Why aren't cryptocurrencies successful as a medium of payment

[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".