Why aren't cryptocurrencies successful as a medium of payment

[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.