Why aren't cryptocurrencies successful as a medium of payment

[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?