Why aren't cryptocurrencies successful as a medium of payment

[HuyOcCho1999]

I think they are not ready, the electronic money market is too young because it is bound by some factors such as users are familiar with the current  type money such as ATM card, cash ... but with the advantages such as fast, convenient, decentralized, in the future electronic money  will be very potential.

[hashshashin]

Some countries have already recognized bitcoin as a means of payment, and the number of shops and institutions is increasing, where you can also use crypto-currencies as payment, so I believe that everything is ahead of us and that we will use crypto-currency more often as a means of payment - it's only a matter of time .

[ooxtcoo]

cash has been around for a long time. hundreds of monetary reforms were implemented in different countries. cryptocurrency appeared recently. and for a wide part of the population it became known only 2 years ago. during this time it is impossible to compete with the same dollar. but cryptocurrency already has its price and has a great influence on the world

[IndigoRed]

I think they are not ready, the electronic money market is too young because it is bound by some factors such as users are familiar with the current  type money such as ATM card, cash ... but with the advantages such as fast, convenient, decentralized, in the future electronic money  will be very potential.

Correct! Crypto has yet to achieve success because not enough people are using it as an actual currency. But it won’t be long before the majority starts using it. Crypto is the best form of payment because of it’s security, transparency and accessibility. Who are we to refuse something designed to make our lives easier?

[sandiskumen]

I think the biggest reason is volatility. Merchants can not rely on the price they charge if the value of the currency continues to fluctuate.Only in a moment, the company can make a profit or loss that is realized without any investment if cryptocurrancy is used as payment.

[Vampirepro]

I think most people don't use it as a means of payment because usually the fees can be consumed by your payment for example if you use bitcoin, also personally I find it difficult to use some promising coin to pay for something, because it's as if you were paying with an investment, as if you were taking gold to a store and thinking about paying the groceries with it.

[Destroyeroff98]

So far very few people know about the cryptocurrency. This is the reason. Many people just do not trust cryptocurrency ...

[kicauklaten]

a lot of factors that make this system becomes less so successful. the most visible reason is about understanding crypto from different societies which is certainly there that still lay against the crypto. not even the few who still reject the bad and think about this. the other reason of course because the number has not been supporting facilities to it especially for many developing countries in the world.

[rohican]

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?

Not an easy matter, changing a habit that has been trusted and done for years. World money does look old-fashioned, so is fiat.
But, they are very trusted and become something that is essential. Crypto was born just now, and to reach it still takes years.

[jatoman]

a lot of factors that make this system becomes less so successful. the most visible reason is about understanding crypto from different societies which is certainly there that still lay against the crypto. not even the few who still reject the bad and think about this. the other reason of course because the number has not been supporting facilities to it especially for many developing countries in the world.

I agree that there is a lot of effort to get consumers to understand what cryptocurrency is, how it works, why they should trust it, and, most importantly, what about it is better than paying with cash, cheques, or credit/debit cards.

[Zaidaskin]

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 thing that stops me most is because people are afraid of using cryptocurrency, they still doubt it. The government always prevents, opposes and even blocks the development of cryptocurrency, which makes people think it is illegal. What's more, blockchain technology is not so perfect, so it needs to be developed further.

[AiloveYouks21]

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 absence of regulation becomes the most important consideration for businessmen do not use crypto currency, they prefer paypal because there is already regulation.

[franklinrichards]

A lot of development that must be done by crypto so that it can become as a medium of payment. Crypto must strive for technology and also its ability to be accepted by all circles of the world community. So crypto can expand its use and develop its technology so that it can be accessed easily. If crypto is able to convince the government, the government will make it easier for crypto to realize its goal.

[ahah]

Bitcoin is actually being used for payment now, but because of its high volatility, it has led many businesses to reject it as a medium of payment

[nawaki]

I think this does not fail in using crypto for media payments. Because in my country there is still a store that provides a payment using digital coins and this is the technology forward. But the barrier until now only the Government has yet to grant permission.

[bawa_23]

There are many reasons first of all Government has not legally adopted it yet. Secondly people doesn’t have good understanding of it, as it is still new to market & its Volatality in nature also make it traders to think before use. Crypto is gaining power from time to time , as it now used more in international transaction, but when it will used for daily needs it will be more than successful.

[Shikamaru]

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 do not think that crypto can not be a medium of payment, but there is someone who prevents it from being a medium of payment. But I am sure, crypto will almost certainly become a global payment media in the future if it feels more comfortable and safe, because the real points are just that.

[richardeames]

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?

1. Price volatility
2. Still not convenient to use for non tech savvy people
3. Limited scalability issues (especially txs throughput with popular crypto such as BTC & ETH)

[Corelianer]

Too little time has passed. We need to wait for the network effect infrastructure to take effect.

[makawa]

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?

At this time crypto has not become fiat. Later, if all of my time comes and we can all send crypto to someone else in the world, or in the city, and they can accept it and easily turn it into a fiat, or vice versa, crypto will just be a long story and die.