Why aren't people utilising cryptocurrency payment methods?

[Pejoh Asu]

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

[Rikafip]

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

In huge majority if cases Bitcoin transaction fee is only a problem if you are using wallets where you can't manually set the fee so the wallet makes you overpay the transactions several times over. Alternative is to use wallets like Electrum with the combination of https://mempool.space/ where you can check what's the fee needed for your transaction to go through. Use that and you will see that sending bitcoin ain't that expensive at all.

[pealr12]

In huge majority if cases Bitcoin transaction fee is only a problem if you are using wallets where you can't manually set the fee so the wallet makes you overpay the transactions several times over. Alternative is to use wallets like Electrum with the combination of https://mempool.space/ where you can check what's the fee needed for your transaction to go through. Use that and you will see that sending bitcoin ain't that expensive at all.

This is a good idea but not everyone can set the right fee using this type of wallet, in my case, i use the wallets which already have a set transaction fee, i will have to switch to electrum wallet to i can manage my transaction fees on my own but i have no idea how to use mempool.

[romero121]

Few reasons upon which I don't spend bitcoin as payment are

• Risk of losing when used without proper knowledge.
• Its increasing price with time.
• Low acceptance in stores.
• High transaction fee.
• Long term profit.

[dark1234]

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

you are right ....when we make transactions with one of the coins. some of them require very high transaction fees like ETH so we think twice about using it as a transaction tool and in addition to the taxes imposed by the government on every crypto transaction

[Wawa2013]

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

you are right ....when we make transactions with one of the coins. some of them require very high transaction fees like ETH so we think twice about using it as a transaction tool and in addition to the taxes imposed by the government on every crypto transaction

That's why I chose to focus on using Bitcoin for investment, one of the obstacles is the high transaction fees. If I really want to use crypto to buy
goods or pay for services, I choose to use altcoins, which has lower transaction costs. Because some altcoins have low transaction fees, the problem is
that not all online stores provide a choice of altcoins for payment. That's why until now I'm more comfortable using fiat to make payments. Moreover,
there are still many countries even whose governments consider it illegal to use crypto for payments. So instead of breaking the law, it's better for us
to use crypto just for investment, if I want to spend crypto, then I usually convert it first to fiat on exchanges.

[BitcoinPanther]

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

The price of Bitcoin transactions really goes down compared to its tx fee years ago.  But yes it is quite expensive compared to zero fees of bank transfers.  Comparing the fees, and the transaction confirmation, it is really a disadvantage using Bitcoin payment methods since we spend more than the intended price of the item.  Aside from that, we might regret spending BTC for payment if we see the bitcoin market skyrocket.

[KennyR]

I was once interested in paying with bitcoin and eth when I saw an online shopping site, but unfortunately when all shopping lists were collected and the time to pay me canceled because of the transaction fee of more than $ 5, I think the classic problem of Bitcoin that could not be resolved was a more expensive transaction fee if compared to free bank transfers.

The price of Bitcoin transactions really goes down compared to its tx fee years ago.  But yes it is quite expensive compared to zero fees of bank transfers.  Comparing the fees, and the transaction confirmation, it is really a disadvantage using Bitcoin payment methods since we spend more than the intended price of the item.  Aside from that, we might regret spending BTC for payment if we see the bitcoin market skyrocket.

This is a reason, and the important thing is that people aren't much aware about it. Even now it is possible to see people who doesn't have the access to banking and use fiat. They never knew how to make use of cards, by that time we're taking of cryptocurrency payments. Maybe in the upcoming few years of time we can expect a big change as slowly people are getting aware of the existence of cryptocurrencies.

[qwertyup23]

Why aren't people utilising cryptocurrency payment methods? Without it, the adoption would never be able to realise its full potential.
.....
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 think this has something to do with the mindset of the public against cryptocurrencies as a whole.

Unfortunately, majority of the people view cryptocurrencies as a way of a scam due to the media on how it stigmatized its usage over the years. People also associate it in dealings with contrabands and illegal stuff, in which why they see that whenever you transact using cryptocurrencies, they have this fear that the government would held them liable.

Though that might be the case, over the years, the usage of cryptocurrencies as a means of payment has been slowly evolving. More and more countries accept its utlization and understand its long-term positive effects on the economy.

[Rikafip]

This is a good idea but not everyone can set the right fee using this type of wallet

Why not? There is plenty of guides around how to set up the fee manually, even on this forum. As a matter of fact, here is a good one https://bitcointalk.org/index.php?topic=5182906.0

in my case, i use the wallets which already have a set transaction fee, i will have to switch to electrum wallet to i can manage my transaction fees on my own but i have no idea how to use mempool.

No reason really to use those kind of wallets as on top of overpaying, they are often close-sourced meaning less safe

[arwin100]

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?

Aside from people call it as a scam the volatility of this coin is one major problem since it discourage businesses to utilize this as their payment method because they could lose a lot of money if market collapsed badly. Maybe if bitcoin will move the same with fiat we can see good adoption and make this what we wanted but for now there's a lot of problem bitcoin need to fix first.

[xSkylarx]

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

There are many reasons why many people don't use crypto as paymemt method and the most common is its volatilty. Let's also add the stereotype of crypto being used by the criminals and the governement telling its people that it is not a safe form of asset or currency.

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 will only use it as payment in the form of stablecoins. Cryptocurrencies like bitcoin or ethereum is more of an investment for me. I've been earning crypto since 2016 and if I just didn't spend it due to unexpected circumstances then I think would've be rich now.

[Ahli38]

I've used cryptocurrency several times for payments as well as accepting payments. but that's rarely done unless the conditions allow it to do so. like my fiat is lacking when it comes to paying for something. or transactions between cryptocurrency users. but I think the majority of people prefer to make cryptocurrency as an investment and not as a means of payment. especially if it's Bitcoin. so I prefer to hold it rather than issue it for payment. because of course I am optimistic about the potential in the future.
and another reason is because there are still many people who are not familiar with cryptocurrencies. the comparison who knows crypto and doesn't know crypto is very far in comparison.

[ChiNgadOr]

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?

Many investors value there Bitcoin over the fiat currency just like when Tesla started receiving payment in Bitcoin, many investors never opt to it because the believe the current price then might increase in the next few years making their Bitcoin portfolio worth more. Since the market is never stable and there is tendency that the market will always appreciate with time, then there is no need to giving it out for exchange.

I think there many Crypto sites that received payment in Bitcoin although they are mostly recognized in some regions that does not have any law or policy against the use of Bitcoin. We hope with time, the Bitcoin adoption will become more bigger than what it is now and many will commence using it of payment of services.

[numaibtc]

Maybe because of UX, UI, trust, ease of access, lack of regulations...

What's your take? Not only in payments, but also for personal investments. There are a lot of barriers to entry still, for the "average joe", and I think trust is key to access, for example, the Defi space and investing in these products.

[Zanab247]

I don't think there are many direct adoptions to use cryptocurrencies, nowadays online shopping is getting massive and in my country there are no shopping sites that provide payment options with cryptocurrencies, it's a big task for developers to work closely with site owners to be able to take advantage of cryptocurrencies for payments.

I guess, those that made cryptocurrency legal in their land are really making a huge amount of incomes from their businesses because many crypto users prefer to purchase goods and services and pay with cryptocurrency. But it will be difficult for those countries that are not yet accept cryptocurrency in their land for their business men and women to accept cryptocurrency as a payment because their citizens are not use to cryptocurrency in their country which will not help their business men and women to make a good profits like those that accepted fiat money as a payment in their businesses.

[Paul Pogba]

To make cryptocurrencies work effectively like fiat is certainly not easy, when we switch the payment system which is usually fiat to become cryptocurrencies of course it takes a lot of conditions, and I'm sure the very high transaction fees make us think again about paying with cryptocurrencies.

[Webetcoins]

Few reasons upon which I don't spend bitcoin as payment are

• Risk of losing when used without proper knowledge.
• Its increasing price with time.
• Low acceptance in stores.
• High transaction fee.
• Long term profit.

The first in your list applies only if for a newbie but not for you because you have a long term experience already on using a bitcoin. The second one is correct and this is also the reason of the many on why they won't use their bitcoins. if they try to then they can't help but regret it later on.

Third one will depend on which country you are into but if let say you are from El Salvador or two of those countries which btc is now a legal tender then you won't having a hard time looking for shops where btc is accepted but in case you are from unsupported countries, why won't you try online shopping? I bet there is only less to or restrictions at all. Fees in btc aren't always high though.

[dark1234]

To make cryptocurrencies work effectively like fiat is certainly not easy, when we switch the payment system which is usually fiat to become cryptocurrencies of course it takes a lot of conditions, and I'm sure the very high transaction fees make us think again about paying with cryptocurrencies.

for transaction fees it is very high but we get convenience in sending and transferring our money by making bitcoin or altcoin, it's just that for transactions it might be an alternative to global payments, if applicable in the future all over the world it becomes a transaction tool, so it's not confused to exchange fiat in an applicable country

[Sanitough]

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?

My own perception about bitcoin is that if i can make maximum profits through investing and long term hodling, or with good trading, then there's no reason to spend it and use it as a mode of payment. I would rather keep it in my wallet instead. After all, when bitcoin will be widely adopted and that the government decides to accept cryptocurrency as a payment, everyone will eventually buy and spend bitcoin most often. Maybe we need more time and right timing so that we can utilize bitcoin as more on a payment method.