Why aren't cryptocurrencies successful as a medium 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

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[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.