Post
Topic
Board Altcoin Discussion
Re: Why aren't cryptocurrencies successful as a medium of payment
by
jatoman
on 15/06/2018, 02:36:22 UTC
the first thing that becomes a problem is the public understanding of crypto is very little and there are still many misunderstandings about crypto. the government is also not fully supportive and the banking or other financial companies are also very opposed to crypto and they think that crypto could harm and take over their business.

Yes, there is a lot of work needed to help the public understand what cryptocurrencies are, how they work, and why they should be trusted.  

I agree that governments need to support it.  So, far, cryptocurrencies have been hostile toward regulators, which explains why some governments are against their use.

Financial institutions may never support them because they see cryptocurrencies as competition to traditional banking services.  On the hand, some banks see the opportunity to use cryptocurrencies as an alternative to automated clearing house technology as a way to move money, especially across national borders.