Why aren't cryptocurrencies successful as a medium of payment

[nemey]

Actually, not all coins are accepted for the payment. Bitcoin itself, as the first cryptocurrency in the world is only accepted in some companies or e-commerce in the world. Here, the crypto cannot be successful as the medium of payment because not all countries accept the crypto. Crypto is decentralized. not all companies trust them because of this day. But, what about some next years? Who knows?

[Deborah]

The industry of cryptocurrencies  money is very young, and many people do not believe that encrypted money is the future currency. It will take some time to spread the interest information of the encrypted currency as a way of payment.

[Dutchyyy]

In my opinion, the infrastructure for cryptocurrency is not extensive, so it hasn't been evenly distributed.
Of all that can be concluded, not all regions will receive cryptocurrency.

To become a payment medium, all regions must accept it.

This is not the main problem. Does not need to become global payment method overnight.
The problem is that it is not recognised and it is not widely accepted. The other problem is the fast change of price. You don't want to send $100 and couple hours later the other side is receiving $80.

[GucciGangClub]

although it is popular, it has not become the means that most people use. I think that in the near future everything will change and the crypt will become even more popular

[jatoman]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

It's been nearly 10 years.

Credit cards were introduced in the the late 1950s.  By the late 1960s, they were used widely (certainly a larger percentage of payments than crypto payments).

Of course, any new payment technology will take time to gain acceptance.  My question is based on the observation that we are nearly ten years into this payment technology invention, and therefore, by now it should more widely used.

[crimsongoth]

Such great developments don’t take place in a short time. The market is constantly improving. When the time comes, the cryptocurrencies will be used as a payment medium.

[Cherrybomb]

The crypto cannot be successful as the medium of payment because not all countries accept the crypto.

[alloquycrypto]

It is not like that. It is likely that there are still many countries that have not legalized and recognized crypto money to become a means of payment in their country. It is also possible that there are still very few people making payments because most people save their Coins. The biggest possibility is in my opinion. Maybe there are other suggestions.

[Krezi777]

I think that you need to work on your main job. After all, the earnings on the crypt are long-term and there are a lot of scammers in the companies. I even know the fraudsters of moderates who allocate selected investments for the company to themselves.

[swati123]

Payments are being done in cash or through bank from such an old time and these means of payment are accepted and trusted by people. In my opinion crypto is a new mode of payment. Slowly people are getting familiar with it and have started accepting it but it will take time for crypto to be a successful acceptable medium of payment globally.

[lena1]

The problem is very simple, because there are no ways and means to make payments in the Cryptocurrency!

[Veter2000]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

It's been nearly 10 years.

Credit cards were introduced in the the late 1950s.  By the late 1960s, they were used widely (certainly a larger percentage of payments than crypto payments).

Of course, any new payment technology will take time to gain acceptance.  My question is based on the observation that we are nearly ten years into this payment technology invention, and therefore, by now it should more widely used.

 First, recognition by the government, then acceptance as a means of payment. Most merchants will not accept cryptocurrencies unless the government recognizes them.

[jatoman]

This is only a matter of time, not no, it just hasn't materialized yet. Not that easy and there are no shortcuts. You must be more patient. You can not do anything at a time. Many new ICO projects are launched every day. Not everything develops overnight.

Agreed that it can still be successful but the chances are very low when people are still not positive about it, they still believe in popular payment instruments such as cash and credit cards, these tools are guaranteed by law and government. It's safer while cryptocurrency does not seem to guarantee user safety, when we lose money, no one is responsible or protective of us, and of course, from that, the popularity of crypcurrency is very low, more time can not change too many things, it is not created for the main purpose as payment

Very few people know what cryptocurrency is, how it works, or why they should trust it.  Most importantly, people need to understand what about it makes it better than traditional payment mechanisms such as cash, cheques, or cards. 

You highlight a benefit to merchants about crypto payments... it's guaranteed payment with no way for the buyer to reverse a payment, as is the case with card payments.

[jatoman]

Fluctuation , technical, fear of hacking etc. These are some common reason. It's need some time to make it mainstream

You highlight "fear of hacking".  In speaking to people about crypto payments, often they ask about "hacking".  The trouble is, none of these people understand what "hacking" means.  They just hear the word in the news and know it is something bad and has something to do with technology.

Before crypto payments will see widespread use people need to,

• understand what it is
• how it works
• why they should trust it

[jatoman]

The first thing that became a problem was that there was very little public understanding about crypto and there were still many misconceptions about crypto. At first you must know that cryptocurrency is not legalized in any country, so the main reason why cryptocurrency cannot be used as a payment method. also the price of cryptocurrency is not stable.

I agree that an important obstacle to widespread use is the public has very little understanding of cryptocurrency.  On the other hand, most people I ask have heard of Bitcoin.  So, there is some awareness of cryptocurrency.  What needs to happen is a way for the public to understand what cryptocurrency is, how it works, why they should trust it, and most importantly, what advantages it has over traditional payment mechanisms.

I'm not aware of any country that has prohibited using cryptocurrency as a medium of exchange.  So, I don't believe it is illegal. 

What is lacking is government support.  I'm not aware of any country that enthusiastically supports crypto payments.

[micle222]

Although cryptocurrency has a good purpose for the future, but not yet adopted by all parties as a payment medium.
Because to delete the old payment system it takes time to change everything.

[rollingstorm45]

You can make coins, then sell them
that is why cryptocurrency cannot be easily used as a transfer tool, because anyone can make coins, while the intrinsic value of cryptocurrency is 0, with a nominal value that can be very large
consider the security and comfort of the community if cryptocurrency is truly adopted en masse

[Adalwolf]

I don't think it will ever get. because the structure in this crypto also did not easy for us to make a reference. Especially in crypto all are free, and there are no things that limit.

[parkraol]

I think it needs attractive advertising like young influencers in social media. If large corporations/companies have partnered with the project, the crypto will be a form of payment. Knowledge for the people is what I see in order to spread the crypto as medium of payment.  Explaining what crypto is, its functions and benefits for people  

[Elcapsono]

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?

World recognition and volatility. That's all the reasons, in the rest is almost ideal to become a means of payment, at the same time reduce the number of scammers.