Why aren't cryptocurrencies successful as a medium of payment

[GsxR150]

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 developers have no readiness to achieve that, this should require research that is not for a moment. Another reason is that cryptocurrency requires more time to be the best way to make payments, we need to make it easier for everyone in the world to buy and sell via cryptocurrency.

[yslyv]

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?

first of all cryptocurrencies are not enough fast for payments. it takes time for approvement. especially for bitcoin. second volatility is very high so there is a risk for both buyers and sellers. third it is still not easy to cash out from cryptocurrencies because of some regulations.

[Suares02man]

It's simple. The main problem it's people's trust. When people will start trust cryptocurrency and will want use them, they will appear in shops and banks.

[caisa88]

I think that the reason is because most people hold people as an investment, and don’t want to spend their crypto assets( because they hope that their cryptocoins will be more valuable in the future). The key would be the introduction of a solid stable coin, which people would be more happy to use as a method of payment.

[Juggernautbtc]

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 most basic reason is that this sphere is not regulated in any way and is not recognized by most countries. I think that this process will accelerate as soon as at least one of the influential countries recognizes the crypto currency. And while this industry is between legal and illegal, then we will not see a mass application.

[Treasurer]

To use crypto currency as a means of payment, it is necessary that all payment card acceptance terminals be converted to receive a crypto currency. In addition, crypto is not yet so popular in the world to remodel payment terminals for it. With more popularization of crypto currency, it will become one of the most convenient currencies for calculation.

[happy weblancer]

To use crypto currency as a means of payment, it is necessary that all payment card acceptance terminals be converted to receive a crypto currency. In addition, crypto is not yet so popular in the world to remodel payment terminals for it. With more popularization of crypto currency, it will become one of the most convenient currencies for calculation.

Crypto currency can be calculated in stores and without cards and terminals. But it will take considerably longer. There is still such a problem as an address error and a refund for an inappropriate purchase. These problems need to be regulated

[StevenPop]

The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.

[jatoman]

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.

The obstacle mentioned the most on this thread is lack of support from governments and their regulators.  For a cryptocurrency to gain such support it will need to collaborate with regulators to help them understand how cryptocurrency can help them do their job better than can be done with cash or card payments.

[BitcoinFotw]

The reason that cryptocurrencies are not a successful medium of payment is because people are now using it as more of an investment than a currency. There is also the problem of scalability with the coins, transaction times and transaction fees when the transaction volumes increase. Cryptos are not yet a feasible method to be used for everyday payments.

[Fedrey]

The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.

I would give an example of the question, How can older people and children use crypto currency in everyday life? After all, the fact is that cash not only because of people's habits is the most desired way of paying bills, but also the ease of use plays a very big role.

[jatoman]

The reason why cryptocurrencies are not successful as a medium of payment varies from region to region, and country to country, depending on how exposed or developed the people are. Ideally, the majot reason has to be that it is not as easy and convenient to use as compared to using cash.

I would give an example of the question, How can older people and children use crypto currency in everyday life? After all, the fact is that cash not only because of people's habits is the most desired way of paying bills, but also the ease of use plays a very big role.

As a senior citizen or child mature enough to buy a bag of figs, I want to use my internet accessible smart device to purchase a bag of figs from a produce merchant that accepts digital payments using her internet accessible smart device so that I don't to have to risk my personal safety carrying cash.

[devilzero]

In developed places, encrypted money can be used as a payment medium. Most areas need to be further popularized if they want to achieve this.

[lider1971]

because this is a fairly new phenomenon in the financial market and most people are still wary of cryptocurrency. if everything continues in the same spirit, then in a few years it will be possible to pay in stores with cryptocurrency. you just have to wait for this moment.

[Pr0st0Pr0be1]

People don't want use this asset like bargaining chip. May be when cryptoshpere will create infrastructure where you can use them - people start buy any items for the cryptocurrency.

[bighok353]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

[BitcoinMarketer39]

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 every country can actually manage to have a good economy and that is the reason why cryptocurrency will not always grow because it also requires a legalization from the government.

[ololajulo]

Lets assume bitcoin has a larger community and the oldest blockchain,and never prepared for such a large population, so which might have struggled for this reason. What can we say for those that opted for coin for online payment even for their online shopping mall like SGGCOIN, INS that never succeeded? Another factor for bitcoin medium of payment is its volatility. Tether should be an option of payment with its stable value, I hope it can be adopted.

[jamids]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.

[ocid]

First of all, the cryptocurrency must be known to more people. Secondly, the national government needs to be recognized, which will speed up the promotion and growth of cryptocurrency. I hope to arrive sooner.

It needs to be regulated by the government first before it becomes a legal tender of payment. As a medium of payment, some people are already using it including me when I wanted to pay my bills because we have a platform wherein we can pay our bills using cryptocurrencies so it makes it easier for the crypto users in our country to do such thing. The scope of being a successful medium of payment may be small for now but later on, it would become larger.

most governments agree with this technology and some disagree because the reasons are so vulnerable to misuse by irresponsible people. therefore cryptocurrency requires legalization around the world as an alternative to how to transact valid payments, so that its function can be used by all people around the world.