awareness on the possibilities of cryptocurrencies and educate more people on the uses.

[crenfrosck]

At the moment, crypto is not being taken that seriously as it should to become a global way of making payments. As you said, the market is very small and volatile. Who would like to make his earnings disappear in a matter of seconds? The projects are being developed at the moment, so we can not really predict the value of particular goods and services, which means that the market is driven by speculations. But is there a way?
I would say that there is, but give those innovators some time. I know that they will eventually come with a reasonable solution that would be able to change the whole sector .

[jatoman]

You might not see cryptocurrencies being used on day to day basis on the train or movies as a medium of payment but they are increasing in amount and transactions for international medium of payment. The international transactions are costly, and larger transactions are subject to paperworks which cryptocurrencies have successfully solved.

I agree that the best use case for cryptocurrency as medium of payment is cross-border payments.

While a SAP Concur, I designed Concur Pay, a global B2B payment platform allowing businesses located  in nearly 100 countries to reimburse their employees and pay their vendors.  Concur Pay can do only in-country payments where the payee is located in the same country as the payer.  We did this because cross-border payments are complex and expensive.

Now, what makes cryptocurrency revolutionary is what I call, Instant Value Transfer.  It can move any value of money from anywhere to anywhere in the world in moments for essentially no cost.  For those in global B2B payments that seems like magic!

[enhu]

It would take time for jnstitution to realize cryptocurrencies are better to use. The government are still opposing its use although there are countries already adopting it.  The more countries that will be accepting bitcoin, the more will be opening themselves for it also. It will take time.

[jatoman]

I think you are thinking pessimistic about the future of the cryptocurrency market. For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world.

Actually, my thinking quite optimistic.  Cryptocurrency will change the world because it will dramatically improve the efficiency and fairness of global commerce.

I have been involved with global payments for over 20 years having created several global payment platforms including being the designer of one of the largest, most successful global B2B platforms, Concur Pay.  I can see clearly how cryptocurrency will someday replace traditional payment technology.  

I started this thread because I'd like to learn how the cryptocurrency community (bitcointalk.org being the most respected community) perceives the obstacles preventing it from being more successful as a medium of payment.

[jmlona]

Cryptocurrency is a fairly new to our economy and it will need some time before it really takes over how we use it in our economy. It isnt stabilized yet and also governments would like to be in more control of it before it can flourish. Like I said, its going to take some time before it can become adopted as a major use in our economy worldwide.

[leynylaine]

The crypto market was introduced before 2010 but the hype or the trend came only the past few years that's why it's not yet used for medium of payment in the real world. Some of the countries or websites accept crypto but most of it are not yet accepting those because on how volatile the market is and it will be too risky.

[arthotdog]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Because people find it hard to trust this cryptocurrency since it was

1.virtual money
2.Decentralized
3.volatile

This three characteristics is the reason why this was being denied from various countries and being banned

Maybe we will take some times before the wrold finally find this as beneficial and not crucial

[YTBitcoin]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

It is actually the start of the cryptocurrencies that is why you are seeing like this and even in the start you can see that how much faster the process of adoption is going. The cryptocurrency itself is being used as asset too by the traders which make the price of it fluctuating which also made the process a little slower but that is not a hurdle it will spread all over the world as payment sooner.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

It is actually the start of the cryptocurrencies that is why you are seeing like this and even in the start you can see that how much faster the process of adoption is going. The cryptocurrency itself is being used as asset too by the traders which make the price of it fluctuating which also made the process a little slower but that is not a hurdle it will spread all over the world as payment sooner.

So, an obstacle is cryptocurrencies are used as store of value, like a security, instead of a method of payment, which is an attribute of a currency.  The result is because it is a security there is a lot of price volatility.  Price volatility makes it difficult to act as a method of payment.

This is another "Catch 22 Problem" in that until there is widespread use of cryptocurrencies as medium of payment it will largely be a security, which means price volatility.  Price volatility is an obstacle to adoption as a method of payment.

[Pumuckel21]

at the moment they are simply not as fast as they need to be and of course they are not ready for the broad mass adoption. A lot of older people i think would not be able to use them properly

[DikkieD]

It took many years to move from cash (fiat) to cashless fiat (bank cards, internet banking and such). Current banking systems make a shitload of money off all transactions + interest of being able to hold all that money.

If banks would support crypto, it would be without us knowing it in the sense that to the consumer, it doesn't really matter what the underlying technology is, as long as we can 'press a button to buy'....

I think in the near future it will be very successful as payment option, but not in the way people would probably want it to be (I do not see a bank suddenly disappear within a few years, unless you believe things like a mortgage or a business loan will be something of the sharing economy too anytime soon).

[TeraBitHoven]

I think it is because of lack of information or knowledge and security. It is also because crypto currencies are not yet fully adopted, not the whole world agrees with these mode of payment. Decentralize nature and volatility also affects adoption of these crypto currencies.

[cryptoblackhat]

Overstock.com already has about $120,000 per week in purchases paid with crypto: https://www.forbes.com/sites/astanley/2018/06/13/overstock-chairman-committed-to-crypto-despite-market-woes-calls-for-u-s-regulatory-clarity/

So it can be successful, in the right environment.

[danbitcoin1]

Still too complicated for the average person to get started. No reversal if someone goes wrong either, get 1 letter wrong and your money is gone.

[shapegray]

Not too fast. Need some time again until it can became payment. Also just few people which know about crypto and people also doubt to buy in crypto because of they worry their money will loss.

[Lucilfer]

Still too complicated for the average person to get started. No reversal if someone goes wrong either, get 1 letter wrong and your money is gone.

That's one of the complications that might happen for someone who's just a begginer in terms of crypto. Aside from that it is still at a premature stages and it has still a lot of rooms to improve, i guess this may take several years before it will be done and completed, and just a simple trial and error would probably solve each department or strands.

[BADBITCH]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

There are no total reasons, Naturally we cannot use over 1500 cryptocurrency as a medium of payment
All we need is selected few, which is why bitcoin, etherum, eos, dash and couple of 3 others are selected to bulk the trend and served as a medium of payment.
We just need to wait for more infrastructures, and everything will get even more better and there will be more acceptances too.

Lets all wait for it.
it will come.

[taiwww]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

They need lot of furnishing before they can be used as current. The reasons are really many more as altcoins are not even able to withstand the different shocks of the bad news and thus they tend to go down below the line many more times than they can be stable! So this doesn't make sense as fiat currency always needs to be very stable and without which we can not give it a title of the currency. Also payment system are integrated with blockchain will take time to come in effect as speed and amount of transaction that can be processed today is really slower one.

[Prodigan786]

First thing I noticed effort and time taking to make payment using crypto currency I tried with some online platform finally I decided to pay with fiat currency . Where I neede service immidiately bitcoin acceptance were taking upto day . Even I have to do lots of work to make payment . Also fear of getting fished.

[jatoman]

Multiple problems right now with using any crypto for payment.

First, requires an easy way to purchase crypto. Then a better understanding
by the public of what crypto even is. And it'd require instant transactions plus
stability. Plus of course it must be scale.

Kind of the opposite of the situation now. Maybe one day a stablecoin could take
that role, but right now using crypto for purchases is like using the worst credit
card in the world... or if paypal was schizophrenic.

I agree that the user experience for purchasing cryptocurrencies is cumbersome... too cumbersome for most people to be willing to try it, well enough, use it regularly.  This is an obstacle for the public to understand it because if they would use it would help them understand how it works. 

Most people I know have heard of Bitcoin, because it is often in the news.  None of them know what cryptocurrency is. So, getting people to understand what it is, how it works, and why they trust it is huge obstacle to overcome.

And, of course, a successful cryptocurrency needs to have performance similar to other successful payment networks such as the Visa International network.  That means there is still a lot of work to design and build a cryptocurrency and its associated blockchain network capable of this performance.

I agree that a huge obstacle is price volatility.  Presently, cryptocurrency acts only as a store of value because there so little use as a medium of payment.  This means it is like a security, even though the SEC just ruled that cryptocurrencies aren't a security, where they are traded.  This leads to the price volatility.

[Swenna]

Main reasons why cryptocurrency is not a good medium of payment:

1. Lack of information/background knowledge - We have to agree that everyone is not a crypto-enthusiast. in order to begin using cryptocurrecy, you have to know what it is first, the how's and the why's. Also,most people will be reluctant to try new means of payment as they are used to using the traditional means as it is already proven and tested. Thus, information and open-mindedness is important.

2. Different laws and regulations in different countries - not all countries has the same laws and regulations with regards to cryptocurrency. It is mainly the decision of the government and with the difference in the crypto regulation in every country, it will be difficult to use this as a means of payment (if the transaction is to occur at two people in different countries or is separated by distance)

3. Volatility - with cryptocurrency, we cannot put a specific value as it changes over time and is very unpredible. Paying with whatever current price it had in USD pairing may eventually make someone 2x richer tomorrow or 2x of loss of profit.

[Ms.cumshot]

the first thing that becomes a problem is the public understanding of crypto is very little and there are still many misunderstandings about crypto. the government is also not fully supportive and the banking or other financial companies are also very opposed to crypto and they think that crypto could harm and take over their business.

Yes, the current stage of crypto is hard to be accepted by other sectors and government, they are thinking that crypto will not help their wconomy to grow, when in reality, crypto has a lot to offer to the economy of a certain country, that can help the financial and technological advancement.

[jatoman]

I would add that there isn't an easy way to change crypto into fiat.   When the time comes that I can send crypto to someone on the other side of the world, or across town, and they can receive that and easily change that to fiat, or vice versa crypto will boom.

I agree that if there is an easy and fast way to buy (on-ramp) and to sell (off-ramp) on the cryptocurrency "super highway" that helps in at least these important ways:

1) it makes it safe for sellers to accept it because they know they can easily and quickly convert it into fiat currency
2) because the amount of time between when a buyer purchasing a cryptocurrency to spend it and when the seller converts this into fiat currency can be small
3) because this time can be small (a few seconds) the exposure to price volatility is also small

I emphasize "fast" because presently there isn't a fast way to do this.  It can take over a week to buy a cryptocurrency such as bitcoin (e.g. CoinBase takes 10 days!).  It takes several days to sell cryptocurrency.

[mabell943]

I think the reason behind because of its market value always fluctuates in the market. In justa  single moment the company can iccurred a realized gain or loss without any investment if crypto used as payment.

[xaker74]

The reason is that they are not controlled by anyone, and as we know the government does not like it. From the government-controlled cryptocurrency makes no sense, and not controlled has cant received extensive distribution.

[auliahr]

I believe crypto is a payment solution in the future, you try to imagine if we want to send money abroad in just a matter of seconds or minutes the money will quickly get to the recipient with a very low cost and without complicated requirements. Crypto is a technological breakthrough that is very suitable for use in people's lives or used en masse.

[jatoman]

I believe crypto is a payment solution in the future, you try to imagine if we want to send money abroad in just a matter of seconds or minutes the money will quickly get to the recipient with a very low cost and without complicated requirements. Crypto is a technological breakthrough that is very suitable for use in people's lives or used en masse.

It can move any value of money from anywhere to anywhere in the world in moments for essentially no cost.  For those involved with global payments this seems like magic!

[Umkar]

In order for the currency to be successful as a means of payment, it is necessary to do a lot of work. First of all, it concerns the adoption of relevant laws and by-laws concerning the legalization and further regulation of the crypto currency. A corresponding infrastructure should be developed, which is not yet available. And most importantly - you need people's desire to use it as a means of payment. For the time being, we see only a very big interest in using crypto currency as a means of accumulating value in order to derive greater profit from the increase in its value.

[huntingbtc5]

This whole cryptocurrency thing is still under modified level. The proper system of medium of payment with cryptocurrency is still to be structured. As a  totally new system and technology not all people are going to understand it immediately. Also people become accustomed to use physical money for a long time. You have to give time to cryptocurrency to see it as a successful medium of payment.

[xsaints128]

One of the main reason is that the government doesn't want to recognize it as a mode of payment maybe because its decentralised and all. Another reason is that the prices fluctuates a lot. Crypto market right now is in a pretty nascent stage so I think in the near future we can expect crypto as a mode of payment.

[jatoman]

In order for the currency to be successful as a means of payment, it is necessary to do a lot of work. First of all, it concerns the adoption of relevant laws and by-laws concerning the legalization and further regulation of the crypto currency. A corresponding infrastructure should be developed, which is not yet available. And most importantly - you need people's desire to use it as a means of payment. For the time being, we see only a very big interest in using crypto currency as a means of accumulating value in order to derive greater profit from the increase in its value.

I agree that for widespread use there must be a cryptocurrency that is "regulator friendly".

For that to happen, there needs to be a cryptocurrency designed with a thorough and broad understanding of the numerous regulators involved across numerous jurisdictions.  I don't see much discussion about this.

[APICEMTECH]

Because there are big powers who do not want you me and the people to take control in our hands and so they keep making some kind of fud all the time. Also because we all people have been brainwashed to believe is all the lies the corporations have been feeding us for so long. 2017 was the year when people knew about btc, it was on media, 2027 i think it will be used in every corner of the world.

[nekorakoeora]

because crypto is yet to be said for the comprehensive payment tool. only a few small parts in crypto can use it for transactions. just because it is still reasonable many facilities that are not yet able to support crypto course. In addition to that Crypto is also still quite difficult to be accepted in the various regions.

[Victorheywhy]

The fact is that some governments still against cryptocurrencies as a medium of payment. People really need to understand the plan of cryptos in changing the world. Also, what I think is that there are lots of cryptos, and we can never use all as a medium of payment unless we stick to the top three alone. That's my view anyway.

[alyssa85]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Bitcoin ruined things last year by having high fees and delays in getting coins confirmed, and lots of retailers like Steam decided not to accept bitcoin any more.

As for alts, they could in theory have stepped into the void, but none have a big enough community to make it worthwhile for any retailer to enable them (in other words, the communities for each coin are so small hardly any sales would be done in that coin).

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Bitcoin ruined things last year by having high fees and delays in getting coins confirmed, and lots of retailers like Steam decided not to accept bitcoin any more.

As for alts, they could in theory have stepped into the void, but none have a big enough community to make it worthwhile for any retailer to enable them (in other words, the communities for each coin are so small hardly any sales would be done in that coin).

This suggests that there is a "Catch 22 Problem"... for retailers to accept a cryptocurrency, they must see sufficient demand from their customers;  customers won't use a cryptocurrency until there is sufficient supply of retailers that accept it.

That tells me that part of the solution to getting cryptocurrencies used as a medium of payment is beyond the design of a cryptocurrency.  It takes "killer apps" that are compelling to both consumers and retailers, AND an energetic community of businesses, enthusiasts, and others to promote and support these applications.  This community may be the most important part of the solution.

[Babyjamz3026]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The fact of being new way of payment I guess. It is still hard to introduce this crypto in the payment structure and for everyone. But I can see crypto being one of the payment methods in the future for sure.

[godfredmanu]

Cryptocurrency has been very successful in it use as a method of payment. Waves, monero and few major alternative currency and bitcoins are all being used on daily basis for transferring money across the globe.

[Stavri]

because current blockchains are not enough proper for the payments. it needs to be faster with a better network size. and fees should be less. Maybe lightening network is going to solve these problems and we will be able to use bitcoins as payment.

[nata777]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think that the main reason is that the market is not regulated and there is a lot of chaos that can not be tolerated in the global economy.

[blozo]

It's still early, crypto payment apps are still not user-friendly... As soon as customers and merchant solutions will be developed we will see an increase in adoption as well

[JungleBadman]

The main reason would be infrastructure. There just arent enough places accepting payments made in crypto and there are a few reasons for that. The main currencies in the space are too slow to transfer like BTC and ltc and they desperately new scaling solutions to be usable. Others like nano are potentially quick enough to be used at the point of sale but are largely untested or unheard of by the average shop owner. Another point is that there isn't really the demand to spend crypto, even if shop owners were to enable crypto payment, how many crypto enthusiasts would spend their precious crypto on let's say a pizza when it could be worth 10 times as much a year down the line.

Until the volatility dies down and people stop using crypto as an investment it will be difficult to use it as a currency and that is the sad fact.

[totholio]

Because big players require brakes, crypto is just too volatile compared to USD let's say. There are literally no brakes which can be implemented to stop the crash

[jatoman]

Cryptocurrency has been very successful in it use as a method of payment. Waves, monero and few major alternative currency and bitcoins are all being used on daily basis for transferring money across the globe.

Sure, there are some examples where it is used a medium of payment.  Still, this represents only a fraction of a percent of payments.

My question is, what is preventing cryptocurrency from being more widespread as a medium of payment.

[5thFear]

The reason is that the Fiat mafia is unable to accept the fact that their system is going to fall to Cryptos. They are giving a one last full blooded final battle because their whole empire depends on it. If Fiat falls, then the whole dollar based system falls. and not only that, every government tax system and banking system collapses. Its not a battle anymore, its a war.

[hmmkay]

Market is not ready yet to provide such payment, I think this problem will be solved in 1-2 years.

[kingvirtus09]

We're on early stages there's a lot of development on the projects so you need to pay attention on every detail in your holdings. Cryptocurrency are going to be successful in the near future they have great developers/ and head dev. that will update the software anytime in the long run using blockchain technology.

[Perfect35]

I think some developments have to come in place first before cryptocurrency can be used as a medium of exchange. Also, it has to be unanimously adopted by almost all countries, in order to people to gain trust in it.

[elwiswoodie]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

but at least cryptocurrency can be a technology considered by some agencies or governments
crypto is small in the eyes of the world, but it will be great someday
now this is the right time to invest, and never leave the train

[crazycatwoman03]

because current blockchains are not enough proper for the payments. it needs to be faster with a better network size. and fees should be less. Maybe lightening network is going to solve these problems and we will be able to use bitcoins as payment.

In addition, cryptos are not still as common as a fiat currency. People who doesn't give attention to modern technology haven't heard of and maybe those who have heard about it do not have any interest. In short, cryptos for payment are not regulated, can only be done online and not all people knows about it.

The government also act as a hindrance for this kind of adaptation and implementation, and we know hot it works. Cryptos must be recognized by the government first before it can be fully used as a mode of payment.

[Encelad]

The answer lies on the surface. The main reason for the small popularity of the Cryptocurrency is very rich people. Many do not want anyone to know about the amount of cash they have. They hide their savings offshore. They do not want to move so much money. I think the existing balance in the financial world suits most rich people.

[jatoman]

because current blockchains are not enough proper for the payments. it needs to be faster with a better network size. and fees should be less. Maybe lightening network is going to solve these problems and we will be able to use bitcoins as payment.

I agree that existing blockchains lack the performance necessary to support a successful payment network on the scale of Visa International.

I know there are projects to extend Ethereum so that it can handle this type of load. EOS claims that someday it may be able to handle this load.

I'm not aware of any blockchain designed from scratch to meet this requirement.

[giancarlo01]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

in my opinion, most part of the world are yet to know the basics of Crypto as a digital money. This news we are spreading every single day on and outside of this forum. and  definitely crptocurrency will be adapted by the mass. it's use of Decentralization(No Governing body) will also be adopted too

[Megababa]

We have to understand every great thing being adopted and used generally today took time. Cryptocurrency is currently in its early stage and it is gradually warming its way to the top please be patient and give our baby more years before you start expecting it to be everywhere.

[Julunguul]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Yes, almost of the cryptocurrencies today just focus on the trading and exchange listing, i mean we didn't see those developer trying to tell about the news and the development of the Apps and the Real objective of their project, if just they want to develop and focus to the goal of the project, we will really see it has a good price movement.

[Wicked Sick]

The adoption rate of cryptocurrencies is still very small and until that number reaches at least double digits globally I don't think we are going to see people using cryptocurrencies as a medium of payment. As cryptocurrencies need to be accepted everywhere before people shift to using it.

[gilad215]

Cryptocurrencies first haven't won the trust of people due to the non-stability in the region of investments, so people don't consider it much useful regarding that
The second government hasn’t accepted the crypto yet as a mode of digital payment so till then we cannot do much of anything in this
Third very few people know about the cryptos so that's also making a major issue if people don't know what crypto how will you be going to pay them through coins
So these are some of the factors playing the major role
But we can predict that maybe someday in future we will be using cryptos as a digital currency
Saving the environment with it.

[Levious]

The price of cryptocurrency has not been stable. This is the biggest difficulty for tokens to become the currency in life. You can think that if the price of the beverage we drink changes every minute! What do you think?

[kunsh]

There is over 70% people in the world who didn't hear about crypto at all...you can't tell to them to start using something what they don't understand how it's work
Time will pass until we have mass adoption of crypto but that time will come. We just need to be patient for now. Payment's also will come with more popularity.

[ThorWin]

Because they have so many holes and many people do not really believe in them, using electronic money also makes it difficult for some people, so watching e-money as a means of payment is impossible. any.

[jatoman]

The reason is that crypto is only starting to become popular last year so it still need a lot of time until normal people and business know about it and decided to adopt it as one of the payment option.

Yes, it will take some time and a lot of effort to get the public to understand how it works, why they should trust it, and why it is better than existing electronic payments, especially credit/debit cards.

It's similar problem to the early 1960s when Bank of America introduced the "BankAmericard".  They and American Express were trying to get the public to understand what a "credit card" was, how it worked, why they should trust it, and why it was better than using cash or cheques.  It took years and hundreds of millions USD in advertising to make it a widely use medium of payment.

Government also one of the factor of this slow adoption because they still want to regulate crypto before allowing business to accept them.

I agree.

What most governments want is way their regulators such as tax authorities and custom agencies can effectively regulate commerce paid with cryptocurrencies.  Existing blockchains make this virtually impossible because,

• they conceal the identity of payer and payee
• they conceal the nature of the transaction, where it is impossible to know what was purchased, what, if any, taxes were paid, or the tax nexus of the payer (buyer) and the payee (seller)

[MascharonoM]

There is no way to shortcut. You need to be patient. You can't do anything at a time. Lots of new ICO projects are launched every day. Not all develop overnight. As far as I know there have some good projects which are still doing great and got success PTC, BTC, Altcoin, SciDex. And also Bitcoin as well.

[lorylore]

As of right now, cryptocurrencies are still new to a lot of people, even a lot of people in my country also have trouble going cashless payment, so it gonna take quite a while for people to get used to fully digital/cashless.

[CryptoBry]

We will be celebrating next year the first decade for the introduction of the blockchain and cryptocurrency by Satoshi Nakamoto and yet things are not yet that massive though we are having many stride and accomplishments already. We are aware that there are many factors preventing the massive adoption of cryptocurrency and even last year's euphoria has now contributed to its slowdown as that was based mainly on over speculations that later on soured many people's interest when they lost the value of what they are holding. Despite the claim that the blockchain will wean us from the control of the government and the monetary system the fact is that the government is too powerful that any pronouncement deemed negative to cryptocurrency can drive the value of any coin to the ground...so much for the 'to the moon' adage. What happened in China last year is the prime example of what the government can do to cryptocurrency. People are still listening to the government and that is something we could not do anything too much for now. So are we facing a good outlook for cryptocurrency in years to come? I would rather wait for the details to come in rather than guess and be disappointed.

[cola-jere]

IMO, these prevents mass adoption:
1. Ease of use (not many people are technical to understand priv keys, addresses, mining, etc)
2. Security (in terms of preventing one's self to be scammed, goes back to item 1)
3. Media is still propagating bad image about crypto, we can understand that they are controlled by the banks anyhow.
4. Acceptance of merchants for daily use.

[looterrific]

Cryptocurrency is not regulated yet and its status are still neutral to most country. It's anonymity makes it quite hard for a country to trace a transaction and the fact that the fees are quite absurd to make a small transaction is terrifying enough for Bitcoin not being accepted a a legal way for payment.

[Biasaae]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think to be a wider payment instrument, crypto should get global recognition first. And although it has gained global recognition, a crypto that will be a currency must be guaranteed by a particular authority. So I think we will not find crypto will be a global payment medium in the future.

[MascharonoM]

I looked for some other projects during few months SciCoin based on SciDex. What is the chance of growing this cryptocurrency?

[yeeyeyaya]

I would say that many are still unfamiliar with the technology that will be more effective and better, as is the case in society. public understanding of crypto very little and still many misunderstandings about crypto. the government is also not fully supportive and banking or very financial.

[xenomorphe1]

Value of cryptocurrencies are too volatile. Imagine buying a bread with crypto, tomorrow the bread is going to cost the double or more or will be worth two time less.
Also sometimes the network is too clogged and you will need 2 hours to get a confirmation of the transaction.

[incomefromcoins]

cryptocurrency should involve to mass adoption until then we cant accept to the medium of payments all over the world it is just like smartphone evolution which may happen in coming future most of the merchants accept bitcoin

[jatoman]

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Innovation and the change of point of view the way people/users looking at it.

Crypto's are meant to become a medium of payment but as the days are passing by it is changing. We saw on how it's effective and profitable to become an investment, store of value and asset. But it's still being used the way it is and those other use that I mentioned just adds as its feature.

I agree.

When "Satoshi" invented blockchain the application "he" designed to use "his" invention was a medium of payment.  There are a variety of flaws in this design that creates obstacles for its use as a medium of payment.  Many of these obstacles posters highlighted in this thread. 

And, these and other design flaws are found in other blockchains and their cryptocurrencies.  So, they aren't isolated to Bitcoin.

My sense is there still needs to be a lot of innovation to arrive at a blockchain and cryptocurrency suitable for a medium of exchange that sees widespread use.

[[ProTrader]]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The reason why it is not yet very successful is because of the transparency of the transactions. Government don't like transparency at all specially politicians. One reason is the big players in the industry think they are already late and didn't even have the portion of Bitcoin and top altcoins in the market.

[piscook]

in my mind, some governments are still opposed to cryptocurrency as a medium of payment. People really need to understand the plan of cryptos in changing the world. Just because there are still many facilities that cannot support crypto only. In addition, Crypto is also still quite difficult to be accepted in various regions.

[Ali Akbar Torang]

Popularity, regulations, and common used. I think every new technology takes times until it was widely used by the people, new technology need to adapt first and people are feel safe when using it and the more it still tiny, the more chance for us to hold as many cryptocurrencies until it was expensive.

[enhu]

Its been a decade now when bitcoin started and we have been using it ever since including the businesses that were accepting it, we can consider it a success. There's also ETH which we have been exchanging too, I can't imagine the struggle, it was the most fud token back then now its more than $500 and its widely accepted too. There are more of crypptocurrencies like DASH which are also accepted as mode of payment and more of it.

[niublity]

At present, the cryptocurrency is still growing. He cannot serve as a payment media. At present, only Japan can support it. This will take a long time. Future cryptocurrencies must be used for payment.

[X-ray]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The reason why it is not yet very successful is because of the transparency of the transactions. Government don't like transparency at all specially politicians. One reason is the big players in the industry think they are already late and didn't even have the portion of Bitcoin and top altcoins in the market.

The transparency of crypto can't be prevented because it has been using blockchain as the protocol to distribute the token. The only important thing that becomes the main factor due to the majority of altcoins are not widely used by a lot of people remember about the volatility become the main factor of it.

[Endank]

Currently crypto is an alternative or option in making transactions. And I believe it will stay that way, because if it turns into a currency, it will not be more interesting than it is today. Trying to make crypto into a global currency or payment medium may be very difficult, and not necessarily what the market wants.

[Zaidaskin]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Looks like we should ask ourselves, are we going to be ready with crypto payment media? Even the crypto community is likely to be more comfortable transacting with fiat money. However we will not be able to ignore third party systems in manual transactions. So I think crypto will not end up being the primary payment medium in the future.

[jatoman]

Its been a decade now when bitcoin started and we have been using it ever since including the businesses that were accepting it, we can consider it a success. There's also ETH which we have been exchanging too, I can't imagine the struggle, it was the most fud token back then now its more than $500 and its widely accepted too. There are more of crypptocurrencies like DASH which are also accepted as mode of payment and more of it.

I agree that cryptocurrency is being used as a medium of payment.  There are hundreds of businesses that accept cryptocurrency.

I wouldn't consider this "widely accepted".

Of the nearly 80 trillion USD per year in global payments, cryptocurrency is a fraction of a percent of this.  Perhaps when this approach 10% I would consider it widely accepted.

I'm exploring what about cryptocurrency is preventing it from having wider use.

[jatoman]

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Innovation and the change of point of view the way people/users looking at it.

Crypto's are meant to become a medium of payment but as the days are passing by it is changing. We saw on how it's effective and profitable to become an investment, store of value and asset. But it's still being used the way it is and those other use that I mentioned just adds as its feature.

No doubt that cryptocurrency has many uses other than a medium of payment.  There is also no doubt it was invented to be a medium of payment, and for this purpose it hasn't achieved widespread usage.

I agree that there needs to be innovation.  I have yet to find an existing blockchain and associated cryptocurrency that is well-suited as medium of payment.

[Herbert2020]

all these replies and nobody has yet mentioned the real reason for it!
it is pretty simple and it is because of the design. the altcoins despite their names (coin) are not designed to be a medium of exchange aka a currency. they may be advertised as a currency, they may also carry the name "currency" but they are far from it. when the developers of these altcoins are creating them, the only thing they have in their minds is how to make more money from their  creation. that is why premines, ICOs and all the rest of the ways they use have been created.

you can not expect something that is not designed to be a currency to act as a currency. look at bitcoin for example. it IS designed to be a currency and it IS acting as a currency even though many are only seeing it as an investment.

[richardeames]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Lack of government regulation. It leads to other implications : prominent market manipulation, prevalent frauds and scams, also high volatility of crypto prices on exchanges. Once the governments in the world embrace crypto as a new class of legitimate value transfer among entities (legal tender) and the technology is matured enough to be used in high scale mass transactions, its use will be prevalent in every sectors of our lives. I believe this is going to happen in less than 5 years from now.

[dammy1988]

Because the government don't really want it and bank and other financial bodies and sector too . But thank God some are given it a try to investigate and know how blockchain technology works now

[jatoman]

all these replies and nobody has yet mentioned the real reason for it!
it is pretty simple and it is because of the design. the altcoins despite their names (coin) are not designed to be a medium of exchange aka a currency. they may be advertised as a currency, they may also carry the name "currency" but they are far from it. when the developers of these altcoins are creating them, the only thing they have in their minds is how to make more money from their  creation. that is why premines, ICOs and all the rest of the ways they use have been created.

you can not expect something that is not designed to be a currency to act as a currency. look at bitcoin for example. it IS designed to be a currency and it IS acting as a currency even though many are only seeing it as an investment.

I agree that a foundational problem is one of design.  I'm not aware of any blockchain and an associated cryptocurrency with an adequate design so the cryptocurrency can be widely used as a medium of  payment (exchange).  So, there is room for innovation.

And for certain, virtually all ICOs and their cryptocurrencies aren't intended to be used as a medium of exchange.

Still, there are some cryptocurrencies that were designed to be a medium of exchange beginning with bitcoin.  None have achieved widespread use.  This thread is helping showing some of the obstacles preventing it.

[coinbeach1]

Pundi X sends you an additional 7% of your coins held each month until the end of the year. So if you have 100 coins on your listed wallet or Coinbene Exchange, at the end of the month they send 7 coins to your wallet (Airdrop). This way you always increase, and you can wait out fluctuations.

Good crypto Project! Their creditcard machine (POS machine) takes direct crypto payments.

[rahul10948]

May be because cryptocurrency is new, the awareness of how cryptos work to the public is still unknown to most people. People probably heard about bitcoin but how it works and how it could change our future is still unknown to them. I think the govt should or another agencies and we the crypto community should raise awareness on the possibilities of cryptocurrencies and educate more people on the uses. this can be possible reason

[indobitcoin.tk]

not can not, but could not. still need a variety of study again so that Crypto can serve as means of payment. still at risk if making crypto for payment at this time. large fluctuations make crypto is very detrimental to either party if it is used for the transaction. wait for some future time will surely begin to grow many transactions could use crypto.

[pharaon]

There are already countries that have recognized bitcoin as a means of payment, actively use technologies related to crypto-currencies, but not all countries are ready for this. For general recognition and use of crypto currency should take some time, so let's be patient.

[mik3]

crypto-currencies are characterized by high volatility, this is one of the main reasons why they are not everywhere a means of payment. this means that the commission or price for a particular commodity can vary depending on the volatility.

[goodluck0319]

the reason for this is simple - too high costs for the transfer and long confirmation of the transaction. alternatively, use third-party services as lightning network, but their implementation will take time

[thecoder2017]

The reason for this i think is the price of crypto is volatile and to become successful as a mode of payment is hard there are many things to consider and even laws to legalized it to be use in payments and other transactions.

[Sithara007]

Who told you that they haven't been successful as a medium of payment? There are some issues, but people have become innovative now trying to resolve them. For example, the long delays in confirmation can be resolved by using a third party payment processor such as Bitpay.

[markcruz5554]

Still too complicated for people to use I think, when it's as simple to use as paypal then it will gain real adoption.

[Gerandoong]

I want to say, For now, there is no readiness as it is a new way to create money exchange. The reason is cryptocurrency takes more time to be the best way to make payments. The government is also not fully supported and banking or other finance companies are also strongly opposed to crypto and they think that crypto can be dangerous.

[jatoman]

Who told you that they haven't been successful as a medium of payment? There are some issues, but people have become innovative now trying to resolve them. For example, the long delays in confirmation can be resolved by using a third party payment processor such as Bitpay.

I suppose it depends on what you consider a success.

Sure, cryptocurrencies are used for payment.  Out of the nearly 80 trillion USD per year, crypto payments represent a fraction of one percent of this.  This fact is the source of my conclusion.

The point of this post is to explore some of the obstacles that prevent its widespread use.

[btc-facebook]

Basically, Bitcoin is an asset just like gold and bitcoin has unique feature as currency.

When people decide to use fiat, they require to having stable value unlike cryptocurrency still consider volatile until now so that's why most people can't use bitcoin as legal currency like fiat !

[jatoman]

It would take time for jnstitution to realize cryptocurrencies are better to use. The government are still opposing its use although there are countries already adopting it.  The more countries that will be accepting bitcoin, the more will be opening themselves for it also. It will take time.

I agree that before cryptocurrencies will experience widespread use as a medium of payment that governments, and more specifically, their regulators allow, if not enthusiastically support, cryptocurrency as a medium of payment.

There needs to be innovation because I'm not aware of any blockchain and its associated cryptocurrency that is "regulator friendly".

[gucci belt]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

In my opinion, it would be very complicated a crypto would be a normal payment system in the future, at least of all crypto is available today.
But if all countries agree to use it, and crypto is created specifically for this purpose, it is another. But if indeed it will happen, it will likely take a long time.

[merle]

Yes right now, only small cryptocurrencies that can be used for the medium of payment in the real world. Not all parties or industries accept the many kinds of crypto and blockchain technology. But, crypto is always developing. It probably needs more time to introduce the benefits and simplicity of cryptocurrency to the world. It is good for some cryptos have been accepted. We hope that more cryptos are valuable for the medium of payment.

[ololajulo]

I think you are thinking pessimistic about the future of the cryptocurrency market. For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world.

Fame is not the problem of cryptocurrency any more. I believe it has gone viral to help acceptability but the use is still limited and people's confidence is declining. If bitcoin can't serve as payment why can't other. Crypto has some innovation in online shopping with payment medium but still struggle to thrive. I wish improvement comes in the nearest future

[sircy]

Crypto is still a new field and certainly still arising out the pros and cons of the existing therein. so from that Crypto can not be used as a medium of payment. Although some countries have already implemented this in some places, overall there are still many who are still reviewing this crypto.

[jdkly]

I think the biggest reason is that prices fluctuate a lot. Another reason is security, and a lot of technology needs to be developed

[NineBall]

I guess that's because transaction costs are still expensive, and prices are unpredictable, so people prefer to invest instead of using as a medium of payment

[snaper14]

one of the major factors are the price of the coins, it is very volatile and people don`t have confidence to accept payments with them as today worth of a coin may be 1$ but tomorrow 80cents.

[plontacia]

The main problem is the high volatility of the crypto currency, if this changes and the crypto currency becomes more stable then the situation will change

[b_oo]

It really all comes down to infrastructure. How can it become the norm is not many places accept it?

[michael23]

The cryptocurrency market is a new phenomenon, and yet people do not know how to relate to cryptocurrencies. Many countries do not support cryptocurrencies.

[Electric4]

It's the volatility.

Imagine if a country came out and said, "We're going to use this one crypto currency." The value of that crypto is going to go into the tens of billions of dollar marketcap. And the benefiters are going to be the holders. Then imagine if they sell out once the country starts using it. The dropped price will cripple them.

[jatoman]

The reason is that they are not controlled by anyone, and as we know the government does not like it. From the government-controlled cryptocurrency makes no sense, and not controlled has cant received extensive distribution.

Some governments don't like the idea of cryptocurrency because they can't control the money supply, which is their "monetary policy".  I suspect most governments don't care because they don't see cryptocurrency being a threat to their monetary policy because to date there has been very little use as a medium of payment. 

On the other hand, if there was a cryptocurrency that was regulator friendly where it provides advantages to the government over their fiat currency, perhaps governments would allow, even encourage, the use of cryptocurrency.

[jatoman]

I believe crypto is a payment solution in the future, you try to imagine if we want to send money abroad in just a matter of seconds or minutes the money will quickly get to the recipient with a very low cost and without complicated requirements. Crypto is a technological breakthrough that is very suitable for use in people's lives or used en masse.

For certain, Instant Value Transfer is a primary benefit to consumers of cryptocurrency.

Also, its for everyone because it doesn't require either the buyer or seller to have a bank account.

Lastly, it's a breakthrough for private and public accounting because it provides evidence for a purchase.

So, cryptocurrency has a lot of benefits. 

The question remains... with all these benefits why isn't is use more widespread?

[torrantz]

the reason for this is simple - too high costs for the transfer and long confirmation of the transaction. alternatively, use third-party services as lightning network, but their implementation will take time

I do agree, last time I use crypto for buying all my needs it takes quite of time but about the fee I can say that around the same as what paypal required so it's quite fair but the time required for a confirmation just a pain in the ass.
Lightning network is an interesting option for this but as you said, it need complicated set up, also need to make merchant know what theyre doing so not really effective.

[gentsy brink]

I think cryptocurrency is not suitable as a medium of payment. because of the value of cryptocurrency that high causing crypto is misused by some people. besides, not everyone has known about the cryptocurrency world and of course, it will make cryptocurrency difficult to develop. it would be better if the cryptocurrency is used as an investment because I think it's more profitable.

[jatoman]

In addition, cryptos are not still as common as a fiat currency. People who doesn't give attention to modern technology haven't heard of and maybe those who have heard about it do not have any interest.

I agree.

Consumers (buyers) won't use it until they

• are aware of it
• understand how it works
• trust it

To achieve this, there needs to be a lot invested in marketing crypto payments to consumers (and, retailers too!) as well as educational programs.  I see a similar task as American Express and Bank of America, pioneers in card payments, did in the 1960s to get consumers and retailers aware of it.

[jatoman]

Because there are big powers who do not want you me and the people to take control in our hands and so they keep making some kind of fud all the time.

There is no doubt that cryptocurrency threatens huge organizations such as American Express, Visa International, and others in the global payment industry.  I would expect such organizations to engage in a FUD (fear, uncertainty, and doubt) campaigns.

To counterbalance this, there needs to campaigns to alert consumers to cryptocurrency payments including their advantages.  Crypto payments do have a huge advantage in messaging over traditional payments companies because of modern communications such as social media, blogs, and message boards such as bitcointalk.org allow messages to quickly and easily spread to consumers.

[omfg.xekcep]

There is SWIFT for this purposes and while nobody is going to change anything in this field because it is tested and secured. I think that crypto technologies are too crude to be the core system of interbank payments. Just recollect how often we heard about hackings and vulneriabilities in crypto technologies.

[gokusenpai0302]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The reason behind it is simple, it is a new player in cryptocurrency world. New tokens or coins cannot cope up with bitcoin or other altcoins out there in terms of features, this will also depend on the development team on how they will handle the platform itself especially the implementation of its features. But for now, bitcoin is the widely used as medium of payment as well as other altcoin like Etherium or Litecoins.

[max6575]

with customs of decentralized as the transparency with use of returns as transmission within network of blockchain server, the token to deliver as exchanging substitution on use with trade on merchantile between partisan of business with crypto currency.

[Semen89]

This market is successful in order to earn money, but as a form of payment, they do not yet develop as quickly as we would like to wait and see.

[jatoman]

There is SWIFT for this purposes and while nobody is going to change anything in this field because it is tested and secured. I think that crypto technologies are too crude to be the core system of interbank payments. Just recollect how often we heard about hackings and vulneriabilities in crypto technologies.

Yes, I'm quite familiar with SWIFT.

It's slow, complicated, and expensive. 

For cross-border payments, SWIFT (Society for Worldwide Interbank Financial Telecommunications) often takes days to settle, requires coordination between up to four banks (Payer's Bank, Payer's Bank's Correspondent Bank, Payee's Bank's Correspondent Bank, and Payee's Bank), and has fees in the tens of USD per payment.

In contrast, crypto payments can move any value of money from anywhere to anywhere in moments for essentially no cost.  Further, anyone can use crypto payments because it doesn't require a bank account.

While SWIFT is trying to address its shortcomings, it's a 50 year-old architecture that is ill-suited to compete with crypto payments.

Here is a short read about comparing ripple with recent improvements from SWIFT: https://www.gtreview.com/news/fintech/ripple-dismisses-marginal-improvement-of-swift-gpi/

There is plenty of opportunity for innovation with crypto payments.  Not so much for SWIFT.

Nice FUD posting though.  Hat's off to you!

[qwertyup23]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

There are various reasons on why cryptocurrencies are not circulating in the market as the main medium of exchange, such as: first, it has a highly-volatile price that can serve as a double-edged sword in both the consumer and the producer, its limited supply in the market can go inflationary on the year 2140 (since that year will be the projected year that all bitcoins will be mined out), other countries cannot adapt a technology that would support electronic payment as they are still underdeveloped and developing, and the government views bitcoin as a foreign entity that is a threat to the society.

[BlackWidow]

Because here are big powers which don't want you, me and all people to take control in our hands and so they keep making some king of FUD all the time         

[Teebass001]

It's not going to happen any time soon. Crypto is still in it infancy. A lot of obstacles has to be overcome before will can have a widespread adoption of crypto. These includes but not limited to: transaction time, cost, security and a host of other factors. I still believe in cryptocurrencies as the future of payment. But it's not gonna happen in the nearest future. Fiat still holds sway. In the meantime enjoy the speculative power of crypto. Cheers

[jatoman]

There are various reasons on why cryptocurrencies are not circulating in the market as the main medium of exchange, such as: first, it has a highly-volatile price that can serve as a double-edged sword in both the consumer and the producer, its limited supply in the market can go inflationary on the year 2140 (since that year will be the projected year that all bitcoins will be mined out), other countries cannot adapt a technology that would support electronic payment as they are still underdeveloped and developing, and the government views bitcoin as a foreign entity that is a threat to the society.

No question that price volatility creates problems for sellers (retailers, merchants, and suppliers) because it takes several days to convert cryptocurrencies into fiat and during that time the value of their payment might go down significantly.  Similar problem for buyers (consumers) because it takes several days to convert fiat currency into cryptocurrency.  Once again, during that time the value of their cryptocurrency might go down significantly.  Of course, both buyers and sellers benefit it value of the cryptocurrency going up.

A tactic that would address this, and is part of what will make the user experience a welcome one for buyers and sellers, is nearly instant conversion to and from fiat currency.  If moments before I go to the store I can purchase cryptocurrency with fiat currency by pushing a button on my iPhone app, then shop and make purchases in cryptocurrency using my iPhone app and its QR code, and then the retailer converts the cryptocurrency into fiat currency moments after the purchase, the duration is short enough that price volatility will have virtually no impact on either the buyer or seller.

[hoanggiangg000]

Cryptocurrency has been very successful in it use as a method of payment. Waves, monero and few major alternative currency and bitcoins are all being used on daily basis for transferring money across the globe.

[Aleksandr_ov]

the market is young and after 10 years you will not know the current system will all be in drohumu

[optimusprimalh]

I think it's only the matter of time. Ordinary shops don't have the equipment and often they even still don't care, because it'll be expensive to do so and not so many people would want to pay with cryptocurrency.

[jak3]

I don't know about the current market as I think Crypto Currency is the perfect tool for any business out there, It provides all the protection and security everyone requires without losing a lot of money on charges/taxes and slow transactions. Crypto Currencies are now quite young and they will take over everything in some years until then take as much as advantage you can.

[jatoman]

As of right now, cryptocurrencies are still new to a lot of people, even a lot of people in my country also have trouble going cashless payment, so it gonna take quite a while for people to get used to fully digital/cashless.

For certain there is a lot of work necessary to inform people about cryptocurrency as a medium of payment.  While virtually everyone I ask, "have you heard of bitcoin?" answers yes, virtually none of these people when I ask my follow up question, "Do you know what cryptocurrency is?" answer yes (so far, only 1 person knows and he is a computer scientist!).

I believe it will take a campaign similar in scope as what American Express and Bank of America did in the 1960s to educate the public about credit card payments.  This took over a decade before the public used cards for a significant percentage of their payments.  In fact, not until the invention of the debit card did cards surpass cheques (checks) as a medium of payment.

[txfidk]

the most important reason is the large fluctuations in the price in a short time

[Ceyebrity]

Cryptocurrency is volatile. The price is not stable yet..imagine someone buys a good worth $1000 from your site and you wake up to discover it has dropped to $900

[jatoman]

Cryptocurrency is volatile. The price is not stable yet..imagine someone buys a good worth $1000 from your site and you wake up to discover it has dropped to $900

No doubt that price volatility is an obstacle.

Cryptocurrency exchange rates presently are driven primarily by speculation.  The result is the sometime large change in price that we often call "high volatility".

Currency exchange rates are volatile.  Cryptocurrency is no exception. 

As speculation is driven out of the cryptocurrency market, cryptocurrency exchange rates will mimic fiat currency exchange rates.

[Gaggy185]

At first you should know that cryptocurrency is not legalized in any country yet so it's the main reason why cryptocurrency can't be used as a payment method. If there is any company/shop/store/restaurant accept cryptocurrency for payment so it'll be kind of tax evade. Beside cryptocurrency has banned in some countries so cryptocurrency can't be a global payment method at the moment

[marks1976]

I think it's only the matter of time. Ordinary shops don't have the equipment and often they even still don't care, because it'll be expensive to do so and not so many people would want to pay with cryptocurrency.

Actually accepting cryptocurrency by using payment gateway specialised for this barely take any amount from your wallet, instead, you will have a wider users coverage for free.
But what makes people not accepting bitcoin yet is that they are afraid of it mainly because they are uneducated about cryptocurrency and people don't know how to implement it to their business.

[eliek18]

the first thing that becomes a problem is the public understanding of crypto is very little and there are still many misunderstandings about crypto. the government is also not fully supportive and the banking or other financial companies are also very opposed to crypto and they think that crypto could harm and take over their business.

[goldcoinminer]

the first thing that becomes a problem is the public understanding of crypto is very little and there are still many misunderstandings about crypto. the government is also not fully supportive and the banking or other financial companies are also very opposed to crypto and they think that crypto could harm and take over their business.

Yes.I believe why cryptocurrencies are not yet successfull as a medium of payments its because people lack the proper education and awareness of crypto potentials and benefits.And the fact that a lot of negative news are against cryptos,it will add more confusion and even fear to the people if they use it.Lastly,cryptos are not yet supported by the government just like in my own country.

[jatoman]

At first you should know that cryptocurrency is not legalized in any country yet so it's the main reason why cryptocurrency can't be used as a payment method. If there is any company/shop/store/restaurant accept cryptocurrency for payment so it'll be kind of tax evade. Beside cryptocurrency has banned in some countries so cryptocurrency can't be a global payment method at the moment

It's legal in the United States of America to name just one country.

Very few countries have banned all cryptocurrencies for payment.  

I believe so few countries have banned crypto payments mostly because it's not used widely (thus my creating this thread!).  It's not enough of a threat to worry about.

Now, I agree with you that, when crypto payments experience greater adoption, governments may ban certain cryptocurrencies for the reason you highlight... tax evasion.  This is one of a series of regulations governments are concerned crypt payments evade.

That is why I think before a cryptocurrency will see widespread use is it needs to be "regulator friendly".  I'm not aware any cryptocurrency that is "regulator friendly" because all cryptocurrencies hide the identity of the buyer & seller along with detail about what was purchased, where it was purchased, what, if any, taxes were paid, and so forth.

[matanglawin]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

It is not yet accepted by many countries as an official currency maybe because of the market volatility. The market value of mist cryptos are lacking consistency which is a must when it comes on cryptos to have equality in the world market. It is indeed profitable but maybe, there'll be more years to come before cryptos to be official in most of the countries.

[jatoman]

IMO, these prevents mass adoption:
1. Ease of use (not many people are technical to understand priv keys, addresses, mining, etc)
2. Security (in terms of preventing one's self to be scammed, goes back to item 1)
3. Media is still propagating bad image about crypto, we can understand that they are controlled by the banks anyhow.
4. Acceptance of merchants for daily use.

I agree.

What items #1, #2, and #3 have in common is the need for compelling applications that make it fast, easy, and safe for buyers to use and sellers to accept cryptocurrency payments.  The applications I have seen are just too cumbersome of a user experience for most people to use.

[jatoman]

Popularity, regulations, and common used. I think every new technology takes times until it was widely used by the people, new technology need to adapt first and people are feel safe when using it and the more it still tiny, the more chance for us to hold as many cryptocurrencies until it was expensive.

Yes, all technology goes through the Diffusion of Innovations (https://en.wikipedia.org/wiki/Diffusion_of_innovations).  Cryptocurrency is no exception.

We are in the "Early Adopter" phase, which are cryptocurrency visionaries and enthusiast such as we at bitcointalk.org.

Geoffrey Moore in his book, Crossing the Chasm,  suggests that transitioning from the Early Adopter phase to the Early Majority requires special messaging.  His point is success has less to do with the technology (even though this does need to be truly disruptive) and more to with communication and education to reach the Early Majority.

This is why I believe there needs to be a significant marketing and education campaign making people aware of cryptocurrency, what are its advantages over traditional mediums of payment, how it works, and why they should trust it. 

[michellee]

I think it's because not all country is accepted cryptocurrencies for a payment system and besides that, the price of cryptocurrencies still too volatile which is not good to be used as a payment. people cannot accept if the price is always changing in any second and if they want to use cryptocurrencies as a payment when they buy something, the price of that product will always change and they need to spend more amount of coin when the price increase. and we know that the price of the product will always increase in the future, so they will need to spend more.

[jatoman]

I think it's because not all country is accepted cryptocurrencies for a payment system and besides that, the price of cryptocurrencies still too volatile which is not good to be used as a payment. people cannot accept if the price is always changing in any second and if they want to use cryptocurrencies as a payment when they buy something, the price of that product will always change and they need to spend more amount of coin when the price increase. and we know that the price of the product will always increase in the future, so they will need to spend more.

Yes, extreme price volatility where the value of routinely drops or rises significantly in less than 24 hours can be an obstacle to wide spread use.  

While in the past year, especially between November and February, there has been instances of extremely price volatility, in the past 90 days price of cryptocurrencies such as bitcoin have been stabilizing.  In the past several weeks the price has changed less than 5%, which is similar to the change in value of fiat currencies such as the USD.  

For example, on 13th of June bitcoin was 6299.52 USD.  At the time of this post it is 6337.85 USD.  That's less than 1% change in price over a 2 week period.

During the same period the US Dollar Price Index went from 93.82 to 94.58.  This also was less than a 1% change.

So, during the past couple weeks the price volatility of bitcoin was actually less than the US dollar.

Speculation was the driver for extreme price volatility of cryptocurrencies in November through January.  As speculation was driven out of the market, prices stabilized.  Over the next year I expect price volatility of cryptocurrency to be similar to price volatility of fiat currency.

This is why I don't believe price volatility will be a significant obstacle to wide spread use over the next few years.  Instead, I see other obstacles posters on this thread have highlighted being more significant.

[dasha_buka]

Because we all people have been brainwashed to believe it's all the lies  the corporations have been feeding us for so long, 2017 was the year when people learn about btc completely               

[code]

Because it's been too little time. There should be infrastructure for this. And then the law of network effect will come into force. It remains to wait very long...Waiting, watching...

[jatoman]

I think you are thinking pessimistic about the future of the cryptocurrency market. For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world.

Fame is not the problem of cryptocurrency any more. I believe it has gone viral to help acceptability but the use is still limited and people's confidence is declining. If bitcoin can't serve as payment why can't other. Crypto has some innovation in online shopping with payment medium but still struggle to thrive. I wish improvement comes in the nearest future

I agree that most people have heard of bitcoin.  I asked virtually everyone I know whether they have heard of bitcoin.  100% said yes.

However, when I ask people who have heard of bitcoin whether they know what cryptocurrency is, all but one person said no.

So, while people of heard of bitcoin, too fee understand what cryptocurrency is, how it works, why they should trust it, and, most importantly, what about it makes it superior to traditional payments so they will want to use it as a medium of payment.

It's going to take a significant campaign to get enough people aware of it and wanting to use it.

[MiniMountain]

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

[jatoman]

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

Governments won't enthusiastically support cryptocurrency as a medium of payment until there is a cryptocurrency that is "regulator friendly".

They see cryptocurrency as a tool to evade regulations.  This is because all existing cryptocurrencies, a) hide the identity of the Buyer and Seller, and more importantly, b) hide the detail of the nature of the purchase.  Without this information regulators such as tax authorities or customs agencies can't do their jobs.

Their support for a cryptocurrency will come only when this cryptocurrency allows their regulators to their jobs.  "Regulator friendly" means there must be a way to learn the detail about the nature of the purchase.

[cryptoking33]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

A lot of obstacles are preventing cryptocurrency from becoming more successful some of them include the so much governmental regulations against it and the low public awareness of cryptocurrency. Many countries have refused to accept cryptocurrency as a medium of payment because of fear of losing control over their financial systems, all these have prevented the massive adoption of cryptocurrency globally.

[ekechie]

Crypto currencies are new and the industries is just started to develop and i believe given crypto currencies time, it will rank up and be used for many payment option, one good about crypto currencies is that it is acceptable everywhere.

[jatoman]

Basically, Bitcoin is an asset just like gold and bitcoin has unique feature as currency.

When people decide to use fiat, they require to having stable value unlike cryptocurrency still consider volatile until now so that's why most people can't use bitcoin as legal currency like fiat !

I agree that extreme price volatility such as what we saw between November 2017 and February 2018 is an obstacle.

However, the past several months cryptocurrency prices have been stabilizing because speculation has been driven out of the market.  Further, the last couple weeks bitcoin's price has been more stable than the US dollar.

So, cryptocurrency is approaching similar price stability as fiat currency.  That's why I don't believe it price volatility is that significant of an obstacle.  Instead, I see government support of cryptocurrency as a medium of payment and awareness being the two most significant obstacles.

[lieutkcb]

Popularity, regulations, and common used. I think every new technology takes times until it was widely used by the people, new technology need to adapt first and people are feel safe when using it and the more it still tiny, the more chance for us to hold as many cryptocurrencies until it was expensive.

[michellee]

Crypto currencies are new and the industries is just started to develop and i believe given crypto currencies time, it will rank up and be used for many payment option, one good about crypto currencies is that it is acceptable everywhere.

I think there is a lot of things that need to be prepared before cryptocurrencies can be successful as a medium of payment. I think each store online and the local store is not ready to accept cryptocurrency as their new payment system. besides that, the government needs to set up the infrastructure for applying and accepting cryptocurrency as a new payment gateway. I am sure that if everything is ready, we can use cryptocurrency as another payment system and we can pay with the cryptocurrency.

[Dblue]

Well people have stopped using cryptocurrencies as a s means of payment and everyone is now using it as a form of investment because they have realized that they can make a lot of money from buying and holding cryptos. This is why it will take a long time before cryptos can become the accepted currencies, until people start using them as currencies

[jatoman]

the reason for this is simple - too high costs for the transfer and long confirmation of the transaction. alternatively, use third-party services as lightning network, but their implementation will take time

I agree that an obstacle is the process of converting to and from fiat currency. 

For example, when I buy bitcoin from CoinBase it takes over a week to receive.  And, I must pay transaction fees of several US dollars.  Similar process when selling bitcoin.

For consumers that have access to credit/debit cards where they have instant access to their bank accounts and pay no fee for using them, there aren't many advantages of using cryptocurrency over credit/debit cards.

[tenebriscaelum]

It is because of volatility and no business owners would want to take a payment that is very volatile. Also their is trust as traditional business owners do not trust cryptocurrencies yet or to be more accurate they do not believe in it. If at least these two are solved then crypto as a mode of payment will become true.

[Circles]

It's a new type of currency. You can't expect something brand new to come along and take over. It would have to take decades. Maybe even centuries.

[BartS]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Your average person does not see the need for cryptocurrencies yet, they can do everything they want with their fiat while cryptocurrencies offer limitations on the things you can buy and require to learn a new way to do something, when that happens it is clear there is going to be resistance to change, but all of those people are going to lament not adopting cryptocurrencies a lot sooner once their value skyrockets and fiat itself begins to face trouble.

[biochem123]

There's many reasons, mainly it's the volatility and also the fact that it's all so new -not enough people trust this type of payment unfortunately

[vKedax]

At the moment, to pay for a purchase, you need certain skills and knowledge in the cryptocurrency. In daily calculations there are commissions, and this is also a minus, the transaction time is quite large for most transactions with cryptocurrency.

[jatoman]

Yes right now, only small cryptocurrencies that can be used for the medium of payment in the real world. Not all parties or industries accept the many kinds of crypto and blockchain technology. But, crypto is always developing. It probably needs more time to introduce the benefits and simplicity of cryptocurrency to the world. It is good for some cryptos have been accepted. We hope that more cryptos are valuable for the medium of payment.

I agree that it seems like further innovation is necessary. 

Among the improvements is in the user experience for consumers.  There needs to be an application where consumers can quickly and easily load their fiat currency from their bank account or credit/debit card into this application that in turn can instantly convert this into a cryptocurrency ready to spend with a merchant.

[cris17]

As you can see right now only Bitcoin is famous and known among the big amount of people. People are afraid of chances and on the other hand, they don't understand the benefit of the blockchain and cryptocurrencies, that is the reason why we are not using crypto as dollars for now, but in few years it will become common.

[ngonco.giolua22]

Cryptocurrency is not regulated yet and its status are still neutral to most country. It's anonymity makes it quite hard for a country to trace a transaction and the fact that the fees are quite absurd to make a small transaction is terrifying enough for Bitcoin not being accepted a a legal way for payment.

[dollurs]

This is a very new technology. As I always say " I think No more than 1-2% population of the world knows about the crypto ". So it will take some times to accept the crypto as a medium of payment. May be few decades ?

[thaokhuyen08]

It is so new, often new ones are hard to accept. There is no good protection policy for it. More manipulation and a series of scams. Electronic money is hard to get accepted right away as it has so many advantages that other currencies can not

[tifani05]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Perhaps one of the attributes that a payment media is the stability of the media in question, and crypto will not attract many people when its value begins to stabilize.

[Tiklohor]

I think because of the daily difference in price, cryptocurrency cannot be successful as a means of payment.

[[BTC]Girl]

I think this is due to the fact that many countries still do not want to accept cryptocurrencies as a means of payment. Many governments are against it and therefore some difficulties arise

[upyem2k]

I think the main problem comes from the lack of support as well as attack from world government. Another thing is that most people believe that for anything to work properly, there must be a policy upon which it will be managed but nobody formulates policy that bitcoin is operated upon. Just blockchain which most people do not even understand.

[geegaw]

I think this is due to the fact that many countries still do not want to accept cryptocurrencies as a means of payment. Many governments are against it and therefore some difficulties arise

The government has no measures and detailed plans to manage and create regulations in this area, and of course when they are out of control and people still use crypto as a payment method, many problems will arise, that could be money laundering or not paying taxes or using crypto for gambling, a country that always exists the problem, that country will soon collapse. So the government against and does not allow crypto to be used universally as the only way to avoid chaos, also, I think every user does not like to use crypto as payment method, it is probably very wasteful when the crypto always brings unexpected profits

[jatoman]

I don't know about the current market as I think Crypto Currency is the perfect tool for any business out there, It provides all the protection and security everyone requires without losing a lot of money on charges/taxes and slow transactions. Crypto Currencies are now quite young and they will take over everything in some years until then take as much as advantage you can.

I agree that cryptocurrency payments have a lot of advantages for merchants, retailers, suppliers, vendors, and other types of sellers.  For certain, the transaction fees are nearly zero, especially when sellers compare the fees they pay to use card interchanges such as Visa or MasterCard.  And, they receive value instantly at the time of purchase, instead of having to wait three banking days which is the case with card payments.

[jatoman]

I think this is due to the fact that many countries still do not want to accept cryptocurrencies as a means of payment. Many governments are against it and therefore some difficulties arise

The government has no measures and detailed plans to manage and create regulations in this area, and of course when they are out of control and people still use crypto as a payment method, many problems will arise, that could be money laundering or not paying taxes or using crypto for gambling, a country that always exists the problem, that country will soon collapse. So the government against and does not allow crypto to be used universally as the only way to avoid chaos, also, I think every user does not like to use crypto as payment method, it is probably very wasteful when the crypto always brings unexpected profits

There is no doubt in my mind that governments won't enthusiastically support cryptocurrency as a medium of payment until there is a cryptocurrency that is "regulator friendly".

[DimaGoGroup]

Cryptocurrency industry is very young and a lot of people doesn't believe in cryptocurrency as a currency of the future at all. It will take some time to spread the information about benefits of cryptocurrency as a payment method.

[huycute10]

Popularity, regulations, and common used. I think every new technology takes times until it was widely used by the people, new technology need to adapt first and people are feel safe when using it and the more it still tiny, the more chance for us to hold as many cryptocurrencies until it was expensive.

[jatoman]

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

For it to be widely used first merchants, retailers, vendors, suppliers, and other sellers must have the infrastructure to accept cryptocurrency as a type of payment.  Fortunately, there are a lot of advantages for sellers in accepting cryptocurrency.  Most importantly, the fees are much less than fees they pay to use credit/debit cards. 

It's these advantages that will drive sellers to accept cryptocurrency. 

[poornamelessme]

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

For it to be widely used first merchants, retailers, vendors, suppliers, and other sellers must have the infrastructure to accept cryptocurrency as a type of payment.  Fortunately, there are a lot of advantages for sellers in accepting cryptocurrency.  Most importantly, the fees are much less than fees they pay to use credit/debit cards. 

It's these advantages that will drive sellers to accept cryptocurrency. 

There is potential there, but right now crypo is too volatile and too many roadblocks are in place.
In the US, one even has to determine taxes on BTC when used for purchases.

Too messy right now.

[jatoman]

There is potential there, but right now crypo is too volatile and too many roadblocks are in place.
In the US, one even has to determine taxes on BTC when used for purchases.

Too messy right now.

Part of making a cryptocurrency "regulator friendly" is providing a way for tax authorities to ensure the seller collected the appropriate sales tax for a purchase. 

This means there needs to infrastructure to help sellers determine what is the correct sales tax to collect.  Fortunately, most point of sale or "POS" systems have the ability to calculate sales tax.  Still, there are a lot of sellers that don't have such POS systems.  So, there is infrastructure to be created here.

[princeyeboah]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Cryptocurrency is not meeting its full potentials as medium of payment because it has got some few setbacks which until it has been solved, will continue to hinder the increase in cryptocurrency usage. Governmental and media attacks are major factors which wards off a lot of people from using cryptocurrency.

[marksayson]

It is not easy for cryptocurrencies to be integrated as a medium of payment for many reasons. First is that not all country are open to cryptocurrency, as I have observed in the ico campaign, many country are still prohibited to join in the sale. And next is the law compliance that is still being processed. But when this thing is over, it is a very good way to use a crypto coin as a mode of payment.

[nvt2511]

Cryptocurrency is volatile. The price is not stable yet..imagine someone buys a good worth $1000 from your site and you wake up to discover it has dropped to $900

[ElingElingUmat]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Many factors are the reasons why Cryptocurrency does not succeed in becoming a medium of payment including government regulations that have not yet legalized Cryptocurrency, but there are still many people out there who do not know and understand about Cryptocurrency. So I think let's introduce Cryptocurrency to family, friends, and people around us. I hope if everyone already knows and understand about Cryptocurrency, I am sure the government will definitely legalize Cryptocurreny because many use Cryptocurrency as payment medium.

[PeriKecilkitty]

Personally, cryptocurrency is not suitable as a payment medium. because the high cryptocurrency value causes crypto to be misused by some people. Besides, not everyone knows about the world of cryptocurrency. So in my opinion better cryptocurrency, we use to invest and later generate profit.

[chicken Campus]

I want to say, For now, there is no readiness as it is a new way to create money exchange. The reason is cryptocurrency takes more time to be the best way to make payments. The government is also not fully supported and banking or other finance companies are also strongly opposed to crypto and they think that crypto can be dangerous.

[eert]

I think the current encryption technology is not mature enough, there is no regulatory policy to regulate the benign development of encryption

[jatoman]

Crypto currencies are new and the industries is just started to develop and i believe given crypto currencies time, it will rank up and be used for many payment option, one good about crypto currencies is that it is acceptable everywhere.

I think there is a lot of things that need to be prepared before cryptocurrencies can be successful as a medium of payment. I think each store online and the local store is not ready to accept cryptocurrency as their new payment system. besides that, the government needs to set up the infrastructure for applying and accepting cryptocurrency as a new payment gateway. I am sure that if everything is ready, we can use cryptocurrency as another payment system and we can pay with the cryptocurrency.

No doubt that sellers need infrastructure to accept a cryptocurrency for payment.

[BartS]

As you can see right now only Bitcoin is famous and known among the big amount of people. People are afraid of chances and on the other hand, they don't understand the benefit of the blockchain and cryptocurrencies, that is the reason why we are not using crypto as dollars for now, but in few years it will become common.

Another reason is that with the new regulations governments are trying to limit the capabilities of people to acquire cryptocurrencies, in the past you could buy coins without identifying yourself and now it is becoming more common to have to give your data away to get bitcoin, this goes against the philosophy of cryptocurrencies that offered a way to send transactions all over the world without the intermission of third parties and with a low barrier entry of only needing access to a computer to do so.

[whofeelsitknowsit]

The biggest reason is the volatility.  Merchants can't rely on the prices they set if the value of the currency is constantly fluctuating.  Similarly, consumers are hesitant to use crypto for payments if they fear the value of the currency they are using will appreciate.

[jatoman]

As you can see right now only Bitcoin is famous and known among the big amount of people. People are afraid of chances and on the other hand, they don't understand the benefit of the blockchain and cryptocurrencies, that is the reason why we are not using crypto as dollars for now, but in few years it will become common.

I agree that the lack of awareness and understanding is a significant obstacle preventing widespread use of cryptocurrency as a medium of payment.

I have asked virtually everyone I know whether they have heard of Bitcoin.  So far, 100% answered, "Yes".  So, virtually everyone has heard of Bitcoin.

I then asked each the follow up question, "do you know what cryptocurrency is?"  So, far only 1 person knew, and he is a computer scientist.

There needs to be significant promotion of cryptocurrency as medium of payment so buyers and sellers understand what it is, how it works, why they should trust, and, most importantly, what about it provides advantages compared with traditional payments such as cash or cards.

[jatoman]

I think this is due to the fact that many countries still do not want to accept cryptocurrencies as a means of payment. Many governments are against it and therefore some difficulties arise

The government has no measures and detailed plans to manage and create regulations in this area, and of course when they are out of control and people still use crypto as a payment method, many problems will arise, that could be money laundering or not paying taxes or using crypto for gambling, a country that always exists the problem, that country will soon collapse. So the government against and does not allow crypto to be used universally as the only way to avoid chaos, also, I think every user does not like to use crypto as payment method, it is probably very wasteful when the crypto always brings unexpected profits

Yes, this is exactly why there is no government that is enthusiastically supporting a cryptocurrency.  These regulator issues must be addressed before they will do that.  And, to do that, there must be a "regulator friendly" cryptocurrency.

[Treasurer]

Reducing the huge number of cryptocurrencies to 10 coins (by the number of available blockchains) would solve the issue with the common for all countries cryptocurrencies. And then it would be possible to accept crypto as a means of payment. Ten coins are easier to operate than 1600.

[happy weblancer]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

[kxp]

Because there arent many merchants accepting bitcoin or any other altcoin at the momentt, i am sure that if they existed, there would be a lot of encourage from other people to start using cryptocurrencies as a daily need

[Msile]

Well the biggest factor is the adoption rate. The crypto market is still at a early stage and as the adoption rate increases we are going to see more payments being made using cryptocurrencies. I'm pretty sure that cryptocurrencies are going to become the number one medium of payment in digital transactions due to the privacy and security it provides.

[Tylev]

Governments of different countries will always distrust the decentralized crypto currency. Very few states will maintain the uncontrolled crypto currency for it and give it the status of a means of payment. There will probably be few countries like Japan and Germany. In any case for now. However, depending on how the decentralized crypto currency will behave in the future, the number of such countries will increase or decrease. In any case, the process of legalization of the crypto currency will be long and controversial.

[Ciumex]

It is because of volatility and no business owners would want to take a payment that is very volatile. Also their is trust as traditional business owners do not trust cryptocurrencies yet or to be more accurate they do not believe in it. If at least these two are solved then crypto as a mode of payment will become true.

[swati123]

I think its how’s government supporting/accepting crypto currency in a country and lack of awareness are the main causes cryptocurrencies are not being used as a successful medium of payment. As of now people are investing in crypto to increase their asset value and earn profit.

[Matilda]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Because nowadays, the encrypted currencies have not been officially recognized all over the world, and some countries have banned their circulation. This leads to slow development.

[lucy5632]

Crypto is still a new field and certainly still arising out the pros and cons of the existing therein. so from that Crypto can not be used as a medium of payment. Although some countries have already implemented this in some places, overall there are still many who are still reviewing this crypto.

[jatoman]

Well the biggest factor is the adoption rate. The crypto market is still at a early stage and as the adoption rate increases we are going to see more payments being made using cryptocurrencies. I'm pretty sure that cryptocurrencies are going to become the number one medium of payment in digital transactions due to the privacy and security it provides.

I agree that like any new innovation it must go through the Technology Adoption Curve.  So, considering cryptocurrency is less than 10 years old, it's not surprising it doesn't have widespread use a medium of payment.

I too have no doubt that at some point it become the most popular medium of payment.  I started this thread to learn the opinions and insights from cryptocurrency enthusiasts as to what they perceive as the obstacles preventing adoption.

[unknown-user]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The possible reason maybe is due to the market volatility. The market value of most cryptos are suddenly changing from time to time which serves as a risk that there'll be times that profit will be lost. Consistency on the market value of a currency is really important to have equality in the market which is not present to most of the cryptos given that they are naturally volatile.

[Nhor1011]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

    I think because crytocurrency is not yet accepted in other countries and the technology for using as a tool in payment is not yet fully develop. Also tge pissible reason it will not use as medium of payment because of volatility,the value of cryptocurrency is not stable.Maybe after  several years crypyto currency will be consider as medium of payments.

[andthereyou]

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think the SEC are preventing cryptocurrency from being successful as a medium of payment. Because there are still many project who has successful ICO, waiting for the approval or license from SEC to operate their business. Same situation as salpay project.

[jatoman]

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think the SEC are preventing cryptocurrency from being successful as a medium of payment. Because there are still many project who has successful ICO, waiting for the approval or license from SEC to operate their business. Same situation as salpay project.

I think the SEC is actually trying to help initial coin offerings.  For example, by declaring that neither Bitcoin nor Ethereum are securities that opens ICOs that are cryptocurrencies based on either of these.

Now, there are other regulators such as tax authorities that aren't fond cryptocurrencies.

[southcat]

I think that cryptocurrency can become a payment medium all over the world. It is not because it is still immature. There are still few people who know him. The government's attitude toward cryptocurrency is still severe, as long as it is supported by the state. It will be fine soon.

[tavernakava]

Crypto needs to be mass adopted before it becomes as a main medium of payment. Remember there are some countries that still do not have credit card payments. There are some places you can pay with crypto, it just needs to get bigger. Once there is more adoption, more companies will invest into crypto payments. Right now it doesn't seem like the best option for the average business to offer that service.

[mariomerula]

I think the main reason are not the fees that many coins apply but the main problem is the high volatility of crypto market, vendors want stability when they receive payments..

[CryptoAssasin]

As of now, most of us don't have any idea how cryptocurrencies work and how its value went up a price. Some find it difficult to use and hard to understand. They are only hear cryptocurrency through social media or browsers but they lack information about it and the sad thing is that most of them are seeing it as scam. Because of lack of knowledge, they easily judging cryptocurrency as worthless medium of payment where in fact, it is the most convenient way to transfer money worldwide.

[andeonnut]

Because bitcoin is still difficult to use and sovereign data is a challenge to secure.

[ishirut009]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

because cryptocurrency as a whole is just in its infantry stage. So we are very lucky to know about this in this early stage because we can exploit this once in a lifetime opportunity. Do you agree with me here ?

[cmarquez]

Cryptocurrency is a very young market that is why we should make it mature more. Also I beleive the one reason that affects bitcoin for not beiang a medium paymeny is because of personal interest and tax. Since there are no tax to be paid in transaction governments are not promoting it to the people.

[Duogembrot]

it looks like cryptocurrency can be used for payment because cryptocurrency may also be fluctuating so no one can predict the price of cryptocurrency and if it is paid they are very afraid if cryptocurrency falls.

[genset88]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think people are afraid of using cryptocurrency. The government always prevents the development of cryptocurrency, which makes people think it is illegal. Moreover, the blockchain technology isn't really perfect, it needs to be further developed.

[jatoman]

Governments of different countries will always distrust the decentralized crypto currency. Very few states will maintain the uncontrolled crypto currency for it and give it the status of a means of payment. There will probably be few countries like Japan and Germany. In any case for now. However, depending on how the decentralized crypto currency will behave in the future, the number of such countries will increase or decrease. In any case, the process of legalization of the crypto currency will be long and controversial.

I agree that governments aren't going to support a cryptocurrency for a medium of payment until there is one that is "regulator friendly".  As you highlight, they won't support an "uncontrolled crypto currency" because this lack of control is "hostile" to regulators. 

Instead, there needs to be a cryptocurrency that allows regulators such as tax authorities and customs agencies to apply their regulations.  Better still, a cryptocurrency that actually makes applying regulations more efficient and effective than apply these regulations to traditional mediums of payment such as cash and card should certainly get governments to support such a cryptocurrency.

To my knowledge, no such cryptocurrency exists.

[lucy5632]

Crypto is still a new field and certainly still arising out the pros and cons of the existing therein. so from that Crypto can not be used as a medium of payment. Although some countries have already implemented this in some places, overall there are still many who are still reviewing this crypto.

[jatoman]

Crypto needs to be mass adopted before it becomes as a main medium of payment. Remember there are some countries that still do not have credit card payments. There are some places you can pay with crypto, it just needs to get bigger. Once there is more adoption, more companies will invest into crypto payments. Right now it doesn't seem like the best option for the average business to offer that service.

One of the revolutionary aspects of cryptocurrency is it is for everyone, including the over 2 billion people without access to banking services such as bank accounts or credit cards.

[jatoman]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

The price of bitcoin during the past month has been more stable than the US dollar.  So, I don't agree there is high price volatility.

There was high price volatility between November 2017 and February 2018.  Since early May the price hasn't been that volatile.

[holigans]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

because cryptocurrency is just a digital currency that can not be in the hence of that many people who can not do sales and payment premises cryptocurrency if we want to make payment we must exchange it first to the rupiah and can only make payment

[michellee]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

The price of bitcoin during the past month has been more stable than the US dollar.  So, I don't agree there is high price volatility.

There was high price volatility between November 2017 and February 2018.  Since early May the price hasn't been that volatile.

bitcoin will still volatile in the future and I think it makes bitcoin cannot be used as the payment. the seller and the buyer don't like to see the price always changes from time to time and they still prefer with fiat for making a transaction. maybe there will be coins that can accommodate about the price so that coin can help cryptocurrency to be used as the payment.

[jatoman]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

The price of bitcoin during the past month has been more stable than the US dollar.  So, I don't agree there is high price volatility.

There was high price volatility between November 2017 and February 2018.  Since early May the price hasn't been that volatile.

bitcoin will still volatile in the future and I think it makes bitcoin cannot be used as the payment. the seller and the buyer don't like to see the price always changes from time to time and they still prefer with fiat for making a transaction. maybe there will be coins that can accommodate about the price so that coin can help cryptocurrency to be used as the payment.

Of course, none of us know how volatile bitcoin, or any cryptocurrency, may be in the future.  My observation is over the past few months the price has been stable.

Regardless of volatility, the most effective tactic to navigate the obstacle of price volatility is a cryptocurrency where the cycle time from when a buyer converts fiat currency into this cryptocurrency, then makes a purchase using this cryptocurrency, and finally, to when the seller converts this cryptocurrency back into fiat currency can happen within a few minutes, if the buyer and seller desire it.  The result is neither the buyer nor the seller are exposed to price volatility over such a short duration.

To my knowledge, no such cryptocurrency, or blockchain, exists that has such a short cycle time.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

because cryptocurrency is just a digital currency that can not be in the hence of that many people who can not do sales and payment premises cryptocurrency if we want to make payment we must exchange it first to the rupiah and can only make payment

For certain, sellers need the infrastructure to accept a cryptocurrency.  So, there needs to be a way to make it easy and very low cost (ideally, free) for sellers to add the ability for their point of sale or "POS" system to accept a cryptocurrency.

[BartS]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

That is a problem without a doubt, the volatile nature of cryptocurrencies can make it difficult for merchants to accept cryptocurrencies as a payment method, but as far as I can remember there are some services that allow you to convert your bitcoin immediately to fiat, that way you do not risk your profits in the market of cryptocurrencies, but those services come with a price and if the profits you get in your business are very small this could take an important part of your profits away from your pocket.

[jatoman]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

That is a problem without a doubt, the volatile nature of cryptocurrencies can make it difficult for merchants to accept cryptocurrencies as a payment method, but as far as I can remember there are some services that allow you to convert your bitcoin immediately to fiat, that way you do not risk your profits in the market of cryptocurrencies, but those services come with a price and if the profits you get in your business are very small this could take an important part of your profits away from your pocket.

I agree the most effective tactic to navigate the obstacle of price volatility is a cryptocurrency where the cycle time from when a buyer converts fiat currency into this cryptocurrency, then makes a purchase using this cryptocurrency, and finally, to when the seller converts this cryptocurrency back into fiat currency can happen within a few minutes, if the buyer and seller desire it.  The result is neither the buyer nor the seller are exposed to price volatility over such a short duration.

And, yes, for this to be practical there needs to no or very small transaction fees.

[Ritaaa]

Cryptocurrency can possibly be seen as a commodity, a form of digital gold (in the case cryptos like Ethereum, "digital oil"), stocks and shares in technology, and so on. But why would anyone want to use something as a currency that could potentially go up 2x, 10x, 20x in a few months?

Normal fiat currency like USD and EUR is relatively stable and lacks volatility, e.g. the price of a can of Coke hasn't changed much in 10 years.

Crypto is completely different. it's far more volatile and acts like stocks/shares or investments rather than national currencies

If I have holdings of fiat and holdings of shares - which should I use to buy a TV now? the fiat obviously

Why liquidize an investment that could be worth far more in the future over using fiat that will probably be worth approx the same?

[kabum21]

if you had a good bank account your money would be more in the future too. the thing is: you cannot save all money but you 'll need to spend some. of course, it would be financially beneficial to spend as few as possible.

The same applies to crypto, just that it is performing better than your bank account. as crypto is quite new, not yet really spendable and still risky, most people would not have all their money in a crypto account. but as the time goes by volatility will decrease and usability will increase. once is known how much bread you get for one token, the value will adapt to the economy only.

[jatoman]

Cryptocurrency can possibly be seen as a commodity, a form of digital gold (in the case cryptos like Ethereum, "digital oil"), stocks and shares in technology, and so on. But why would anyone want to use something as a currency that could potentially go up 2x, 10x, 20x in a few months?

Normal fiat currency like USD and EUR is relatively stable and lacks volatility, e.g. the price of a can of Coke hasn't changed much in 10 years.

Crypto is completely different. it's far more volatile and acts like stocks/shares or investments rather than national currencies

If I have holdings of fiat and holdings of shares - which should I use to buy a TV now? the fiat obviously

Why liquidize an investment that could be worth far more in the future over using fiat that will probably be worth approx the same?

For the past 10 years inflation has been exceptionally low in countries such as the US value of the fiat currency hasn't changed much in value.  On the hand, in countries such as Argentina with hyperinflation the value of fiat currency has changed dramatically.

And yes, some cryptocurrency are designed to be held as an investment.  After their ICO few rise or fall in value of over 100% in a few months.  For certain, bitcoin did between November 2017 and February 2018.  Since then, it has been stable.  The past month bitcoin has been more stable than the USD.

Lastly, people sell some their investments (stocks, bonds, commodities, precious metal, and so forth) all the time to get fiat currency to purchase goods and services including TVs.

What I think impacts the decision to use cryptocurrency for a medium of payment is what benefit does it provide buyers and sellers.  Consumers that don't have access to banking services such as bank accounts or credit/debit cards it provides a way to make electronic payments or remittances anywhere in the world.  For sellers it provides an electronic (not cash) payment with little to no transaction fees.

[Irvinn]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

In order to use the crypto currency more as a means of payment, at least two conditions are necessary: legalization in most countries and the creation of an appropriate infrastructure for its real application. For the time being, the infrastructure for applying crypto currency is still not sufficiently developed and there are big problems with its legalization.

[ggod5]

I don't think it can't be a payment medium, but someone is preventing it from becoming a payment medium. I think at least it is now, but it will definitely not stop it in the future. It will definitely become a global payment medium if it is more convenient.
Why not use it?

[spritJ]

Because there are still many vulnerabilities in cryptocurrencies, it is not perfect, and many people still have many misunderstandings about encryption. The government does not fully support it, and banks or other financial companies are also very opposed to encryption, so it still has difficulties to overcome.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

In order to use the crypto currency more as a means of payment, at least two conditions are necessary: legalization in most countries and the creation of an appropriate infrastructure for its real application. For the time being, the infrastructure for applying crypto currency is still not sufficiently developed and there are big problems with its legalization.

Cryptocurrencies is legal as a medium of payment in most jurisdictions.   No jurisdiction enthusiastically supports any cryptocurrency because they see cryptocurrency as a tool to evade regulation.

[BruceJu]

The first problem is that he can't receive government regulation. The second problem is the popularity of cryptocurrency, which is very important for cryptocurrency instead of cash. XRP is a good cryptocurrency.

[KOF97]

Because many countries are against it, not all countries support it. Maybe they still need time. In a few years, perhaps the government will default to cryptocurrency.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The possible reason maybe is due to the market volatility. The market value of most cryptos are suddenly changing from time to time which serves as a risk that there'll be times that profit will be lost. Consistency on the market value of a currency is really important to have equality in the market which is not present to most of the cryptos given that they are naturally volatile.

No doubt that extreme price volatility such as BTCexperienced between November 2017 and February 2018 could be an obstacle.  However, since May 2018 BTC price has been similar to many fiat currencies.  For the past six weeks BTC has been more stable than the US dollar.

So, I don't believe price volatility is a significant obstacle preventing people from using a cryptocurrency for a medium of payment.

[code]

People are always afraid of what they do not understand, this is normal. Bank cards are also immediately came to replace cash. Soon crypto-currencies will enter our lives as well.

[losh11]

the anterior corporeality that change a trouble is the general considerate of crypto is besides petty and thither are calmness diverse misconstruction towards crypto

[Genemind]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Maybe it is because, most people who are investing in crypto doesn't want to use their crypto as a medium of payment, since they trust that the price of cryptocurrency is still undervalued and that it will cost a lot in the future. Another thing is, not all stores, shops, or establishments are accepting cryptocurrency, that is why you can only use cryptocurrency in just a few stores to transact.

[trade2winnn]

It is not,and in 5-7 years for me so Ronnie everywhere will be applied,and the paper will be dislodged at all permanently,and who do not need to be,as all payments will occur electronically,and to track and monitor people easier desire of any state,so soon to this scale will come

[almaroof]

It will be difficult for cryptocurrency to be used as a medium of payment until the high transactions fee is fixed.  The cost of gas is too high as compared to fiat payment. Something need to be done about this. Transfer  on blockchain is supposed to be very cheap and compared to fiat payment

[parkraol]

They may want to use their crypto by holding them instead of being used as a form of payment. When you use them as payment your coins will be reduced or depleted and you will not be able to grow it. But when the project is good and worth using the coin as payment you will do it

[jatoman]

People are always afraid of what they do not understand, this is normal. Bank cards are also immediately came to replace cash. Soon crypto-currencies will enter our lives as well.

It took decades before bank cards were widely used. It should NOT take that long before cryptocurrencies will be widely used.

[guizi6]

The first is that the price of cryptocurrency is very unstable, so no one is willing to hold it for a long time, especially for businesses. Moreover, the transaction cost is too expensive, which is a very large expense for the current large number of transactions, so many merchants do not accept it.

[MigoAmigo]

Normal fiat currency like USD and EUR is relatively stable and lacks volatility, e.g. the price of a can of Coke hasn't changed much in 10 years.

Crypto is completely different. it's far more volatile and acts like stocks/shares or investments rather than national currencies

If I have holdings of fiat and holdings of shares - which should I use to buy a TV now? the fiat obviously

Why liquidize an investment that could be worth far more in the future over using fiat that will probably be worth approx the same?

[pistachefreak]

The thing is, if Ethereum can be used as a currency everywhere, you can have all your liquidity/cash/money in ETH. You don't need to have FIAT then, because FIAT is missing out on ETH gains.

So if you then buy something with ETH, it does not matter, since all your liquidity is ETH. If I can buy anything I want with ETH without converting first to FIAT, I'd like to live 100% with ETH and have almost no FIAT.

[jatoman]

The thing is, if Ethereum can be used as a currency everywhere, you can have all your liquidity/cash/money in ETH. You don't need to have FIAT then, because FIAT is missing out on ETH gains.

So if you then buy something with ETH, it does not matter, since all your liquidity is ETH. If I can buy anything I want with ETH without converting first to FIAT, I'd like to live 100% with ETH and have almost no FIAT.

Yes, this is the place where everyone must arrive to appreciate the true power of using cryptocurrency as a medium of payment.  That you purchase everything with a cryptocurrency and every seller, employee, supplier, government gets paid in cryptocurrency.

Once people arrive here, the days of fiat currency may be short.

[vcmnb5]

The reason why cryptocurrency has not become a payment medium is because cryptocurrency is known by few people, and there is no support from the state. Encryption is still in its childhood. I think it needs to be developed. In the future, it will definitely become a payment medium.

[yndye]

The reason why cryptocurrency has not become a payment medium is because cryptocurrency is known by few people, and there is no support from the state. Encryption is still in its childhood. I think it needs to be developed. I will definitely become a medium in the future.

It is still in the early stage of its development that's why it is not a medium of payment for majority of people. Some are already using it though but still only a few of them because others would rather make it an investment than a currency since there is still a possibility that it would become so valuable in the future that you will regret using it when it is cheaper. Market is also unstable that's why it is unfavorable for merchants to make it as payment option if they would keep it than convert it directly to fiat upon accepting it.

[rumoo42]

Because the cryptocurrency still has no cash to use, and digital payment is already very convenient. Therefore, cryptocurrency will be a good supplement and future direction for international payments, but the payment is still high and needs to be further reduced or even free.

[bornMercurial]

in my mind, if Popularity, rules, and general use. I think every new technology takes time to be widely used by people, new technology needs to adapt first and people feel safe when using it. And also People really need to understand the plan of cryptos in changing the world. Just because there are still many facilities that cannot support crypto only. In addition, Crypto is also still quite difficult to be accepted in various regions.

[onrise]

People are always afraid of what they do not understand, this is normal. Bank cards are also immediately came to replace cash. Soon crypto-currencies will enter our lives as well.

Government plays a vital role in the country to make it the legal payment method. If they does it then business will start accepting it just like they accept credit card. But many countries do not yet recognized it as a payment method thus it stops the people to use it.

[wedar001]

I think digital currency isn't reasonable as a medium of installment. due to the estimation of digital currency that high causing crypto is abused by a few people. furthermore, not every person has thought about the digital money world and obviously, it will make cryptographic money hard to create. it would be better if the cryptographic money is utilized as a venture since I believe it's more productive.

[masterrex]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think some of the reason is the acceptance! as we all know that crypto-currency still its "Infancy" and only used by a small portion of our entire global population maybe the majority of the population still  unaware about crypto-currency including its uses and function so its a long process and promotion is needed to make it more known to entire global population.

[olamidey]

Three factors to consider why are, orientation, volatility and time. First the orientation of the economic public still needs to be resharpen many are yet to believe that Cryptocurrency is the big deal, and the current volatility of the crypto market scares them off, this leads us to the second factor, unless the crypto market becomes stable, currencies will find it difficult to reveal their true potential, finally we just have to give it time, hopefully things would get better. Nevertheless I believe in no time EON protocol would be a mega medium of exchange in the crypto world.

[Amafunkiest]

For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world . However there is massive adoption of cryptocurrency recently that even these regulations will be a thing of the past.

[Veter2000]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The main reason is the lack of free exchange of any volume of fiat for cryptocurrency. Also, no one in their right mind will send money by cryptocurrency if high volatility persists.

[PurpleNights]

Most people, me inclusive believe that the value of a coin might appreciate over time, and for that reason, i might want to hold on to my coins and use cash for payment instead. Also, not everyone is accepting of cryptocurrencies yet, a lot of shop-keepers and business owners are unaware of it or how it works, so that itself is a limitation to crypto being used as a successful medium of payment. It is also not as fast and convenient to use as compared to cash. 

[Bellex]

Crypto is like a social network. As soon as it becomes accessible to the masses, and we can not manage without it in everyday life, so soon it will be possible to pay freely for a hamburger from his crypto-wallet. We should wait for a while.

[bluedeng]

I think cryptocurrency will become a payment medium. It may take another ten years, but it won't rely on Bitcoin for trading. Bitcoin is considered too expensive to be used for payment media. There will be other better coins to replace it.

[maiden]

they are not backed by the government and because of its volatility it is not an ideal to use in payment. for now crypto is good for asset.

I agree with this, i think crypto will not be successful as a medium of payment for some reason  but the main reason is, it is not backed by the government, and if that things happen, they will surely add tax on it.

[Cryptosis]

The comprehension is that they annex materialised late and the constitute has not progressed the value base much, piece it could be in the followers years.

[inyakizuryel]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

It is because cryptocurrency is very anonymous and very hard to detect where it came from exactly and that is the very problem here in the industry, that is why right now it is not yet advisable to use cryptocurrency ad a mode of payment.

[superscommessebitcoin]

The cryptocurrency market is a fairly young phenomenon, so far the market capitalization is so small. I think that the first bar for the cryptocurrency market will be the capitalization of one trillion dollars.

[jatoman]

For the next 10 years, cryptos will become famous and become the global currency of the entire world. At that time, cryptocurrency will replace real money to become the most popular currency in the world . However there is massive adoption of cryptocurrency recently that even these regulations will be a thing of the past.

I agree.

It's going to take innovation because I don't see any existing cryptocurrency that addresses the obstacles mentioned in this thread.

[ASHLIUSZ]

It is not that easy to understand bitcoin in a short. Second thing business people doesn't make bitcoin a payment option because of its volatility. Third thing majority of the cryptocurrencies have got the access to get used as a currency with their own wallets, but it takes time for a global change to move from fiat based wallet to crypto wallets.

[shoreno]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

[Pancheng]

It is already successful medium of payment between crytpo traders and users, but it is not yet widely use as medium since we need to let the people globally about it like 50% of all the people then it will start working everywhere.

[jatoman]

The cryptocurrency market is a fairly young phenomenon, so far the market capitalization is so small. I think that the first bar for the cryptocurrency market will be the capitalization of one trillion dollars.

Considering that the global economy is about 80 trillion USD per yer and the market capitalization of all cryptocurrencies is less than one trillion USD, I think it is fair to say that crypto payments haven't been successful yet.

[hoangtujuda]

Is it bound by technology? In order to use the electronic money, at least the user must be computer , knowledgeable about the internet, but the vast majority are only young and middle-class people, this market share is small compared to cash requirements. or atm or other forms of payment so perhaps that electronic money can not be disseminated. Nevertheless I believe in no time EON protocol would be a mega medium of exchange in the crypto world.

[JeffBrad12]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

The big problem in the crypto to become a medium of payment caused by the volatility of the market. Look at the chart and how the price of crypto was changing anytime and that gives a lot of reason that's why it's still not suitable to become the medium  of payment system because the merchant needs to liquidate the crypto in a second.

[labake]

Smile, i’m Not sure if it would be successful as a mode of payment for the fact that not everyone even have the knowledge. It requires a kinda technical know-how.

[jatoman]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

No doubt the slow transaction rates and high transaction fees are obstacles to use as medium of payment.

[michellee]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

No doubt the slow transaction rates and high transaction fees are obstacles to use as medium of payment.

soon, when everything is stable, the transaction rates and the high transaction fees will solve and fix. by the way, there are many another coin that can give us a small transaction fee and the time for completing the transaction not take too long but unfortunately, this coin is not used for the payment and maybe it can be used in the future. I think if we can use this coin, we have an option to pay with that coin and not just use bitcoin as the payment.

[imopogicute]

because we know the cryptocurrency we use BTC and ETH as well as altcoins. so you think the payment of fees is not legal like water and much more. so no machines can use the govement to accept the payment of altcoins. so do everything to legalize cryptocurrency in all countries so that discovering the technical support that can be used for paying BTC or ETH.

[HuyOcCho1999]

Perhaps electronic money is limited by the knowledge of the internet and technology. Users need to understand about computers and internet to be able to use electronic money proficient, to step further to learn about the platform as well as to use it as payment method.

[HuyOcCho1999]

I think they are not ready, the electronic money market is too young because it is bound by some factors such as users are familiar with the current  type money such as ATM card, cash ... but with the advantages such as fast, convenient, decentralized, in the future electronic money  will be very potential.

[hashshashin]

Some countries have already recognized bitcoin as a means of payment, and the number of shops and institutions is increasing, where you can also use crypto-currencies as payment, so I believe that everything is ahead of us and that we will use crypto-currency more often as a means of payment - it's only a matter of time .

[ooxtcoo]

cash has been around for a long time. hundreds of monetary reforms were implemented in different countries. cryptocurrency appeared recently. and for a wide part of the population it became known only 2 years ago. during this time it is impossible to compete with the same dollar. but cryptocurrency already has its price and has a great influence on the world

[IndigoRed]

I think they are not ready, the electronic money market is too young because it is bound by some factors such as users are familiar with the current  type money such as ATM card, cash ... but with the advantages such as fast, convenient, decentralized, in the future electronic money  will be very potential.

Correct! Crypto has yet to achieve success because not enough people are using it as an actual currency. But it won’t be long before the majority starts using it. Crypto is the best form of payment because of it’s security, transparency and accessibility. Who are we to refuse something designed to make our lives easier?

[sandiskumen]

I think the biggest reason is volatility. Merchants can not rely on the price they charge if the value of the currency continues to fluctuate.Only in a moment, the company can make a profit or loss that is realized without any investment if cryptocurrancy is used as payment.

[Vampirepro]

I think most people don't use it as a means of payment because usually the fees can be consumed by your payment for example if you use bitcoin, also personally I find it difficult to use some promising coin to pay for something, because it's as if you were paying with an investment, as if you were taking gold to a store and thinking about paying the groceries with it.

[Destroyeroff98]

So far very few people know about the cryptocurrency. This is the reason. Many people just do not trust cryptocurrency ...

[kicauklaten]

a lot of factors that make this system becomes less so successful. the most visible reason is about understanding crypto from different societies which is certainly there that still lay against the crypto. not even the few who still reject the bad and think about this. the other reason of course because the number has not been supporting facilities to it especially for many developing countries in the world.

[rohican]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Not an easy matter, changing a habit that has been trusted and done for years. World money does look old-fashioned, so is fiat.
But, they are very trusted and become something that is essential. Crypto was born just now, and to reach it still takes years.

[jatoman]

a lot of factors that make this system becomes less so successful. the most visible reason is about understanding crypto from different societies which is certainly there that still lay against the crypto. not even the few who still reject the bad and think about this. the other reason of course because the number has not been supporting facilities to it especially for many developing countries in the world.

I agree that there is a lot of effort to get consumers to understand what cryptocurrency is, how it works, why they should trust it, and, most importantly, what about it is better than paying with cash, cheques, or credit/debit cards.

[Zaidaskin]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The thing that stops me most is because people are afraid of using cryptocurrency, they still doubt it. The government always prevents, opposes and even blocks the development of cryptocurrency, which makes people think it is illegal. What's more, blockchain technology is not so perfect, so it needs to be developed further.

[AiloveYouks21]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

the absence of regulation becomes the most important consideration for businessmen do not use crypto currency, they prefer paypal because there is already regulation.

[franklinrichards]

A lot of development that must be done by crypto so that it can become as a medium of payment. Crypto must strive for technology and also its ability to be accepted by all circles of the world community. So crypto can expand its use and develop its technology so that it can be accessed easily. If crypto is able to convince the government, the government will make it easier for crypto to realize its goal.

[ahah]

Bitcoin is actually being used for payment now, but because of its high volatility, it has led many businesses to reject it as a medium of payment

[nawaki]

I think this does not fail in using crypto for media payments. Because in my country there is still a store that provides a payment using digital coins and this is the technology forward. But the barrier until now only the Government has yet to grant permission.

[bawa_23]

There are many reasons first of all Government has not legally adopted it yet. Secondly people doesn’t have good understanding of it, as it is still new to market & its Volatality in nature also make it traders to think before use. Crypto is gaining power from time to time , as it now used more in international transaction, but when it will used for daily needs it will be more than successful.

[Shikamaru]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I do not think that crypto can not be a medium of payment, but there is someone who prevents it from being a medium of payment. But I am sure, crypto will almost certainly become a global payment media in the future if it feels more comfortable and safe, because the real points are just that.

[richardeames]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

1. Price volatility
2. Still not convenient to use for non tech savvy people
3. Limited scalability issues (especially txs throughput with popular crypto such as BTC & ETH)

[Corelianer]

Too little time has passed. We need to wait for the network effect infrastructure to take effect.

[makawa]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

At this time crypto has not become fiat. Later, if all of my time comes and we can all send crypto to someone else in the world, or in the city, and they can accept it and easily turn it into a fiat, or vice versa, crypto will just be a long story and die.

[GsxR150]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The developers have no readiness to achieve that, this should require research that is not for a moment. Another reason is that cryptocurrency requires more time to be the best way to make payments, we need to make it easier for everyone in the world to buy and sell via cryptocurrency.

[yslyv]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

first of all cryptocurrencies are not enough fast for payments. it takes time for approvement. especially for bitcoin. second volatility is very high so there is a risk for both buyers and sellers. third it is still not easy to cash out from cryptocurrencies because of some regulations.

[Suares02man]

It's simple. The main problem it's people's trust. When people will start trust cryptocurrency and will want use them, they will appear in shops and banks.

[caisa88]

I think that the reason is because most people hold people as an investment, and don’t want to spend their crypto assets( because they hope that their cryptocoins will be more valuable in the future). The key would be the introduction of a solid stable coin, which people would be more happy to use as a method of payment.

[Juggernautbtc]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The most basic reason is that this sphere is not regulated in any way and is not recognized by most countries. I think that this process will accelerate as soon as at least one of the influential countries recognizes the crypto currency. And while this industry is between legal and illegal, then we will not see a mass application.

[Treasurer]

To use crypto currency as a means of payment, it is necessary that all payment card acceptance terminals be converted to receive a crypto currency. In addition, crypto is not yet so popular in the world to remodel payment terminals for it. With more popularization of crypto currency, it will become one of the most convenient currencies for calculation.

[happy weblancer]

To use crypto currency as a means of payment, it is necessary that all payment card acceptance terminals be converted to receive a crypto currency. In addition, crypto is not yet so popular in the world to remodel payment terminals for it. With more popularization of crypto currency, it will become one of the most convenient currencies for calculation.

Crypto currency can be calculated in stores and without cards and terminals. But it will take considerably longer. There is still such a problem as an address error and a refund for an inappropriate purchase. These problems need to be regulated

[StevenPop]

The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

the absence of regulation becomes the most important consideration for businessmen do not use crypto currency, they prefer paypal because there is already regulation.

The obstacle mentioned the most on this thread is lack of support from governments and their regulators.  For a cryptocurrency to gain such support it will need to collaborate with regulators to help them understand how cryptocurrency can help them do their job better than can be done with cash or card payments.

[BitcoinFotw]

The reason that cryptocurrencies are not a successful medium of payment is because people are now using it as more of an investment than a currency. There is also the problem of scalability with the coins, transaction times and transaction fees when the transaction volumes increase. Cryptos are not yet a feasible method to be used for everyday payments.

[Fedrey]

The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.

I would give an example of the question, How can older people and children use crypto currency in everyday life? After all, the fact is that cash not only because of people's habits is the most desired way of paying bills, but also the ease of use plays a very big role.

[jatoman]

The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.

I would give an example of the question, How can older people and children use crypto currency in everyday life? After all, the fact is that cash not only because of people's habits is the most desired way of paying bills, but also the ease of use plays a very big role.

As a senior citizen or child mature enough to buy a bag of figs, I want to use my internet accessible smart device to purchase a bag of figs from a produce merchant that accepts digital payments using her internet accessible smart device so that I don't to have to risk my personal safety carrying cash.

[devilzero]

In developed places, encrypted money can be used as a payment medium. Most areas need to be further popularized if they want to achieve this.

[lider1971]

because this is a fairly new phenomenon in the financial market and most people are still wary of cryptocurrency. if everything continues in the same spirit, then in a few years it will be possible to pay in stores with cryptocurrency. you just have to wait for this moment.

[Pr0st0Pr0be1]

People don't want use this asset like bargaining chip. May be when cryptoshpere will create infrastructure where you can use them - people start buy any items for the cryptocurrency.

[bighok353]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

[BitcoinMarketer39]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Not every country can actually manage to have a good economy and that is the reason why cryptocurrency will not always grow because it also requires a legalization from the government.

[ololajulo]

Lets assume bitcoin has a larger community and the oldest blockchain,and never prepared for such a large population, so which might have struggled for this reason. What can we say for those that opted for coin for online payment even for their online shopping mall like SGGCOIN, INS that never succeeded? Another factor for bitcoin medium of payment is its volatility. Tether should be an option of payment with its stable value, I hope it can be adopted.

[jamids]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.

[ocid]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.

most governments agree with this technology and some disagree because the reasons are so vulnerable to misuse by irresponsible people. therefore cryptocurrency requires legalization around the world as an alternative to how to transact valid payments, so that its function can be used by all people around the world.

[Don Karnage]

At this stage of development of the cryptomarket, most coins are perceived as assets for investment, rather than as a way to pay for something.

[Yeahnoh]

Maybe because most of the countries have already a currency that they are being used intensively, changing that parameter would be difficult when you have so much time used to dealing with your currency, plus, bitcoin is still really volatile, it can rise in price but it can also drop abruptaly, and that generates losses to the business that could implement it as a medium of payment

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Not every country can actually manage to have a good economy and that is the reason why cryptocurrency will not always grow because it also requires a legalization from the government.

I'm not aware of any jurisdiction that has prohibited using cryptocurrency for payments.  Some have banned ICOs and other security related uses cryptocurrency. So, I'm skeptical that prohibition is an obstacle.

I'm also not aware of any jurisdiction that enthusiastically supports a cryptocurrency. Until there is a cryptocurrency that helps governments apply regulations, I doubt there will be such support.

What needs to happen is a collaboration between cryptocurrency designers and regulators.

[BTalarmus]

Cryptocurrencies appeared only few years ago. Fiat money exists few thousand years. But I believe that in 5-6 years fiat money will be replaced by crypto in developed countries.

[teeshe]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

As far as i am concerned, a limited/lack of understanding of how cryptocurrency works is one of the factors hindering it from gaining much acceptance in addition to the fact that it will put people in control and may challenge the status quo of financial institutions. Overcoming these two factors, then it is certain that the acceptance of cryptocurrencies as a medium of payment will soar.

[rapidgoog]

Cryptocurrency is very volatile and is not insured by anything. The price is not stable yet..imagine someone buys a $ 100 product and an hour later it fell to $ 90.

[ESnowdan]

Well first of all they are somewhat too volatile.. You can make a payment now and within a few mins it could change up to 5% which is not a good thing if it drops..

[Ooppss5]

Because there are great powers here that don't want you, me and all the people to take control in our hands and so they are constantly making some kind of FUD king

[jatoman]

Lets assume bitcoin has a larger community and the oldest blockchain,and never prepared for such a large population, so which might have struggled for this reason. What can we say for those that opted for coin for online payment even for their online shopping mall like SGGCOIN, INS that never succeeded? Another factor for bitcoin medium of payment is its volatility. Tether should be an option of payment with its stable value, I hope it can be adopted.

Without question, extreme price volatility makes a currency undesirable as a medium of exchange (MoE).  At times BTC has been more stable than the USD.  Of course, there have been times of extreme price volatility.

The best tactic to allow a cryptocurrency to be used as a MoE is to design it such that a buyer and/or a seller can quickly convert from fiat or to fiat currency in moments such that there is no exposure to price volatility.

Consider if at time of purchase the buyer can upload from their bank account or credit card a sum of fiat currency and the wallet immediate converts this into this cryptocurrency, and then transfers this cryptocurrency to the seller's point of sale system, where the POS system converts the cryptocurrency into a fiat currency (let's a different currency than the one the buyer loaded into the wallet).  This sequence could happen in a span of a few seconds.

[ivanleon]

Do not rush to add as a means of payment, as the volatility of the assets is too large, yet there are problems with high fees, failures in the blockchain, etc.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

first of all cryptocurrencies are not enough fast for payments. it takes time for approvement. especially for bitcoin. second volatility is very high so there is a risk for both buyers and sellers. third it is still not easy to cash out from cryptocurrencies because of some regulations.

Cryptocurrency can move any amount of money from anywhere to anywhere in moments for essentially no cost.  So, I'm skeptical that speed is an obstacle to widespread use.

Now, some cryptocurrencies such as bitcoin and ether are too slow for payments as both have a low transaction rate (less than 10 transactions per minute) and long confirmation times (bitcoin takes nearly an hour).  Other cryptocurrencies are better suited for payment because they have higher transaction rate and shorted confirmation times.

And, perhaps there will be a new cryptocurrency designed to have extremely high transaction rates... much higher than card interchanges such as Visa International, and where confirmation happens within a few seconds.

[modmalaney]

Crypto is indeed still far from the word success in media payments. There are still many obstacles for this to be done properly. still, the number of rejection for crypto certainly become the most tangible obstacle occurs. not to mention the technology there is also judged to have not been too good and facilitate to make it as a medium of payment is good and perfect.

[jatoman]

Crypto is indeed still far from the word success in media payments. There are still many obstacles for this to be done properly. still, the number of rejection for crypto certainly become the most tangible obstacle occurs. not to mention the technology there is also judged to have not been too good and facilitate to make it as a medium of payment is good and perfect.

Yes, this thread his highlighted several obstacles.

I agree to be done properly, there is still a lot of innovation required.

[X-Infinity]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

It is too volatile. Merchants would not want to accept crypto because the currency itself is not stable and they would much rather opt for fiat. However, mass adoption of cryptocurrencies can stabilize the value of cryptocurrencies to an extent. X-Infinity is an ICO that actually has the power to promote mass adoption of cryptocurrencies. X-Infinity aims to create a unified cryptocurrency wallet that allows consumers and merchants the ability to transact as easily using ANY blockchain asset as a currency. Check it out http://www.xinfinity.io

[jatoman]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.

I doubt any government will make a cryptocurrency their legal tender, as they will insist this be their national currency.

Some governments may create a digital currency, not based on blockchain technology, they will designate as legal tender to augment their traditional currency (banknotes and coins).

And, for certain cryptocurrency is being used as a medium of payment.  That's not the question.

Instead, the question is what are some of the obstacles preventing widespread use.  Crypto payments represent less than 1/100 of one percent of payments in global commerce.  I don't consider this "widespread use".

I agree that gaining support from governments for using a cryptocurrency as a medium of exchange is essential to achieving widespread use.  To gain such support, there needs to be a collaboration between regulators and cryptocurrency designers so that the design of a cryptocurrency makes it more efficient and effective for regulators to apply their regulations.

[localcrypto]

nt all cryptocurrencies are successful in terms of payments recently we have seen Verge and Tron  are used by porn hub as the form of payments and Pundix is creating a merchant gateway for payments

[aldrin6697]

It is successful bitcoins are being used in markets to trade around the globe. It is just waiting for the acceptance of the public and government to hype its usefulness.

[markgayamo]

Crypto currency is needed to be legally by the government so that we can use it as a medium payment just like paper money, I think crypto will be our digital currency in the next 10 years, I'm sure that they will use crypto just like paper money and the transaction is easy and faster and crypto currency requires legalization around the world as an alternative to how to transact valid payments in the market.

[jatoman]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.

most governments agree with this technology and some disagree because the reasons are so vulnerable to misuse by irresponsible people. therefore cryptocurrency requires legalization around the world as an alternative to how to transact valid payments, so that its function can be used by all people around the world.

Some governments are concerned about ICOs because these are securities offerings and therefore should be regulated by Securities Law.  Many ICOs evade Securities Law and this is why some governments have prohibited ICOs.  This isn't the same as prohibiting the use of cryptocurrency as a medium of exchange.

I'm not aware of any government that has prohibited the use of cryptocurrency as a medium of payment.  So, that means that no cryptocurrency is illegal to use as a medium of payment.

I agree that governments enthusiastically supporting a cryptocurrency as a medium of payment will help in people trusting using this cryptocurrency.

[chidiarua]

We must understand that crypto, though a huge chunk of people are into the market, is still very much in its early stage. And we're is still early adopters. In the future, with wider adopters, crypto will surely be a means of payment for goods and services(it has already begun).

[EricJones]

I don't think the percentage number of people who are aware or invested in cryptos can be compared to those who aren't. Most people are unaware of its existence, or how it works. This could be a major factor affecting it. It could also be because of the fact that cryptos is not as easy and convenient to use as cash.

[jatoman]

Cryptocurrencies appeared only few years ago. Fiat money exists few thousand years. But I believe that in 5-6 years fiat money will be replaced by crypto in developed countries.

Revolutionary payment methods rarely are introduced.  The credit card was invented in the late 1950s.  It took the invention of the debit card before card payments saw widespread use.  Card payments surpassed cheque payments in the 1990s.
https://www.marketplace.org/2011/08/18/business/news-brief/short-history-debit-card

It will  take a combination of promotion and innovation before cryptocurrency will see widespread use.

[paul gatt]

Electronic money is not considered an official means of payment in other countries. Because most of the transactions through the code thanks to the network connection on the computer. And in particular it is not the official currency used it is not protected by law.

[jatoman]

Electronic money is not considered an official means of payment in other countries. Because most of the transactions through the code thanks to the network connection on the computer. And in particular it is not the official currency used it is not protected by law.

In many countries most payments are not cash.  For decades electronic payments and cheques have far surpassed the number of cash payments.

So, I'm not certain what you mean by "official means of payment" because neither electronic payments nor cheques are an official means of payment, and these are widely used.

Cryptocurrency payments or "crypto payments" are a type of closed-loop payment.
http://www.intelligentvenues.com/faqs/what-are-the-differences-between-open-and-closed-loop-payment-systems/

Just like any other closed-loop payment system such as a credit card, it uses a system of ledgers to track amounts among accounts of consumers, merchants, and banks.  These too use a system of electronic codes that pass through a computer network.  Functionally, crypto payments work like credit card payments.


Now, I don't believe anyone has.  Card interchanges such as American Express or Visa do offer fraud and other protections to consumers.  Crypto payments do not. 

I do not believe this is something consumers are aware.  So, I doubt this is among the top reasons why crypto payments are not widely used.

[jatoman]

Maybe because most of the countries have already a currency that they are being used intensively, changing that parameter would be difficult when you have so much time used to dealing with your currency, plus, bitcoin is still really volatile, it can rise in price but it can also drop abruptaly, and that generates losses to the business that could implement it as a medium of payment

Naturally, all countries have a currency (fiat currency).  And yes, most people are accustomed to paying with fiat currency.

People will change only when there are advantages in using an alternative payment method such as crypto payments. 

So, a question is, "what about crypto payments is better than paying with traditional payments such as cash or card payments?"

From the buyer's perspective, crypto payments provide a way to make electronic payments without requiring a bank account or a credit card.  For people that do not have access to banking services, or do not want to use banking services this is an important advantage.  There are other advantages.

From the seller's perspective, crypto payments eliminate cash payments.  Most merchants find cash undesirable because of the cost of processing cash and the security risk.  Crypto payments are much less expensive than card payments.

[sapnu]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Probably, the problem is the market volatility of cryptocurrencies. Fiat as a medium is having a stable market value which us an important aspect in order to promote equality. So since the market value of most cryptos are lacking stability, making it a medium of payment won't be as effective as the functionality of usd and other regular currencies.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Probably, the problem is the market volatility of cryptocurrencies. Fiat as a medium is having a stable market value which us an important aspect in order to promote equality. So since the market value of most cryptos are lacking stability, making it a medium of payment won't be as effective as the functionality of usd and other regular currencies.

No doubt, extreme price volatility is a significant obstacle.

All fiat currencies are volatile in that their values change constantly.  Very few fiat currencies experience extreme price volatility.

So, for a cryptocurrency to be widely used it must avoid having extreme price volatility.

[kunpeter]

I strongly believe cryptocurrency will reach that land mark. We shouldn't forget that these technology's is in its infant stage. Cryptocurrency is coming out strong. Crypto is going mainstream

[torrantz]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Probably, the problem is the market volatility of cryptocurrencies. Fiat as a medium is having a stable market value which us an important aspect in order to promote equality. So since the market value of most cryptos are lacking stability, making it a medium of payment won't be as effective as the functionality of usd and other regular currencies.

No doubt, extreme price volatility is a significant obstacle.

All fiat currencies are volatile in that their values change constantly.  Very few fiat currencies experience extreme price volatility.

So, for a cryptocurrency to be widely used it must avoid having extreme price volatility.

And it can be avoided through use the blockchain with the best scalability ever. It will be easy to liquidaty if the blockchain can deliver it in a second without a lot of requirements. It cna be done easily to avoid the extreme volatility in the xrypto market.

[Bromote]

They are fluctuational by nature and I think that makes business kind of nervous, and with a reason, they may sell a product and by the next day the payment could be worth nothing; I think in the future cryptocurrencies will definitely play a big role in mainstream payments, once it get stabilized.

[robaya]

I don't think it has worked, it doesn't mean it doesn't work. we know that market movements are very fast affecting the value of the crypto aser. I think this makes crypto unable to be used as a payment instrument. but there are some that have implemented it, maybe new bitcoin and ethereum are accepted.

[jatoman]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Probably, the problem is the market volatility of cryptocurrencies. Fiat as a medium is having a stable market value which us an important aspect in order to promote equality. So since the market value of most cryptos are lacking stability, making it a medium of payment won't be as effective as the functionality of usd and other regular currencies.

No doubt, extreme price volatility is a significant obstacle.

All fiat currencies are volatile in that their values change constantly.  Very few fiat currencies experience extreme price volatility.

So, for a cryptocurrency to be widely used it must avoid having extreme price volatility.

And it can be avoided through use the blockchain with the best scalability ever. It will be easy to liquidaty if the blockchain can deliver it in a second without a lot of requirements. It cna be done easily to avoid the extreme volatility in the xrypto market.

I agree that the best tactic to avoid exposure to extreme price volatility is a cryptocurrency payment application capable of converting from fiat currency to crypto and from crypto to fiat currency in just a few seconds.

Consider an application that works like this.

1. There is a smartphone application that is a closed-loop payment system.
2. Like all closed-loop payment systems, consumers upload fiat currency from their bank accounts or credit cards to this smartphone application.
3. The smartphone application holds this fiat currency until consumers are ready to buy something from a merchant that accepts a specified cryptocurrency.
4. When it is time to make a purchase the smartphone application converts the fiat currency into the cryptocurrency.
5. At the point of sale (POS), consumers use the smartphone application to display QR Code (or, barcode) that the merchants' POS systems can read.
6. The POS system registers the sale and accepts a crypto payment from the consumers.
7. Merchants now have cryptocurrency they can spend.
8. Or, merchants can convert this cryptocurrency into fiat currency

The amount of time between #4 and #8 can be a few seconds.  The result is neither consumers nor merchants are exposed to price volatility.

[poodle63]

I don't think it has worked, it doesn't mean it doesn't work. we know that market movements are very fast affecting the value of the crypto aser. I think this makes crypto unable to be used as a payment instrument. but there are some that have implemented it, maybe new bitcoin and ethereum are accepted.

There's some payment gateway out there that gives the fixed rate when the client is about to purchase with bitcoin therefore preventing fluctuation that could happen when the transaction was made.
the money then will be sent to the seller's account in form of USD not cryptocurrency anymore, guess that solve the problem.

[Ruby_Official]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Ruby Exchange is planning to develop an advanced mobile trading platform and launch its Mastercard/NFC service.
Hopefully, in few years, you can use RBY tokens just like cash!

[jatoman]

I don't think it has worked, it doesn't mean it doesn't work. we know that market movements are very fast affecting the value of the crypto aser. I think this makes crypto unable to be used as a payment instrument. but there are some that have implemented it, maybe new bitcoin and ethereum are accepted.

There's some payment gateway out there that gives the fixed rate when the client is about to purchase with bitcoin therefore preventing fluctuation that could happen when the transaction was made.
the money then will be sent to the seller's account in form of USD not cryptocurrency anymore, guess that solve the problem.

Yes, ideas like this help address the price volatility problem.

[Valzador]

be sent to the seller's account in form of USD not cryptocurrency anymore, guess that solve the problem.
Yes, ideas like this help address the price volatility problem.

Fixed payments will indeed overcome the problem of volatility but people need certain regulations, crypto does not have that.

[humber1]

I think there are many factors, and the most important thing is that the volatility of the cryptocurrency price is unstable and the legal currency is relatively stable. The government's support and promotion is also one of the most important factors.

[Dcoollakky247]

This could be as a result of the vulnerability in cryptocurrency which I don't see as an excuse. The vulnerability is due to the lack of policies put in place to check and balance the system.

[Veter2000]

The two main reasons are the unregulated status of cryptocurrency at the state level or at least one large state. For example, PayPal may not be recognized in any country, but its recognition in the United States allows sellers to accept payments to PayPal.
In the second reason of course this is a small prevalence and as a consequence of this high volatility relative to the US dollar.

[jatoman]

be sent to the seller's account in form of USD not cryptocurrency anymore, guess that solve the problem.
Yes, ideas like this help address the price volatility problem.

Fixed payments will indeed overcome the problem of volatility but people need certain regulations, crypto does not have that.

Collaborating with regulators will result in a design for a cryptocurrency that meets the needs of regulators.

[CafeCoinICO]

Hey jatoman,

I think the largest reason crypto is not yet successful as a medium of payment is because it is a complicated technology and it is marketed like one. Furthermore, buying cryptocurrency and using it is much more difficult than fiat currencies. As crypto gets more exposure and better understanding, its use will increase.

Best,
CafeCoin
https://cafe-coin.com/

[bit..what?]

I believe crypto will overcome the current problems and become more user friendly in the future.
This will certainly take a while, but the importance of crypto as a means of payment will certainly increase.

[Pearls Before Swine]

The government.

I wouldn't blame the government for this.  Businesses are perfectly capable of accepting crypto if they so desired and payment processors like bitpay do exist.  What I would argue is that merchants are just not interested in doing it, or at least not most of them.

There have been some governments who have banned crypto if i'm not mistaken, but it currently is not a systemic problem.  In the US, there is a local restaurant that I know of that accepts bitcoin and the government has no problem with this.  The truth is that its a pain in the ass for the business.  They're used to cash and credit cards and those methods are fast and easy.

Also if bitcoin hasn't gained a foothold, do you really think altcoins are going to?  I would argue that a good percentage of the world population doesn't even know ETH exists and they certainly don't know that coins like WAVES or LTC exist.  Though I don't want it to be this way, the fact is that people are comfortable with banks and cash and plastic money.  Those things are ubiquitous and crypto is not.

[jatoman]

Hey jatoman,

I think the largest reason crypto is not yet successful as a medium of payment is because it is a complicated technology and it is marketed like one. Furthermore, buying cryptocurrency and using it is much more difficult than fiat currencies. As crypto gets more exposure and better understanding, its use will increase.

Best,
CafeCoin
https://cafe-coin.com/

Yes, I agree there needs to be innovation to make it easier for consumers and merchants to use and accept crypto payments.  It needs to as simple as paying with a credit/debit card.

And, your point about exposure is right on.  There needs to be promotion of how crypto payments work, why people should trust these, and most importantly, what about crypto payments is better than traditional payments such as cash or card.

[jatoman]

The government.

I wouldn't blame the government for this.  Businesses are perfectly capable of accepting crypto if they so desired and payment processors like bitpay do exist.  What I would argue is that merchants are just not interested in doing it, or at least not most of them.

There have been some governments who have banned crypto if i'm not mistaken, but it currently is not a systemic problem.  In the US, there is a local restaurant that I know of that accepts bitcoin and the government has no problem with this.  The truth is that its a pain in the ass for the business.  They're used to cash and credit cards and those methods are fast and easy.

Also if bitcoin hasn't gained a foothold, do you really think altcoins are going to?  I would argue that a good percentage of the world population doesn't even know ETH exists and they certainly don't know that coins like WAVES or LTC exist.  Though I don't want it to be this way, the fact is that people are comfortable with banks and cash and plastic money.  Those things are ubiquitous and crypto is not.

No government has forbidden consumers or merchants from using or accepting crypto payments.  So, they aren't a obstacle per se.

Now, gaining governments enthusiastic support because there is a cryptocurrency designed to make applying their regulations easier and more efficient would be quite helpful.  I see this being the opportunity.

People don't care about what cryptocurrency is behind a crypto payment.  What they care is that there is some advantage to them for using crypto payments, that it is easy to use, and that enough consumers and merchants use and accept it.

That means there must be innovation on the mobile payment applications and POS systems to make these things happen.

[yeeyeyaya]

The first thing that became a problem was that there was very little public understanding about crypto and there were still many misconceptions about crypto. At first you must know that cryptocurrency is not legalized in any country, so the main reason why cryptocurrency cannot be used as a payment method. also the price of cryptocurrency is not stable.

[AVAMONEY]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

[U2018]

Now it takes a cycle, the cryptocurrency is growing, and it will become a payment medium in a few years. This is something that will happen, you don't have to question.

[Yunbalo]

Because now electronic money is being hacked by hackers, and some users are limited in knowledge, so electronic payments are not very popular yet, some countries still accept it. Payment in electronic money as Japan, Korea

[btcformula]

Fluctuation , technical, fear of hacking etc. These are some common reason. It's need some time to make it mainstream

[yayoyo]

First, because cryptocurrency suppliers only exist in the market, this makes most coins available only on the market. Second, the price of coins is changing every second. The ever-changing price makes coins impossible to be the payment method in life!

[ityandsyn]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

     There should be a legislation for every country and massive adaptation of cryptocurrencies in order to be successful as a medium of payments like fiat money, but not necessarily  to replace the existing currencies of every country.

[geegaw]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

Agreed that it can still be successful but the chances are very low when people are still not positive about it, they still believe in popular payment instruments such as cash and credit cards, these tools are guaranteed by law and government. It's safer while cryptocurrency does not seem to guarantee user safety, when we lose money, no one is responsible or protective of us, and of course, from that, the popularity of crypcurrency is very low, more time can not change too many things, it is not created for the main purpose as payment

[Rustamm]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

Crypto currency is a completely new kind of digital money. Do not expect that in a few years all people will switch to using crypto currency. This process will be very lengthy and will take many decades. Individuals and now make payments in the crypto currency, but so far this is not often the case. Everything has its time.

[Veter2000]

The government.

I wouldn't blame the government for this.  Businesses are perfectly capable of accepting crypto if they so desired and payment processors like bitpay do exist.  What I would argue is that merchants are just not interested in doing it, or at least not most of them.

There have been some governments who have banned crypto if i'm not mistaken, but it currently is not a systemic problem.  In the US, there is a local restaurant that I know of that accepts bitcoin and the government has no problem with this.  The truth is that its a pain in the ass for the business.  They're used to cash and credit cards and those methods are fast and easy.

Also if bitcoin hasn't gained a foothold, do you really think altcoins are going to?  I would argue that a good percentage of the world population doesn't even know ETH exists and they certainly don't know that coins like WAVES or LTC exist.  Though I don't want it to be this way, the fact is that people are comfortable with banks and cash and plastic money.  Those things are ubiquitous and crypto is not.

No government has forbidden consumers or merchants from using or accepting crypto payments.  So, they aren't a obstacle per se.

Now, gaining governments enthusiastic support because there is a cryptocurrency designed to make applying their regulations easier and more efficient would be quite helpful.  I see this being the opportunity.

People don't care about what cryptocurrency is behind a crypto payment.  What they care is that there is some advantage to them for using crypto payments, that it is easy to use, and that enough consumers and merchants use and accept it.

That means there must be innovation on the mobile payment applications and POS systems to make these things happen.

This is not entirely true, in some countries cryptocurrencies are banned by the Central Banks as payment means. In addition to legislative restrictions, the introduction of cryptocurrency as a means of payment is hampered by too much volatility, insufficient scalability of the network is not comparable at the moment with Visa and MasterCard and the absence of free instant conversion of crypto currency with fiat.

[Genjik]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

from my observations in the area where I live, because not all people know about crypto, many people here still use real money as legitimate payments and their views about crypto are bad enough, in my opinion

[doedz]

In my opinion, the infrastructure for cryptocurrency is not extensive, so it hasn't been evenly distributed.
Of all that can be concluded, not all regions will receive cryptocurrency.

To become a payment medium, all regions must accept it.

[miropp]

Cryptocurrency has just started to be introduced into our lives, some States have already adopted it. But this is only the beginning. Also, the problem is that few people know about cryptocurrency. To make it freely used as a means of payment, it is necessary that everyone knew about it and knew how to use it. All this will take time.

[R9s]

This is a long time of popularity, how does it change humans in a short time? You need to be patient. The future world can of course be paid in cryptocurrency.

[AlphaGoo]

The huge volatility of prices makes people afraid to accept crypto as a means of payment. Storage encryption requires downloading wallets, and using wallets requires some skills, which makes people reluctant to use crypto. When one day uses crypto, the value of crypto becomes simple. When it is relatively stable, crypto will be popular in any corner of the world.

[nemey]

Actually, not all coins are accepted for the payment. Bitcoin itself, as the first cryptocurrency in the world is only accepted in some companies or e-commerce in the world. Here, the crypto cannot be successful as the medium of payment because not all countries accept the crypto. Crypto is decentralized. not all companies trust them because of this day. But, what about some next years? Who knows?

[Deborah]

The industry of cryptocurrencies  money is very young, and many people do not believe that encrypted money is the future currency. It will take some time to spread the interest information of the encrypted currency as a way of payment.

[Dutchyyy]

In my opinion, the infrastructure for cryptocurrency is not extensive, so it hasn't been evenly distributed.
Of all that can be concluded, not all regions will receive cryptocurrency.

To become a payment medium, all regions must accept it.

This is not the main problem. Does not need to become global payment method overnight.
The problem is that it is not recognised and it is not widely accepted. The other problem is the fast change of price. You don't want to send $100 and couple hours later the other side is receiving $80.

[GucciGangClub]

although it is popular, it has not become the means that most people use. I think that in the near future everything will change and the crypt will become even more popular

[jatoman]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

It's been nearly 10 years.

Credit cards were introduced in the the late 1950s.  By the late 1960s, they were used widely (certainly a larger percentage of payments than crypto payments).

Of course, any new payment technology will take time to gain acceptance.  My question is based on the observation that we are nearly ten years into this payment technology invention, and therefore, by now it should more widely used.

[crimsongoth]

Such great developments don’t take place in a short time. The market is constantly improving. When the time comes, the cryptocurrencies will be used as a payment medium.

[Cherrybomb]

The crypto cannot be successful as the medium of payment because not all countries accept the crypto.

[alloquycrypto]

It is not like that. It is likely that there are still many countries that have not legalized and recognized crypto money to become a means of payment in their country. It is also possible that there are still very few people making payments because most people save their Coins. The biggest possibility is in my opinion. Maybe there are other suggestions.

[Krezi777]

I think that you need to work on your main job. After all, the earnings on the crypt are long-term and there are a lot of scammers in the companies. I even know the fraudsters of moderates who allocate selected investments for the company to themselves.

[swati123]

Payments are being done in cash or through bank from such an old time and these means of payment are accepted and trusted by people. In my opinion crypto is a new mode of payment. Slowly people are getting familiar with it and have started accepting it but it will take time for crypto to be a successful acceptable medium of payment globally.

[lena1]

The problem is very simple, because there are no ways and means to make payments in the Cryptocurrency!

[Veter2000]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

It's been nearly 10 years.

Credit cards were introduced in the the late 1950s.  By the late 1960s, they were used widely (certainly a larger percentage of payments than crypto payments).

Of course, any new payment technology will take time to gain acceptance.  My question is based on the observation that we are nearly ten years into this payment technology invention, and therefore, by now it should more widely used.

 First, recognition by the government, then acceptance as a means of payment. Most merchants will not accept cryptocurrencies unless the government recognizes them.

[jatoman]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

Agreed that it can still be successful but the chances are very low when people are still not positive about it, they still believe in popular payment instruments such as cash and credit cards, these tools are guaranteed by law and government. It's safer while cryptocurrency does not seem to guarantee user safety, when we lose money, no one is responsible or protective of us, and of course, from that, the popularity of crypcurrency is very low, more time can not change too many things, it is not created for the main purpose as payment

Very few people know what cryptocurrency is, how it works, or why they should trust it.  Most importantly, people need to understand what about it makes it better than traditional payment mechanisms such as cash, cheques, or cards. 

You highlight a benefit to merchants about crypto payments... it's guaranteed payment with no way for the buyer to reverse a payment, as is the case with card payments.

[jatoman]

Fluctuation , technical, fear of hacking etc. These are some common reason. It's need some time to make it mainstream

You highlight "fear of hacking".  In speaking to people about crypto payments, often they ask about "hacking".  The trouble is, none of these people understand what "hacking" means.  They just hear the word in the news and know it is something bad and has something to do with technology.

Before crypto payments will see widespread use people need to,

• understand what it is
• how it works
• why they should trust it

[jatoman]

The first thing that became a problem was that there was very little public understanding about crypto and there were still many misconceptions about crypto. At first you must know that cryptocurrency is not legalized in any country, so the main reason why cryptocurrency cannot be used as a payment method. also the price of cryptocurrency is not stable.

I agree that an important obstacle to widespread use is the public has very little understanding of cryptocurrency.  On the other hand, most people I ask have heard of Bitcoin.  So, there is some awareness of cryptocurrency.  What needs to happen is a way for the public to understand what cryptocurrency is, how it works, why they should trust it, and most importantly, what advantages it has over traditional payment mechanisms.

I'm not aware of any country that has prohibited using cryptocurrency as a medium of exchange.  So, I don't believe it is illegal. 

What is lacking is government support.  I'm not aware of any country that enthusiastically supports crypto payments.

[micle222]

Although cryptocurrency has a good purpose for the future, but not yet adopted by all parties as a payment medium.
Because to delete the old payment system it takes time to change everything.

[rollingstorm45]

You can make coins, then sell them
that is why cryptocurrency cannot be easily used as a transfer tool, because anyone can make coins, while the intrinsic value of cryptocurrency is 0, with a nominal value that can be very large
consider the security and comfort of the community if cryptocurrency is truly adopted en masse

[Adalwolf]

I don't think it will ever get. because the structure in this crypto also did not easy for us to make a reference. Especially in crypto all are free, and there are no things that limit.

[parkraol]

I think it needs attractive advertising like young influencers in social media. If large corporations/companies have partnered with the project, the crypto will be a form of payment. Knowledge for the people is what I see in order to spread the crypto as medium of payment.  Explaining what crypto is, its functions and benefits for people  

[Elcapsono]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

World recognition and volatility. That's all the reasons, in the rest is almost ideal to become a means of payment, at the same time reduce the number of scammers.

[hengha]

I think the main reason is because the price of cryptocurrency is unstable, and now the cryptocurrency promotion is limited!

[reynand]

I don't think that cryptocurrency will be a payment medium. we know that not everyone knows crypto well. if they use it badly it will make them lose. besides, the people should be able to accept the unstable crypto prices on the market. if they are not ready to accept it, the price of crypto will getting down in the future.

[darmin]

There are still many facilities that support crypto as a medium of payment. This can only be applied in some areas or places only and have not been able thoroughly to various places in the world. even the still large number of restrictions for the crypto space also make the movements are still limited and cannot yet be free.

[Snake9999]

crypto is still in its infancy, and the most payment method is not perfect. This is not a problem that can be solved in a short time. We still need to wait for instructions from governments.

[ennave123]

There are many factors why it is not yet accepted to everyone as medium of payment, one of it is the trust as it is a digital money and can be breach or hack unlike fiat which has already the foundation for security and it's physical. One also is the lack of understanding on the complex world of crypto currency and of course how unsteady the market is.

[3x1t]

I suppose that crypto has not been reached world's recognition to be the way of payment but it goes to this fact that will be used later when all people will be interested in crypto and in its development in common, so crypto will get more investments and it could help.

[danwanyd]

One of the major issues facing the crypto ecosystem is stability, and the stability of crypto is something we can't control.

So that's the main reason why cryptocurrencies can't be used as payment methods.

[jemura]

New technologies require time and adaptation. It is necessary to gain the trust of the government

[alister.kain]

Crypto is not ready now to become the way of payment. People are not ready for such great changing but it will be in the future at once. I like this idea because it is more suitable for using and there will be less problems and disagreements. I believe in crypto so much.

[patrickj]

With a specific end goal to utilize the digital money more as a methods for installment, no less than two conditions are important: legitimization in many nations and the formation of a fitting framework for its genuine application. For the present, the framework for applying digital currency is as yet not adequately created and there are huge issues with its authorization.

[ooxtcoo]

Because this sphere is very poorly developed and no one wants to develop this area first. This can be done by a large campaign, but small business is unlikely. I hope that with the development of the technology of blockchain and introducing into our life everything will become much better!

[micle222]

Cryptocurrency:
- Only appeared around 2009
- Prices that cannot be stable
- Need deep understanding of sending tokens
- Need internet to send tokens
- Need Smartphone, debit card, or Ring payment.

Everything is clearly different from FIAT.

[castiloros]

Crypto was unknown to many parts of the world. This makes sure crypto does not yet have an optimal function. of course new stuff like crypto takes time and the stages which will be used as a medium of payment which is quite successful. time long and still now crypto has already started to spread at least is already a good step.

[cewekimut]

Crypto has difficulty making it a payment medium. And this also happened in my country which until now the government still has not given permission to use Crypto as a payment medium. Some things that concern the government. And the government is afraid that this Crypto will have a negative impact.

[cryptoblazter]

Cryptocurrency has a problem with transaction verification time. Every transaction took so long that is why is hasn't been gone mainstrea. This is one problem. Another is the recognition of some governments. Some countries are still banning cryptocurrency that is upgrades and improvements are somehow being halt.

[airdropcoin]

The cryptocurrency can be used as a payment medium. What is the meaning of the coin? This requires a process. Now that the cryptocurrency is burning, many people don't know about this product. You don't have to worry about the future of cryptocurrencies. You know that the supporters of cryptocurrencies are mostly young people.

[Veter2000]

While cryptocurrencies do not have official status and are not recognized by the state about any mass acceptance by merchants as a means of payment, we cannot speak in principle.

[Kaller]

it is not that they are not successful it is just that people have discovered that they have a lot of money that they can make from the coins when they are investing for the long term and holding the coins have made them more money. They are using the coins as more of investments right now instead of as a currency and that is why they are not using it

[Nivelir]

The main problem that needs to be solved today is the problem of BTC speed as well as commission costs, because earlier in the period when there were a lot of payments, there were very high costs for the commission, if my memory serves me.

[darkangel]

If crypto is to become a global payment medium, it must be stable in price, secure in terms of security, and as fast as the processing speed of each transaction. In addition it must be popular, Crypto has appeared for about 10 years and it is so new to everyone, We need to give it more time to cryptocurrency can become a means of payment

[ambeo]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

the main trouble is that we still can't say whether crypto is forever. what if it will be demolished? what if the government won't like the idea of not controlling their money? the position of crytpo is fragile

[mightwalker]

It's very simple, cryptocurrencies are not accepted globally. Until now, even mobile payments is difficult to replace fiat payment.

[Accts4u2]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

The thing is that most people now prefer to use cryptocurrencies as investments in a bid to make more money instead of as a currency that they were created for, that is why they coins are having such a hard time being used as currencies. it will get to a point where people will have no choice but to use them as currencies but until then the prices will stay down

[altcoinhunter01]

Cryptocurrency payments are not as successful medium of payment because these currencies are not valid in many countries and only a small part of world approve payment through them.

[edmundo]

Well, it depends on the cryptocurrency. I am pretty much sure bitcoin and Ethereum have found a lot of use case when it comes to being accepted as a form of payment. Several ecommerce platforms recognise this two cryptocurrencies as a means of payment. As regarding the other cryptocurrencies, the challenges could be as a result of the fact that they are not half as recognised and accepted like the aforementioned two. I believe with time, this challenge will be a thing of the past. As people come to the recognition of the crypto technology, more people will accept cryptocurrencies as a legal tender. It could however take some time.

[Qu1ck$1Lv3r]

It will be in the future. Only we need some time. Average people still dont know about crytocurrencies and their benefits. Eveything needs time. Even if we think about internet you can see the development about that.
Look 25 years before and look now.  I believe in 30 or 40 years everybody will use cryptocurrencies during payments.

[sakokinak]

Cryptocurrency is not profitable as a method of payment, because of several reasons. Firstly, the market is not stable and never will be, and secondly, the government has not yet legalized cryptocurrency.

[Hengemeran]

Now not much implemented cryptocurrency in everyday life, and not very convenient to pay for bitcoins and still wait near the cash register for 30 minutes, over time, I think a lot will change and will pay cryptocurrency

[chairmanMao]

The reason is that the growth of cryptocurrency is uncertain. When the growth of Bitcoin reaches a certain peak and stabilizes, XRP and XLM will quickly occupy the international payment market.

[Debonaire217]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I think it depends on the areas where cryptocurrencies are used by different individuals through their transactions. In the Philippines, cryptocurrencies are effect means of transferring money, in this case, I can say that it is successful since there is no record of error when transferring money if the address entered is correct. The only problem is the transaction speed.

[siorapokk]

I think they are. I am using Ethereum for a lot of payments. This is a question of a mass adoption. As soon as the crypto will become mass adopted we will see another market and another amount of people that are involved in the market.

[Veter2000]

There are 3 main problems that prevent mass adoption of cryptocurrency as a means of payment by merchants
1. State regulation
2. Excessive volatility
3. Network scalability and volume of TPS

[TastyChillySauce00]

The reason is that the growth of cryptocurrency is uncertain. When the growth of Bitcoin reaches a certain peak and stabilizes, XRP and XLM will quickly occupy the international payment market.

In term of stability XRP and XLM is nothing compared to stablecoin that will always hold its value 1:1 with the pegged currency.
Just see USDT and TrueUSD I can't see why those stablecoin have yet to be adopted as a mean of payment processor but certainly can be a good alternative.

[Ionzar]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I believe that this situation is caused by two main reasons. First of all, the lack of knowledge of many people, they do not understand the importance and advantages of cryptocurrency for making payments. It is also necessary to take into account the high volatility, which does not allow cryptocurrency to become a reliable means of payment

[ligerti]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

In fact, there are many reasons why mass use of cryptocurrencies as a means of payment is limited. I believe that most people are simply not ready for this - they do not understand the possibilities and advantages of modern cryptocurrencies.

[perfect999]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

A lot of people can give their reasons on what they think makes cryptocurrency to lack mass adoption, but as for me the only reason I believe that is keeping people from adopting Bitcoin and other cryptocurrencies as a medium of payment is lack of stability. A lot of people get interested in using cryptocurrency but the thought of losing their money due to volatility will always make them shy away from it.

[duoduoshigexiaozhu]

This requires a long process of growth. A cashless society is the road to human development. In the next decade, cryptocurrencies will implement payment functions in more areas. There are still many people who don't know the cryptocurrency. Only when the cryptocurrency matures will people use it in large quantities.

[ronafurw]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I believe that this situation is caused by two main reasons. First of all, the lack of knowledge of many people, they do not understand the importance and advantages of cryptocurrency for making payments. It is also necessary to take into account the high volatility, which does not allow cryptocurrency to become a reliable means of payment

I’m in support of your second point, but the first point you made is wrong. Cryptocurrency volatility can be a reason for people not to accept it, but it can’t be because they don’t have knowledge about Bitcoin. Lol, what is there for them to learn about Bitcoin? That it is the money for the future or that it was created by Satoshi Nakamotoor the fact that it is fast for transaction with cheap fees…. Everyone knows all that and there is nothing to learn.

[yeniruieni]

I think the cause of Crypto failed to become a payment medium because the state did not authorize Crypto. So that in some countries there are still many who do not accept Crypto. As in my country, Crypto is not accepted as a payment medium that can have a negative impact on the currency. So that until now Crypto is only for buying and selling coins online.

[ryanfromrethink]

It is necessary to understand that cash exists over the centuries, people are accustomed to using it in everyday life. And the crypto market is a very young area. Most people learned about the opportunities and advantages of cryptocurrency only a few years ago, so knowledge in this area is still insufficient.

[Mytoken]

I think the price instability of cryptocurrency is one of the main reasons, and the encrypted wallet is easy to be attacked by hackers!

[UmbalaNetwork]

I think one of the problems making cryptocurrencies being not successful as a medium of payment at the moment is Blockchain Trilemma. Blockchain is still low. The capabilities to scale up of Blockchain is still being questioned. How can a new medium of payment work effectively if its TPS is under 100? 

[Fedots83]

The global economy is nearly 80 trillion USD per year.  Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.

What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?

I believe that cryptocurrencies are gradually finding their wide distribution, they are recognized by various states and financial organizations. But while they are not actively used, because many people do not understand the possibilities and advantages of cryptocurrency for profitable transactions.

[jikurpa]

maybe what you say is like what happened in my country, the government has not fully formalized the crypto currency as the prevailing currency and of course the government prohibits transactions directly with crypto currencies and currently it cannot be a medium of payment

[oxoxoxox]

The stability of cryptocurrency prices is very bad, extremely vulnerable to whale control, and the security of cryptocurrencies is also a hidden danger, because hackers are everywhere!

[crypt0.r3negades]

Because right now the cryptocurrency is still not mass adopted. And some of the people still uses physical cash as their mode of payment. But I am happy for the progress of the crypto in payments. Because many projects right now are the main idea as using their crypto as a mode of payment and successfully implemented it in selected places.