Why aren't cryptocurrencies successful as a medium of payment

[DimaGoGroup]

Cryptocurrency industry is very young and a lot of people doesn't believe in cryptocurrency as a currency of the future at all. It will take some time to spread the information about benefits of cryptocurrency as a payment method.

[huycute10]

Popularity, regulations, and common used. I think every new technology takes times until it was widely used by the people, new technology need to adapt first and people are feel safe when using it and the more it still tiny, the more chance for us to hold as many cryptocurrencies until it was expensive.

[jatoman]

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

For it to be widely used first merchants, retailers, vendors, suppliers, and other sellers must have the infrastructure to accept cryptocurrency as a type of payment.  Fortunately, there are a lot of advantages for sellers in accepting cryptocurrency.  Most importantly, the fees are much less than fees they pay to use credit/debit cards. 

It's these advantages that will drive sellers to accept cryptocurrency. 

[poornamelessme]

One thing for sure is because of it's decentralization that only a few companies accepting crypto, also government still lack of regulation related on cryptocurrency that's why it not accepted yet as medium payment but it will be after a few years because crypto is on mainstream.

For it to be widely used first merchants, retailers, vendors, suppliers, and other sellers must have the infrastructure to accept cryptocurrency as a type of payment.  Fortunately, there are a lot of advantages for sellers in accepting cryptocurrency.  Most importantly, the fees are much less than fees they pay to use credit/debit cards. 

It's these advantages that will drive sellers to accept cryptocurrency. 

There is potential there, but right now crypo is too volatile and too many roadblocks are in place.
In the US, one even has to determine taxes on BTC when used for purchases.

Too messy right now.

[jatoman]

There is potential there, but right now crypo is too volatile and too many roadblocks are in place.
In the US, one even has to determine taxes on BTC when used for purchases.

Too messy right now.

Part of making a cryptocurrency "regulator friendly" is providing a way for tax authorities to ensure the seller collected the appropriate sales tax for a purchase. 

This means there needs to infrastructure to help sellers determine what is the correct sales tax to collect.  Fortunately, most point of sale or "POS" systems have the ability to calculate sales tax.  Still, there are a lot of sellers that don't have such POS systems.  So, there is infrastructure to be created here.

[princeyeboah]

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?

Cryptocurrency is not meeting its full potentials as medium of payment because it has got some few setbacks which until it has been solved, will continue to hinder the increase in cryptocurrency usage. Governmental and media attacks are major factors which wards off a lot of people from using cryptocurrency.

[marksayson]

It is not easy for cryptocurrencies to be integrated as a medium of payment for many reasons. First is that not all country are open to cryptocurrency, as I have observed in the ico campaign, many country are still prohibited to join in the sale. And next is the law compliance that is still being processed. But when this thing is over, it is a very good way to use a crypto coin as a mode of payment.

[nvt2511]

Cryptocurrency is volatile. The price is not stable yet..imagine someone buys a good worth $1000 from your site and you wake up to discover it has dropped to $900

[ElingElingUmat]

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?

Many factors are the reasons why Cryptocurrency does not succeed in becoming a medium of payment including government regulations that have not yet legalized Cryptocurrency, but there are still many people out there who do not know and understand about Cryptocurrency. So I think let's introduce Cryptocurrency to family, friends, and people around us. I hope if everyone already knows and understand about Cryptocurrency, I am sure the government will definitely legalize Cryptocurreny because many use Cryptocurrency as payment medium.

[PeriKecilkitty]

Personally, cryptocurrency is not suitable as a payment medium. because the high cryptocurrency value causes crypto to be misused by some people. Besides, not everyone knows about the world of cryptocurrency. So in my opinion better cryptocurrency, we use to invest and later generate profit.

[chicken Campus]

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.

[eert]

I think the current encryption technology is not mature enough, there is no regulatory policy to regulate the benign development of encryption

[jatoman]

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.

No doubt that sellers need infrastructure to accept a cryptocurrency for payment.

[BartS]

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.

Another reason is that with the new regulations governments are trying to limit the capabilities of people to acquire cryptocurrencies, in the past you could buy coins without identifying yourself and now it is becoming more common to have to give your data away to get bitcoin, this goes against the philosophy of cryptocurrencies that offered a way to send transactions all over the world without the intermission of third parties and with a low barrier entry of only needing access to a computer to do so.

[whofeelsitknowsit]

The biggest reason is the volatility.  Merchants can't rely on the prices they set if the value of the currency is constantly fluctuating.  Similarly, consumers are hesitant to use crypto for payments if they fear the value of the currency they are using will appreciate.

[jatoman]

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.

I agree that the lack of awareness and understanding is a significant obstacle preventing widespread use of cryptocurrency as a medium of payment.

I have asked virtually everyone I know whether they have heard of Bitcoin.  So far, 100% answered, "Yes".  So, virtually everyone has heard of Bitcoin.

I then asked each the follow up question, "do you know what cryptocurrency is?"  So, far only 1 person knew, and he is a computer scientist.

There needs to be significant promotion of cryptocurrency as medium of payment so buyers and sellers understand what it is, how it works, why they should trust, and, most importantly, what about it provides advantages compared with traditional payments such as cash or cards.

[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

Yes, this is exactly why there is no government that is enthusiastically supporting a cryptocurrency.  These regulator issues must be addressed before they will do that.  And, to do that, there must be a "regulator friendly" cryptocurrency.

[Treasurer]

Reducing the huge number of cryptocurrencies to 10 coins (by the number of available blockchains) would solve the issue with the common for all countries cryptocurrencies. And then it would be possible to accept crypto as a means of payment. Ten coins are easier to operate than 1600.

[happy weblancer]

Taking cryptocurrencies to pay for goods and services is risky for traders themselves because of the high volatility of crypto currencies. The rate of any cryptocurrency changes so quickly that it would have to change the whole time of the price or attach to the dollar, which depreciates the use of cryptocurrencies.

[kxp]

Because there arent many merchants accepting bitcoin or any other altcoin at the momentt, i am sure that if they existed, there would be a lot of encourage from other people to start using cryptocurrencies as a daily need