Why aren't people utilising cryptocurrency payment methods?

[wxa7115]

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.

And this is perfectly valid, bitcoin allows you to do whatever you want with your money, if people want to spend it they should be free to do tit, but if they want to keep it then they should be free as well to do so.

It surprises me that people criticize holders when it is the move that makes the most sense and it is a mistake to think that someone can force people to go against their self-interests as we know that the longer we hold our bitcoin the greater the profits we will get.

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[tygeade]

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.

I agree with this. People see it as an investment deal, meaning if you have bitcoin then it is better to hold it, and not spend it. But, I would like to also remind that if you use fiat to buy something instead of bitcoin, you could also use bitcoin to buy that thing and then use the fiat to buy bitcoin as well. So, the end result would be the same, but you would have used bitcoin to purchase something, which is a great feeling.

You may say why would I do that because you are doing the same thing basically, but I think the feeling of it is more than enough of a reason. That's my personal opinion of course, if you do not agree with that then you could just use fiat for sure.

[Subbir]

If people around the world use cryptocurrency payment method and it is definitely very useful with cryptocurrency funds can be exchanged more quickly. Cryptocurrency is the future of digital payments and therefore has a strong impact on the global economic system. But many countries of the world are not legalized yet so everyone is used to using fiat currency.

[justdimin]

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.

I think volatility is not the only reason, taxation is also a bit of a problem. Like you get paid in crypto for selling one banana, then you have to tax it right? What if the price of bitcoin goes up until you could pay the tax for it? What if the price goes down? I mean there are so many different stuff that the tax part of the deal would become a bit of a trouble.

It is not the same as buying bitcoin making a profit or a loss and then paying taxes for it, that is way different from selling something for crypto and then paying taxes for it. This is why I believe that not many people are doing the same thing, it is not going to be the same thing at all.

[Finestream]

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.

Bitcoin will be more profitable if its kept and hold for long term as an investment, than to spend it and lose our bitcoin quickly. Although its adoption will also never grow if bitcoin is not used as a payment, but the fact that we can use fiat to purchase since its not making us profitable anyways. If you spend bitcoin, its like you are just giving away your future profits. Adoption will always grow as long as the country's government starts supporting it, but i'm not seeing it for now.

[Mahanton]

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.

Bitcoin will be more profitable if its kept and hold for long term as an investment, than to spend it and lose our bitcoin quickly. Although its adoption will also never grow if bitcoin is not used as a payment, but the fact that we can use fiat to purchase since its not making us profitable anyways. If you spend bitcoin, its like you are just giving away your future profits. Adoption will always grow as long as the country's government starts supporting it, but i'm not seeing it for now.

On general sense, we do really need for it to be circulated but since it does have that value which does increase overtime or does have the potential then people do ending up on deciding on holding it for long term
rather than on making use of it plus having the problems when it comes to regulation plus the fees or overall operation hassle and stuffs then they wont really be minding about these things.
Applying out crypto payments then it would really be varying on business owners or even just as simple as personal payment option to be given.
Adoption is still on the move and recognition is still really not that in full scale still.

[STT]

I was using crypto payment most often about 5 years ago but since then alot more regulation came in to bring red tape and lots of questions about its usage by any normal business.  In some cases the reaction was to dissemble their ability to accept this payment type and also some natural churn of companies opening and closing.   Having the burden of red tape takes away alot of the appeal.   I dont think its totally suppressed but explains some of the lethargy to what would be quite natural growth.
   I think we do see more BTC usage but always it has to keep improving usability to the average person, widening the scope of its audience away from purely the tech focused enthusiast.  Some of its happened and yet much more progression has to occur still.

[arwin100]

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.

Bitcoin will be more profitable if its kept and hold for long term as an investment, than to spend it and lose our bitcoin quickly. Although its adoption will also never grow if bitcoin is not used as a payment, but the fact that we can use fiat to purchase since its not making us profitable anyways. If you spend bitcoin, its like you are just giving away your future profits. Adoption will always grow as long as the country's government starts supporting it, but i'm not seeing it for now.

Adoption rate will still grow since the demand on different matter increase so if we can still see a huge demand coming on bitcoins for sure many merchants will think about adding it since maybe they can look at it as good opportunity to dive in since more people using it. But for now since the volatility is high maybe we cannot see it happening especially when those companies new to this technology so maybe for now they just see it as a risky option.

[Fivestar4everMVP]

People are not spending their bitcoins for several reasons,  some of this reasons are personal reasons,  while the others are obvious,  I am going to mention one of those personal reasons and one of the obvious reasons -

1. Most people still see bitcoin and cryptocurrencies in general as an investment vehicle rather than as a currency to be spent on goods and services just the same way we spend our fiat currency - this is a personal reason.

2. Look around you,  you will discover that actually,  not too many businesses and services accept bitcoin and other cryptocurrency payments,  some businesses still think cryptocurrencies are scam,  others think it's illegal,  some other businesses that have interest in it do not know how to go about implementing crypto into their business,  and maybe they are too busy to do the research needed, or maybe they are afraid not to fall or follow a wrong information that will lead to them being scammed.
So when there is just a small number of business and services accepting cryptocurrency payments,  you discover that crypto holders have a very limited access to spending their crypto, since a business accepting crypto payments might not be close to them or might not even be in their area - this is an obvious reason.

[LogitechMouse]

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

Volatility
How people sees cryptocurrency.

I think these are the 2 reasons why there are still people who are hesitant to use cryptocurrency. We want to see businesses to utilize cryptocurrency payment methods right? At first place, people are building their own business because they want to gain profit. Business owners are still hesitant to accept cryptocurrencies because of the fact that it's volatile. Today they will accept Bitcoin for example and tomorrow, there is a chance that they will lose their supposed gains because of volatility.

Another one is how people see crypto. They see crypto as a scam because this is how the negative people teach to them. They see crypto as a fraudulent thing thus, they are just ignoring it and not involving themselves into it. Kinda sad TBH because there are people who are still spreading negative things about cryptocurrencies.

[Ozero]

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.   

A cryptocurrency that generates a good return on holding does not make sense at all as a means of payment. In addition, there are several other reasons why it is still difficult to use cryptocurrency for these purposes. All goods and services are valued in fiat. It turns out that in order to purchase the necessary goods, we must first convert fiat to cryptocurrency, and when calculating back, convert it to fiat. However, only a small part of trading establishments directly accept cryptocurrency. With the spread of cryptocurrency and its legalization by states, the situation should gradually improve.

[$anounimus$]

For me, crypto cards are the most attractive feature of crypto. They offer their excellent features, no matter where you are in the world and no matter how much money you have in your account. You don't have to be a tech geek, not buy coins or mine them, and all transactions are private of course, there is some risk that you could lose value over time but overall there are more advantages than disadvantages. So, to answer your question: why don't people use cryptocurrency payment methods?

Well, it could be that the price of Bitcoin makes people feel the currency is not safe. After all, there are a lot of fluctuations and corrections in markets at this moment. It could also be because people don't want to learn it. People have different motivations for learning and not learning. Most obviously, people who are not interested in cryptocurrencies will not use them. There are many reasons why we don't do something, but I think it's safe to say that many don't know it or don't want to take the time to learn more and use it.

[BuNga_cute]

People are not spending their bitcoins for several reasons,  some of this reasons are personal reasons,  while the others are obvious,  I am going to mention one of those personal reasons and one of the obvious reasons -

1. Most people still see bitcoin and cryptocurrencies in general as an investment vehicle rather than as a currency to be spent on goods and services just the same way we spend our fiat currency - this is a personal reason.

2. Look around you,  you will discover that actually,  not too many businesses and services accept bitcoin and other cryptocurrency payments,  some businesses still think cryptocurrencies are scam,  others think it's illegal,  some other businesses that have interest in it do not know how to go about implementing crypto into their business,  and maybe they are too busy to do the research needed, or maybe they are afraid not to fall or follow a wrong information that will lead to them being scammed.
So when there is just a small number of business and services accepting cryptocurrency payments,  you discover that crypto holders have a very limited access to spending their crypto, since a business accepting crypto payments might not be close to them or might not even be in their area - this is an obvious reason.

The two reasons you mentioned are indeed the problem why until now not many people use crypto as a payment method. I myself more
comfortable buying goods and paying for services with fiat, because I have done it in the long term,  and it becomes a habit that is hard
to change. Then knowing that crypto holdings can generate huge profits, of course I think it's better to use crypto for investment.
After all, my country prohibits the use of crypto as a means of payment, making me even more uncomfortable using crypto for payments.
So in the end if I want to spend the crypto I have, I will first convert the crypto to fiat. Maybe if there are many countries that support crypto
and legalize crypto as a legal tender, there will be many businesses and services that accept crypto payments. For now, let's just be grateful
that crypto is a profitable for investment.

[DrBeer]

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.

1.Risk of loss if used without proper knowledge. - At what irretrievable loss!
    2.Its rising price with time. - a very controversial argument. It may grow, or it may not be... Or it may grow, but you, due to regulation, will not be able to sell it, or you will be charged wild taxes!
    3.High transaction fee. - Fact
    4. Long-term profit. - Doubtful. Within 2-3 years there can only be a loss of profit, see historical charts
    5. Low acceptance rate in stores. - This is all the result of 1+2+3+4

I already wrote - volatility and difficulty in use are two factors, without defeating which, it is pointless to dream of the widespread use of cryptocurrency as a means of payment.

[ShowOff]

It's mostly a matter of regulation, but there's bound to be a lot of other things that would cause it to not be used. I don't think traders really want to use bitcoin as a means of payment, that just doesn't seem right considering they just want to profit from the trades they make. Trader are the smallest in terms of adoption, they do not use bitcoin as a means of payment although in some cases some of them can use it for certain services.

The risk of volatility is the most talked about thing when one talks about the adoption of bitcoin as a means of payment. I can justify that, and by far it has been the most influencing factor for bitcoin adopters out there even in countries that have legalized bitcoin as a means of payment like El Salvador.

[boris singer]

It's mostly a matter of regulation, but there's bound to be a lot of other things that would cause it to not be used. I don't think traders really want to use bitcoin as a means of payment, that just doesn't seem right considering they just want to profit from the trades they make. Trader are the smallest in terms of adoption, they do not use bitcoin as a means of payment although in some cases some of them can use it for certain services.

The risk of volatility is the most talked about thing when one talks about the adoption of bitcoin as a means of payment. I can justify that, and by far it has been the most influencing factor for bitcoin adopters out there even in countries that have legalized bitcoin as a means of payment like El Salvador.

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

[erep]

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

If Bitcoin is not added to the latest regulations for wider use including for alternative payment methods then whatever efforts we make will not be successful, so I think the government will not give dispensation for the use of crypto and keep it for futures investment not for alternative payments because of the potential replace the use of fiat.

[Fatunad]

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

If Bitcoin is not added to the latest regulations for wider use including for alternative payment methods then whatever efforts we make will not be successful, so I think the government will not give dispensation for the use of crypto and keep it for futures investment not for alternative payments because of the potential replace the use of fiat.

Even they are afraid off about that probability of replacing fiat but still it cant really be possible if we are really thinking up realistically.Even though cryptocurrencies does have its pro's and benefits but it wouldnt be surely enough on taking replacement of fiat that we've been using through ages.It cant just be possible but instead it would really be just sitting around on being alternative.
People or merchants would really be that hesitant on utilizing crypto payments since we know that not all corners of the world will really be allowing this thing and if its allowed
but people are still hesitant on doing so due to volatility or moving prices which it isnt surprising for such reaction.

[tippytoes]

Agree with what you say, because in some countries it is not meant to be a means of payment. Some of them even still do not allow their citizens to adopt bitcoin, so it is indeed very difficult to pass regulations.
My country is still in a neutral stage right now but there is still no talk of paying via bitcoin and it's likely that this will never happen so no matter how hard we do it it still won't work.

If Bitcoin is not added to the latest regulations for wider use including for alternative payment methods then whatever efforts we make will not be successful, so I think the government will not give dispensation for the use of crypto and keep it for futures investment not for alternative payments because of the potential replace the use of fiat.

Even they are afraid off about that probability of replacing fiat but still it cant really be possible if we are really thinking up realistically.Even though cryptocurrencies does have its pro's and benefits but it wouldnt be surely enough on taking replacement of fiat that we've been using through ages.It cant just be possible but instead it would really be just sitting around on being alternative.

So far, crypto payment is just another alternative to fiat payment method. I don't think that will change in the coming years. Why not be grateful that crypto is increasing its usage in the market? And the number of users as well are increasing. But to replace fiat, I don't think we will see that in our lifetime. We are going digital but the fiat system will remain for long time.

[JollyGood]

Many people are using crypto as payment methods and have been doing it for many years. Crypto usage increases year on year with more and more retailers and online shops accepting crypto as an option at the checkout. It is not all about credit cards and associated perks or cash backs, there is more to it but crypto is already widely accepted.

Sooner or later it will begin to become even more mainstream than it already is but unfortunately because of negative media coverage some people have concluded crypto equates to criminal activity therefore they are reluctant to get involved.

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?