Why aren't people utilising cryptocurrency payment methods?

[Cookdata]

A lot of people would rather store their bitcoin as a means of investment than use it to pay for necessities, it is more of an asset used to protect value and hedge against inflation than merely a method of making payments, though that wasn't how it Satoshi described it on his whitepaper though the narative has changed.
Imagine the person who once used 10,000 BTC to purchase pizza, I don't know how that person could have felt now, but it is one of the worst things anybody would have ever done, that's a fortune that can sustain some people for years and decades. This is just why some people have refused to trade their cryptocurrency for basic needs.

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[justdimin]

We still have so many crypto unbelievers, 90% of humans out there are still waiting for regulations, people failed to understand that once the government have power over something it will block powerless people to achieve greatness, the insanely high volatility of crypto is why ROI can go as high at 1000%.

I don't think that we are at 90% levels anymore, it looks like we are at maybe like 70% or so for the people who haven't gotten in. And not all people who haven't gotten in just yet are people who are hating bitcoin or waiting for regulations, some do not because they do not have money, some do not because they do not understand how to, there are a million reasons.

So, if we talk about a realistic number for people who can but prefer not to, that could be around 50% if you ask me. That's an important deal and I think it would be a lot smarter for people to just focus on the people who do get in, instead of losing time over people who haven't just yet.

[doomloop]

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

I think he is referring to both online and offline use of crypto as a currency and not as an asset. Buying coffee with btc is possible and in fact it is happening already. Some threads here before shows that. It's not that btc cant handle much of a transaction because there's also a lot of btc sellers and buyers every single day but what can discourage people to do it is because of the high fee.

I think the fee of a normal btc transaction is almost a dollar which can be more than the price of your coffee but if it's on a high end coffee shop and what you are ordering is a premium/special coffee then I think you won't feel bad of using your btc to pay it but like you said there's also lightning network which fees are much cheaper.

[bangjoe]

What method of payment? what kind of payment do you want to expect as there are too many if not more specific to mention? Is it in the form of goods or services?

If possible, see the policy of the country and live and make bitcoin a legal payment or just an investment alternative. Likewise in paying for services using Bitcoin. For example, in this forum, many services are paid for using Bitcoin or other types of crypto on demand. The problem is that you expect payments on a large scale or just a few scopes.

[AicecreaME]

Even without the public adoption, bitcoin will do its thing to show us its full potential. Why bother convincing the crowd to adapt cryptocurrency payment method if they don't even care what Bitcoin is, besides, it's not really wise spending a lot of transaction fees every time you're going to buy something using cryptocurrency just to prove something to the public.

I'd rather waste fiat buying that's so prone to inflation rather than wasting Bitcoin that could save me in the future. 

[mayfair_coin]

Because cryptocurrency payment methods are irreversible and in business if someone wants refund then it is possible for some people and if refund is for 1000 people then it will be difficult to refund as it will require more manpower and time and second thing is that people have not yet got enough trust in the bitcoin gateway, from which they are still away from it although it is running in some countries and they are using it.

[mindrust]

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 just use my Master Card. It is fast and reliable. When I have a problem with the merchant, they solve the problem very fast. Most crypto cards are using the credit card companies' infrastructure anyway. You are not actually using your crypto when you use those cards... You are still using your FIAT but they are giving you the illusion of using your crypto... VISA/MC don't care as long as you are using their infrastructure. You think you use crypto, VISA/MC keep making money. Everybody is happy.

[TribalBob]

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?

people do not accept payments with cryptocurrencies classic reasons can be said and we know this long ago, the problem of prices that are not flat always changes in seconds, different from the fiat money we use
and besides crypto itself has not been legalized in every country

[Gozie51]

but why are those who are currently interested not using bitcoin for payment?

The bitcoin believers are certainly utilizing the bitcoin service for payment and investment but you understand that it is a gradual process and the community still forms a very small percentage of the world population and essentially the youth. It is still a process that is finding it place. For such kind of explosive adoption, you will expect that more countries would adopt it fully.

[TheUltraElite]

There can be a lot of reasons of not using crypto payment methods. Asking this on a forum where bitcoin users are more, you are likely to get skewed answers.

Some business owners and users may not even bother about crypto. For them the cash they get at hand is more than enough, why go for something that is complex technical to understand and horrendously difficult to keep safe?

For some it might be that their average earning from their business is just enough to run their family, for them bitcoin is something for the higher ups.

Why not do a public survey on the common reasons as cited by many of my fellow forum members and see how much of what we think to be true - open idea to the OP to actually get a research paper going.

[DrBeer]

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?

There are both absolutely primitive and objective reasons, as well as less noticeable ones.
Let's start from simple and primitive to more complex.
1. So far, the technology, if it can be used, is only for technically well-savvy people who understand the features of this technology. For example, explain to a pensioner that if he pays utility bills and makes a mistake in 1 character in the wallet address, his money will be lost and cannot be returned? Or force an ordinary citizen, far from technology, to accept that you have to remember complex passwords, or buy special storage devices, and you can’t write seeds or a password on a piece of paper, because the money will be stolen and not returned! The mass population, far from technology, is not ready to switch to such technology
2. Cryptocurrency volatility. Tell me - do you know many examples of local ones that would have the same cost changes? And who will guarantee the "stability" of cryptocurrency deposits? State ? NO ! They do not control the crypto market, bitcoin and others... Are you ready to keep your savings in a currency that tomorrow will turn into an empty phrase? But it can be more expensive in 3-5-10 years. But this is not accurate ... And not necessarily .. And not a fact
3. The position of the state - in addition to the fact that the state will never allow the emergence of an alternative to a controlled local currency, to something uncontrolled? This contradicts both the very ideology of STATE POWER and is a real risk for the state.

there are many more reasons to give, but these 3 are enough to answer your question

[lionheart78]

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

Because the majority of merchants are comfortable with the current payment system and feel that there are no urgent need to adopt cryptocurrency payment.

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?

There are several reasons and some of it are:
1. They see BTC as an asset that will grow in value over time so they tend to hodl it than spend.
2.  Availability of the merchants that accept Bitcoin in their local places.
3. They are more comfortable using other means of payment due to confirmation speed.

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 am more comfortable paying in cryptocurrency than using my bank account.  So yeah, I use cryptocurrency for payment.

[Viscore]

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?

Crypto enthusiasts will really love the idea to spend crypto and use it as a payment system as long as their country too is crypto friendly and that crypto payment is widely accepted. Otherwise, the government will call the attention of those stores who did not follow their laws and will be subject for investigation. And people should also be educated that crypto is legit and not a tool for scams.

[Cling18]

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?

Crypto enthusiasts will really love the idea to spend crypto and use it as a payment system as long as their country too is crypto friendly and that crypto payment is widely accepted. Otherwise, the government will call the attention of those stores that did not follow their laws and will be subject to investigation. And people should also be educated that crypto is legit and not a tool for scams.

The government always looks after businesses and they won't easily allow them to accept cryptocurrency payments which the government couldn't regulate. Also, people still need enough education about cryptocurrency so they will know how to transact using it. There are still lots of things to consider before adaption happens and it differs in all countries.

[BitcoinPanther]

People are holding to get profit in the next bull run.  That is one major reason that people with BTC are not utilizing cryptocurrency payment methods.  They think that it would be a waste spending a growing "asset"  when they can spend fiat in place of it.  Aside from that regulations is also a concern since many BTC holders don't want to expose the address of their BTC holdings or the identity behind the BTC  they are holding.

[LastKiss]

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

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'm interested in having crypto cards but unfortunately, if I have that I confuse to use a crypto card since my country still didn't adopt crypto better than big countries. My government only cares about FIAT and doesn't care about crypto and the technology behind it, they will care if crypto can give them money or use it as money laundering for corruption lmao.

[Shasha80]

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?

Crypto enthusiasts will really love the idea to spend crypto and use it as a payment system as long as their country too is crypto friendly and that crypto payment is widely accepted. Otherwise, the government will call the attention of those stores who did not follow their laws and will be subject for investigation. And people should also be educated that crypto is legit and not a tool for scams.

I am also hindered by the government in my country which is not friendly with crypto, so I find it difficult to use crypto for payments. Even though
in my country the government forbids using crypto as payment, but I can still use crypto some times for payment. Some times I use Bitcoin to pay
for services or buy goods from people I know, so with the consent of both parties, and without the knowledge of the government of course.
Because if the government finds out, of course I will be penalized for violating the rules. But because I want to support crypto, I still dare to use
crypto as a payment method even though it is risky. I really hope that in the future the government of my country changes its mind and will
legalize crypto as payment.

[Cryptomultiplier]

It is quite essential to note that people tend to condemn what they don't understand. As was the advent of the then missionaries who only after lingering, bonding, persuading, and doing everything almost possible to ensure their prospects are converted, so should it be done for cryptocurrency. People need to trust the system and besides ease of access to its knowledge base by either peer-to-peer, group settings, forums, or campaigns; they need stability.  If the cons outweigh the pros, why bother?

[Peanutswar]

For sure some establishment or organization have doubt with it about the people who are afraid to adopt the use of the crypto because of the possible things they didn't expect because not all of them knows how the crypto works of course it might give a hassle to them to make a change that they don't know how to function, in the other hand to the people who would like to adopt it takes a lot of time before getting implemented if this really helps the organization for the improvement.

[Jemzx00]

People are holding to get profit in the next bull run.  That is one major reason that people with BTC are not utilizing cryptocurrency payment methods.  They think that it would be a waste spending a growing "asset"  when they can spend fiat in place of it.  Aside from that regulations is also a concern since many BTC holders don't want to expose the address of their BTC holdings or the identity behind the BTC  they are holding.

Actually, the use of bitcoin and other cryptocurrencies as payment could also increase the chance of one business owner to own more and more bitcoin thru the use of accepting them as payment methods.

Other than security and privacy of one's bitcoin address and wallet, a lot of other reason arise as to why crypto payment is a concern. A lot of people are still against bitcoin and still has a bad image about it. Volatility on price on cryptocurrencies as one thing may cost 10 dollars right now but may cost 5 dollars later. Anonymity of the address holder which may cost to physical danger in case targeted. There many more reasons as to why cryptocurrencies payment is an issue.