Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?.

[MUGNIA]

it's too complicated, I think if crypto is used for everyday use, especially in small amounts, it's not necessarily possible to do everything,
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto

[Tribalchief]

it's too complicated, I think if crypto is used for everyday use, especially in small amounts, it's not necessarily possible to do everything,
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto

And I suppose this is where cryptocurrencies come into play. They are of different types but offer similar goals. I understand that volatility can be a massive problem, especially during bull markets when most of these coins tend to perform poorly. However, I also believe there could be a specific type of coin that can overcome this barrier for small, medium, and large transactions.

To me, the coins that can break this barrier are less volatile and are called stable coin. We have several stablecoins, with USDT being one of the most popular in the crypto space. If crypto adopters were to convert the more volatile coins to the less volatile stablecoins, don't you think we could still adopt crypto for smaller transaction purposes?

[milewilda]

it's too complicated, I think if crypto is used for everyday use, especially in small amounts, it's not necessarily possible to do everything,
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto

These are the possible conditions that could happen.

1. Fees are higher than on the goods or services been that dealt of with
2. Not all would really be knowledgeable about crypto
3. Fiat is always preferred no matter what

Its true that it does have its pros but we cant really be able to deny if we do speak about into its cons or hassle
when making into those day to day transactions that we do. There's some good area that could be integrated but as for day
to day then i would say its better to stay put on where it is now.

[Fivestar4everMVP]

Yes for sure, cryptocurrencies can sure be used for our daily transactions, it's very possible and easy to do, though I see problems with bitcoin fulfilling this purpose without issues due to its mempool that is usually congested and often leads to really high fees, imagine buying something of $2 worth and having to pay up to $4 dollars in fees, and even at this, you still might have to wait for up to 30 minutes or more before the first transaction confirmation arrives, meanwhile some business will tell you that if your bitcoin payment does not get up to 2 or 3 blockchain confirmations, you aren't permitted to leave.

But generally, cryptocurrencies can indeed be used for our daily transactions on goods and services, but first, this can not happen without world wide adoption first, everybody will have to come to the knowledge of cryptocurrencies and how they work, learn how to set it up, and also learn how to manage and keep their received crypto payments safe from hackers, and also, how to reinvest the crypto they recieved in the business, all this needs to happen before we can really come to that stage when we can say that cryptocurrencies a few ripe adopted well enough to be used for daily transactions for goods and services.

[Jating]

it's too complicated, I think if crypto is used for everyday use, especially in small amounts, it's not necessarily possible to do everything,
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto

But isn't it will go against the fundamental principle of crypto or at least Bitcoin that has been developed as a P2P. The problem is that is it not yet widespread used except in El Salvador. But I'm just imagining that in the market even the vendors have their mobile phone and crypto wallet installed and uses LN for faster transaction. However, it's only one country or even some in European that accepts Bitcoin and LN is coffee shop to proved that Bitcoin can be use as P2P. Hopefully, if there will be global adoption of Bitcoin and crypto, it will be a different story overall.

[Charles-Tim]

it's too complicated, I think if crypto is used for everyday use, especially in small amounts, it's not necessarily possible to do everything,
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto

You can use bitcoin lightning network even to buy something that is worth $1. Bitcoin and some other cryptocurrencies can be used for spending daily. But the problem is that they are not adopted up to the extent that they can compete with the fiat for spending daily. Also that will not be necessary because you can easily convert crypto to fiat and vise versa.

[UNIVERSE]

So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.

Imo, my answer also will be: YES.
But then, what kind of crypto that is used better for means of daily transaction? This will be another questions to answer. For, so far, there are numerous cryptocurrencies in this crypto space. Of course, the answer will be and should be Bitcoin. But, BTC also requires higher fees to transfer, that is why, common people, will be more interested in using fiat for the daily payment because commonly, there doesn't need any additional fee for  transaction, moreover daily transaction.

And this may be able to  apply in certain countries, in which the society is ready enough with technology. because, if it is for country like here in Indonesia, I don't think that all people in society will be ready, for many traditional markets here. Besides, this is also still illegal to use currency besides Rupiah in this country. So, this will be very difficult to apply it here.

I think that this can be implemented, but not massively directly. There still needs certain process and progress to make this world really ready with this.

[Dr.Bitcoin_Strange]

Introduction
So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.

Yes it can be, but not generally for everyone, because till death, there are some people that will not use crypto currency. Would you agree with me that their are some people that are so archaic that they don't even use the traditional banking system to save their money? Such people would not even want to use crypto. Only the lovers of crypto would prefere to use Bitcoin and other acceptable coins as a means of exchange.
So, it is very possible that some people are using Bitcoin and crypto for their daily transaction. I do accept Bitcoin payment in my business, but customers don't pay in crypto all the time.

[Rruchi man]

~

Bitcoin hodlers will be reluctant to spend their bitcoins in paying for a bar of soap in a supermarket, but when there is a large purchase, there can be more willingness to use bitcoins for payment if that option is available. Bitcoins was created for use as a currency but I don't think it was corrected for use in petty transactions.

Fiat will always be in use because of the ease, bitcoins and other cryptocurrency can be easier for transactions involving people who are far apart, but for physical transactions, the fastest remains fiat.

[Cryptsafe]

The one thing I so much cherish about crypto currency is the fact that we are our own bank. Cryptocurrency does not require a third party such as the bank to keep your assets safe but rather you have control over your assets and nobody knows anything about your assets.

Finally, in terms of transactions, there is nothing like middle man commission or bank charges with exorbitant fee charges, nobody is there to ask silly questions on what you used your money for just as the bank do ask before granting loans.

These are all some key points I must mention. There is this satisfactory feeling that people experience when they are the only ones who have access to something without the influence of others. The absence of middlemen can indeed provide comfort, but it also has its own disadvantages, as there won't be anyone to complain to if anything goes wrong during the transaction process

This is the reason why you are advised to properly do your verification exercise, due diligence before investing or conducting any transaction. Confirming your wallet address is very important both receivers address and even your own wallet address when conducting transactions as it saves a lot more especially when it happens you are sending to a third-party example crypto exchange or even your own wallet sometimes might be bugged that your wallet address changes whenever you input your wallet address, it might change to hackers address without your knowledge. That is why it is advisable to do a proper check before you carry out any transaction.

I understand that doing all these transactions gives that feelings of self belonging which is normal and as such makes one be more conversant with transactions and other activities involved in the Crypto space.

[bayu7adi]

Overall it is possible, but the government and infrastructure that are not yet ready make it a bit hampered in its mass adoption. I think there are many DeFi platforms that want to realize this program, where cryptocurrency can be used like FIAT to buy food or drinks at restaurants...

We know that not all modern development grows equally, so in some areas we still see the adoption of blockchain technology and cryptocurrency still not showing the best results.

[0t3p0t]

So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.

Yes and definitely YES .

the question is "CAN be used"? of course we can but the problem is that "Will the Government Allows us? or Are the people ready to that?

I will certainly ready since couple of years and actually I have used in some deals in personal but i prevent dealing in online because it is easy to be scammed internet .

I wanted to use crypto even everyday if given a chance.

Yeah since Lightning Network was already been used in some local wallets here in our country I think it is way more convenient to use crypto than fiat but the only problem is the support end user which is literally the people who use it on daily basis. I know most of them were not that ready to embrace this idea but yeah we do have a lot of crypto that can be used as a medium of exchange if ever possible.

[Gyrgen]

it's too complicated, I think if crypto is used for everyday use, especially in small amounts, it's not necessarily possible to do everything,
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto

You can use bitcoin lightning network even to buy something that is worth $1. Bitcoin and some other cryptocurrencies can be used for spending daily. But the problem is that they are not adopted up to the extent that they can compete with the fiat for spending daily. Also that will not be necessary because you can easily convert crypto to fiat and vise versa.

I think using Bitcoin for daily payments is more difficult psychologically. Subconsciously we will experience discomfort. It is much easier to part with some stablecoins. Subconsciously we will associate this with ordinary expenses in fiat.In general, there is still a long way to go for everyday payments in cryptocurrency.

[Charles-Tim]

I think using Bitcoin for daily payments is more difficult psychologically. Subconsciously we will experience discomfort. It is much easier to part with some stablecoins. Subconsciously we will associate this with ordinary expenses in fiat.In general, there is still a long way to go for everyday payments in cryptocurrency.

What kind of discomfort? If most shops and other places accept bitcoin and other cryptocurrencies as a means of buying and selling, I will prefer to use cryptocurrencies for paying for goods and services. What you will like would be what another person will hate. Have you not noticed this from your friends or from people that have been closed with you before?

[Tribalchief]

I think using Bitcoin for daily payments is more difficult psychologically. Subconsciously we will experience discomfort. It is much easier to part with some stablecoins. Subconsciously we will associate this with ordinary expenses in fiat.In general, there is still a long way to go for everyday payments in cryptocurrency.

I still don't understand the discomfort part of it, just like @Charles-Tim. What I see here is that the majority of us in the crypto space can't afford to spend our Bitcoin on anything, but we find it easier to spend altcoins and maybe stable coins. The reason is that we understand how well Bitcoin can perform, especially during periods like this where the ETF approval has turned things around for some weeks. There is literally nothing strange, just the HODL phrase that has become part of us.

Additionally, the main context was literally about cryptocurrency in general, not just Bitcoin alone. If the majority of us find it strange to use Bitcoin, which shouldn't be the case due to the future profit at stake, then altcoins and stable coins should be alternatives. The essence of all this is to promote the use of digital currency (cryptocurrency) to continue the evolution of money in the finance sector, and also give financial freedom to so many.