Post
Topic
Board Altcoin Discussion
Re: Why aren't cryptocurrencies successful as a medium of payment
by
jatoman
on 29/08/2018, 23:35:42 UTC
The first thing that became a problem was that there was very little public understanding about crypto and there were still many misconceptions about crypto. At first you must know that cryptocurrency is not legalized in any country, so the main reason why cryptocurrency cannot be used as a payment method. also the price of cryptocurrency is not stable.
I agree that an important obstacle to widespread use is the public has very little understanding of cryptocurrency.  On the other hand, most people I ask have heard of Bitcoin.  So, there is some awareness of cryptocurrency.  What needs to happen is a way for the public to understand what cryptocurrency is, how it works, why they should trust it, and most importantly, what advantages it has over traditional payment mechanisms.

I'm not aware of any country that has prohibited using cryptocurrency as a medium of exchange.  So, I don't believe it is illegal. 

What is lacking is government support.  I'm not aware of any country that enthusiastically supports crypto payments.