Quote from: odeskpawan on August 09, 2019, 10:30:00 AM

Although cryptocurrencies are aiming traditional payments methods, it has yet not managed to take over the old system. While the digital currencies have generated significant interest, its adoption rate is low, and government support for them is nonexistent.
And, not until the government recognizes BTC as the legitimate currency, it might take a while before we see its adoption. Also, there are many factors that need to be changed in bitcoin for it to take over the traditional system.

That's certainly true, mate. Bitcoin and the whole crypto ecosystem is within its early days. There's a lot of work to be done, especially in the area of scalability. Right now, the Lightning Network aims to bring a solution towards high fees and slow transaction confirmation times, but it's not ready yet for the world. Because of this, traditional payment processors will be the number one preference among individuals and businesses alike. Once the LN becomes tested enough for real-world use, then Bitcoin could take the world of payments by storm.

Still though, traditional payment processors have a greater advantage over crypto since they rely on Fiat currencies which are stable in price. That's not the case with Bitcoin and other altcoins, as prices are extremely volatile across the market. This makes them a terrible choice for daily payments, as they cannot be used as a real currency with a stable value. Which is why, we need more regulation across crypto exchanges in order to control the volatility in price for Bitcoin and other alternatives (aside from gaining more liquidity, of course).

Nonetheless, Bitcoin might never replace traditional payment processors or vice versa. The success of Bitcoin will be determined by how many people use it, and how many governments are willing to accept it as a legal payment method. Right now, traditional payment processors have been regulatory-compliant since the start, but Bitcoin is still facing issues with its legitimacy. Which is why, I believe that it may take a long time before Bitcoin becomes a real contender against traditional payment processors such as PayPal or Western Union. Just my opinion