Why aren't cryptocurrencies successful as a medium of payment

[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.