The global economy is nearly 80 trillion USD per year. Payments using any type of cryptocurrency as a medium of payment is a tiny fraction of this total.
What are some of the reasons preventing cryptocurrency from being more successful as a medium of payment?
Probably, the problem is the market volatility of cryptocurrencies. Fiat as a medium is having a stable market value which us an important aspect in order to promote equality. So since the market value of most cryptos are lacking stability, making it a medium of payment won't be as effective as the functionality of usd and other regular currencies.
No doubt,
extreme price volatility is a significant obstacle.
All fiat currencies are volatile in that their values change constantly. Very few fiat currencies experience extreme price volatility.
So, for a cryptocurrency to be widely used it must avoid having extreme price volatility.
And it can be avoided through use the blockchain with the best scalability ever. It will be easy to liquidaty if the blockchain can deliver it in a second without a lot of requirements. It cna be done easily to avoid the extreme volatility in the xrypto market.