Why aren't cryptocurrencies successful as a medium of payment

[Veter2000]

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 is the lack of free exchange of any volume of fiat for cryptocurrency. Also, no one in their right mind will send money by cryptocurrency if high volatility persists.

[PurpleNights]

Most people, me inclusive believe that the value of a coin might appreciate over time, and for that reason, i might want to hold on to my coins and use cash for payment instead. Also, not everyone is accepting of cryptocurrencies yet, a lot of shop-keepers and business owners are unaware of it or how it works, so that itself is a limitation to crypto being used as a successful medium of payment. It is also not as fast and convenient to use as compared to cash. 

[Bellex]

Crypto is like a social network. As soon as it becomes accessible to the masses, and we can not manage without it in everyday life, so soon it will be possible to pay freely for a hamburger from his crypto-wallet. We should wait for a while.

[bluedeng]

I think cryptocurrency will become a payment medium. It may take another ten years, but it won't rely on Bitcoin for trading. Bitcoin is considered too expensive to be used for payment media. There will be other better coins to replace it.

[maiden]

they are not backed by the government and because of its volatility it is not an ideal to use in payment. for now crypto is good for asset.

I agree with this, i think crypto will not be successful as a medium of payment for some reason  but the main reason is, it is not backed by the government, and if that things happen, they will surely add tax on it.

[Cryptosis]

The comprehension is that they annex materialised late and the constitute has not progressed the value base much, piece it could be in the followers years.

[inyakizuryel]

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?

It is because cryptocurrency is very anonymous and very hard to detect where it came from exactly and that is the very problem here in the industry, that is why right now it is not yet advisable to use cryptocurrency ad a mode of payment.

[superscommessebitcoin]

The cryptocurrency market is a fairly young phenomenon, so far the market capitalization is so small. I think that the first bar for the cryptocurrency market will be the capitalization of one trillion dollars.

[jatoman]

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 . However there is massive adoption of cryptocurrency recently that even these regulations will be a thing of the past.

I agree.

It's going to take innovation because I don't see any existing cryptocurrency that addresses the obstacles mentioned in this thread.

[ASHLIUSZ]

It is not that easy to understand bitcoin in a short. Second thing business people doesn't make bitcoin a payment option because of its volatility. Third thing majority of the cryptocurrencies have got the access to get used as a currency with their own wallets, but it takes time for a global change to move from fiat based wallet to crypto wallets.

[shoreno]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

[Pancheng]

It is already successful medium of payment between crytpo traders and users, but it is not yet widely use as medium since we need to let the people globally about it like 50% of all the people then it will start working everywhere.

[jatoman]

The cryptocurrency market is a fairly young phenomenon, so far the market capitalization is so small. I think that the first bar for the cryptocurrency market will be the capitalization of one trillion dollars.

Considering that the global economy is about 80 trillion USD per yer and the market capitalization of all cryptocurrencies is less than one trillion USD, I think it is fair to say that crypto payments haven't been successful yet.

[hoangtujuda]

Is it bound by technology? In order to use the electronic money, at least the user must be computer , knowledgeable about the internet, but the vast majority are only young and middle-class people, this market share is small compared to cash requirements. or atm or other forms of payment so perhaps that electronic money can not be disseminated. Nevertheless I believe in no time EON protocol would be a mega medium of exchange in the crypto world.

[JeffBrad12]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

The big problem in the crypto to become a medium of payment caused by the volatility of the market. Look at the chart and how the price of crypto was changing anytime and that gives a lot of reason that's why it's still not suitable to become the medium  of payment system because the merchant needs to liquidate the crypto in a second.

[labake]

Smile, i’m Not sure if it would be successful as a mode of payment for the fact that not everyone even have the knowledge. It requires a kinda technical know-how.

[jatoman]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

No doubt the slow transaction rates and high transaction fees are obstacles to use as medium of payment.

[michellee]

Cryptos especially altcoins are already became succesful as a form of payment medium online because they are seem to be fast and cost less in transaction fees .

however , bitcoin is the one that may seem to be failed as a payment medium because of its slow process and high/expensive transaction fees .

 these is also the reason on why most of the people are only using bitcoin as an asset tool for trading or investing .

No doubt the slow transaction rates and high transaction fees are obstacles to use as medium of payment.

soon, when everything is stable, the transaction rates and the high transaction fees will solve and fix. by the way, there are many another coin that can give us a small transaction fee and the time for completing the transaction not take too long but unfortunately, this coin is not used for the payment and maybe it can be used in the future. I think if we can use this coin, we have an option to pay with that coin and not just use bitcoin as the payment.

[imopogicute]

because we know the cryptocurrency we use BTC and ETH as well as altcoins. so you think the payment of fees is not legal like water and much more. so no machines can use the govement to accept the payment of altcoins. so do everything to legalize cryptocurrency in all countries so that discovering the technical support that can be used for paying BTC or ETH.

[HuyOcCho1999]

Perhaps electronic money is limited by the knowledge of the internet and technology. Users need to understand about computers and internet to be able to use electronic money proficient, to step further to learn about the platform as well as to use it as payment method.