Why aren't people utilising cryptocurrency payment methods?

[Robert518]

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.

The crypto payment industry is continually growing. Nonetheless, recognition is not at the top of the list. As is customary, there are Bitcoin maximalists who refuse to spend their cryptocurrency on things.

Some people, however, are taking advantage of the cashback chances offered by cryptocurrencies and cryptocurrency cards. I realise that cryptocurrencies and blockchain are only a small portion of the public, but why are those who are currently interested not using bitcoin for payment?

So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?

[mk4]

Because most people still think that bitcoin/crypto is a scam.

So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?

Outside of paying through the likes of BTCPay/BitPay, not really. I'd rather spend my fiat. Not a fan of unnecessarily submitting more and more KYC documents to business entities unless totally necessary.

[mocacinno]

Because most people still think that bitcoin/crypto is a scam.

+1

Next to that, those who don't think crypto is a scam mostly use it as an investment, to HODL... Or to trade and make (or lose) some more money.
The amount of people who don't think crypto is a scam AND want to use it as an actual currency instead of an investment tool is very small...

[autumnleaf]

They have already mention the most common answers why people aren't people utilizing cryptocurrency payment methods. I'd like to add that most probably, people want to hide their money from the government.

[EarnOnVictor]

The decentralization of most cryptocurrencies is the major setback the crypto world faces in terms of adoption. Crypto is the best payment gateway and would have solved the money transfer issues that many are facing, with a lesser fee.  Although the decentralization has a lot of advantages but gives lower room for regulations, which is the fear of many people and the world government.

[Republikcoin.com]

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.

Not not using cryptocurrency payment methods, but it must also be fully authorized by all countries and governments so that all people can learn and use cryptocurrency payment methods. Because at this time not all countries have legalized the use of cryptocurrency payment methods in all cases.

I realise that cryptocurrencies and blockchain are only a small portion of the public, but why are those who are currently interested not using bitcoin for payment?

Those who are interested in cryptocurrencies and blockchain are not unwilling to use Bitcoin for payments, but as I said that where the use of Bitcoin for any payment is still not fully legalized in all countries so its use is still very limited, because the use of Bitcoin for payments is still not in line with regulations and rules in all countries. Except for countries that have adopted it such as El Salvador and the Central African Republic.

[sunsilk]

So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?

I don't own a card yet and have no plans of getting one yet. I use crypto for my purchases online and good thing that there goes the integrated exchanges that online shops allow their customers to pay with bitcoin.

It is making our lives easier and those that want to spend bitcoin for purchases. While I'm holding for long term, I allocate some for spending for the things that I want to have and need.

Whilst we're using it for purchases and holding, people that don't have an idea on it will never use it and also those people who have doubts about bitcoin, they won't just come out and use it if they're hearing negative hearsays about it.

[d5000]

I used Bitcoin (and in one or two cases, Litecoin) in a few cases (less than 20 overall) to buy cheap IT services like hosting and domains, and in one case I also bought food from a local merchant.

From my perspective, in the countries I lived, Bitcoin can be used (if you really want) for a lot of expenses, but not always for everything. I think the main problem is that you develop buying habits, like going to a certain local grocery or so, and you don't live in a "crypto hub" like the central areas of some US and European cities, then you will have - very likely - to modify these habits if you want to pay with Bitcoin. You'll have to drive to a supermarket at the other end of the town, or have to choose from a handful of relatively expensive shops which do not really offer the products you want, etc..

The argument that your waste your "precious coins", instead, isn't that valid for me - once you're KYCed on an exchange you can always re-buy what you spent. If at least one of my preferred groceries/shops would accept Bitcoin, then I would certainly do that. Fees are currently also not a problem (at least if you buy more than a coffee, and Bitcoin isn't really for coffee ...) , and much less if your are willing to create a Lightning node.

[TheNineClub]

Honestly, it's the community's fault. With the constant prospect of getting rich on the back of crypto, laser-eyed goblins talking about 100k or lows and highs, people still, for the most part, view crypto as a long-term investment than a payment method. It's always in the back of our heads, the notion that if you buy something for 100$ worth of BTC, in a year that could have been 500$ and then you basically fucked yourself over 400$. Not saying it's right, it's just how it is.

[Kakmakr]

I work on the 80/20 principle, where 80% of all the coins that I buy are hoarded and 20$ of those coins are spend. I have a entertainment budget for movies/gambling/takeaways etc... for every month and some of that are converted into Bitcoin, so that I can pay for some of that in Bitcoin. (The movies does not accept Crypto currencies in my area) 

So, I do spend some of my coins.... and I tend to spend more.... when the price is much higher than usual.. because then I will get the best bang for my bucks. 

[Obito]

They're not familiar of it, remember the saying "You can't teach old dog new tricks." it's the same thing with this one, some people just can't fathom to let go of using traditional money in favor of cryptocurrency so they end up sticking to the old ways, don't worry though, I am not speaking for all of them and there will always be newer generations that's going to be more familiar than the old ones.

[RikandMorty1]

I have seen multiple websites are starting to accept bitcoin payments. Heck, even Tesla did it at one point. But if you're referring to day to-day trades like buying a coffee, I don't think the bitcoin blockchain is even capable of handling that number of transactions. The lightning network does provide a workaround to this problem tho, so we'll see.

[Ziskinberg]

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.

Even to say that many people rejected Bitcoin being a currency, I'm still thinking it was not a failure. People see its potential in the other way as an investment that seems to be more fit rather than a currency. I actually have no claim why and asking it because I know the reason already and that is the volatility of its price. Not all are able to lose a few cents but fortunately, many people can afford to take risks through investment where they can earn more.

Adoption can be improved, it will just take time, not an instant.

[YOSHIE]

So, do you use cryptocurrency or crypto cards? What are your thoughts on it if you use it? If not, what's the deal?

Back to state regulations, today all countries say crypto can be used as a general sale/purchase transaction that is done by people like fiat and provides crypto services in all aspects, today you will see everyone will use crypto as a life goal.

That's the problem, many governments do not support the presence of Bitcoin as a legal currency to spend, some governments only recognize it as an investment asset and risky, That's the reason people don't dare to use it as a payment method that is done in general.

Many other reasons, that's as my thought.

[Zlantann]

Infrastructural deficit is one of the challenges of utilizing Biitcoin payment services. Some areas in my locality don't have access to electricity or internet facilities to aid such transactions. In these places if you don't have fiat, you can't transact any form of business. People also see Bitcoin majorly as a form of investment rather than a legal tender. They prefer to use fiat in buying and paying for services while they HODL their Bitcoin hoping that the price would rise. Countries would attract more investors in the Bitcoin space if diverse restrictions placed on Bitcoin transactions are lifted.Then we can have a Bitcoin ATMs just life conventional bank ATMs.   

[DVlog]

Because most people still think that bitcoin/crypto is a scam.

I think the problem is somewhere else. If most people think crypto is a scam then there are still some people( This number is high) who believe in crypto. They will surely use crypto but right now there isn't much convenient way to use crypto as a payment method. Most business doesn't want to accept crypto because its price fluctuates very fast. Nobody wants to put their business at such risk.

[GiftedMAN]

Because most people still think that bitcoin/crypto is a scam.

I think the problem is somewhere else. If most people think crypto is a scam then there are still some people( This number is high) who believe in crypto. They will surely use crypto but right now there isn't much convenient way to use crypto as a payment method. Most business doesn't want to accept crypto because its price fluctuates very fast. Nobody wants to put their business at such risk.

I think the number of people who are outside any cryptocurrency-related business is higher than the people who are crypto-oriented and educated and the people who have no idea believes that Bitcoin and other cryptocurrency is a scam and that has been their major reason why they still don't believe that making payments are easier with bitcoin than fiat. Secondly, the people who sees Bitcoin as a risky business are those who are yet to understand Bitcoin's volatile nature.

[mk4]

I think the problem is somewhere else. If most people think crypto is a scam then there are still some people( This number is high) who believe in crypto.

Obviously.

They will surely use crypto but right now there isn't much convenient way to use crypto as a payment method. Most business doesn't want to accept crypto because its price fluctuates very fast. Nobody wants to put their business at such risk.

Services such as BitPay already exist(where crypto automatically gets converted to fiat, removing risk of volatility), that mostly online service providers like VPNs and proxies use. There isn't much demand outside of this category simply because there isn't much demand.

[Gyfts]

Most people are limited to using crypto currency for online purchases if businesses in their locality to take crypto for payment, and most businesses don't. It isn't convenient to hold crypto if you're aimlessly converting back and forth depending on how you have to spend your funds. The conversion fees get expensive, and in some jurisdictions you're required to pay taxes when you cash in your crypto.

[goaldigger]

Most people still not believe in Bitcoin or cryptocurrency and some consider this as their investment, that’s why many are still not utilizing its full potential and because of the significant rise in price of this market, many just want to hold their crypto until they made a good profit.

Payment methods with cryptocurrency is also risky for a small businesses because of its volatility, this has been the problem since then and many can’t sustain to accept crypto as mode of payment because of this.