We've been able to identify why cryptocurrencies can be used as a medium of exchange, but we need to consider a major key in achieving such a theory. A major key necessary in achieving such a theory is Mass Adoption. There are certain conditions necessary for mass adoption, but would be introduced in the topic number 76: "What challenges do cryptocurrencies face in achieving mainstream adoption?".The use of crypto in daily micropayments has been mentioned for a long time, perhaps since the birth of BTC, but it has not yet become popular for many reasons. Perhaps only the people of El Salvador are experiencing this feature fully thanks to the new policy and technology of Lightning Network.
So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.
I think when you said cryptocurrency you meant Bitcoin, the major reason it was created is for decentralization for individual to be their own bank removing the need of a central body. I think OP is talking about cryptocurrency and unlike Bitcoin there are coins that ain't having scalabilty issue or that volatile, Stable coins like USDT are examples of such among others. Answering OP question, Cryptocurrency is already been used and can be used as a medium of exchange but the market that accept it are few. There are individuals in this forum and others including BTT that accept cryptos for their service or goods and not to mention places while few that allows the purchase of merchandise using certain cryptocurrency. Though it's not yet widely accepted like traditional currency, it can still play a role as a medium of exchange.
Isn't that the major reason why we have cryptocurrency...to act as the medium of exchange in a peer-to-peer fashion? Within more than a decade of its existence though we still have to see that vision come true in a massive way because even if Bitcoin is quite so popular already it is more of an investment vehicle or to make more money rather than act like the money which can be use to buy a candy, a soft drink or a condom in a convenience store. So what are the things hindering that big vision to come true, in the first place. One is the scalability problem. Two is the extreme volatility where a coin can go up and down anytime of the day.
The use of crypto in daily micropayments has been mentioned for a long time, perhaps since the birth of BTC, but it has not yet become popular for many reasons. Perhaps only the people of El Salvador are experiencing this feature fully thanks to the new policy and technology of Lightning Network.
In other countries, legal issues still prevent the widespread adoption of crypto. For example, in Vietnam, using crypto instead of fiat in payments is considered illegal and can lead to very severe penalties. The government wants to protect the position and value of fiat in the economy, and they are not ready to experiment with crypto.
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.
Answering OP question, Cryptocurrency is already been used and can be used as a medium of exchange but the market that accept it are few. There are individuals in this forum and others including BTT that accept cryptos for their service or goods and not to mention places while few that allows the purchase of merchandise using certain cryptocurrency. Though it's not yet widely accepted like traditional currency, it can still play a role as a medium of exchange.
I think people forgetting that daily transactions aren't just the small ones.
There are many big daily or weekly transactions which are already done with cryptocurrency. Larger transactions, with more money. Specially for remittances or as a store of value.
I don't think that buying coffee with crypto is that important.
The use of crypto in daily micropayments has been mentioned for a long time, perhaps since the birth of BTC, but it has not yet become popular for many reasons. Perhaps only the people of El Salvador are experiencing this feature fully thanks to the new policy and technology of Lightning Network.
In other countries, legal issues still prevent the widespread adoption of crypto. For example, in Vietnam, using crypto instead of fiat in payments is considered illegal and can lead to very severe penalties. The government wants to protect the position and value of fiat in the economy, and they are not ready to experiment with crypto.
People's awareness is also a barrier. We live in this market so we feel crypto is important, but others don't care about crypto and don't think it's important. For them, fiat is enough, and if fiat depreciates, they have gold as a reliable reserve asset.
It can but it will take years to make it work considering that most persons are ignorant of the workings of cryptocurrencies. I can remember the difficulties faced in my country when there was shortage of money supply. During this period exchange of good was not easy because some sellers don't even have functional bank account and it posed a challenge for buyers. For cryptocurrencies to be used as a medium of exchange the sensitisation have to start now so that upcoming generations can easily be abreast with the workings of the crypto world.people don't know about crypto, I think it is no longer foreign to society because technological developments have spread and many people already know. The problem is whether the government is ready with regulations to be able to accept it as a legal means of payment, usually only as a trading tool. This is, of course, a separate problem.
Yes and definitely YES .
So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.
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
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,These are the possible conditions that could happen.
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto
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,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.
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto
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,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.
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto
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.
Introduction
So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is YES.
~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.
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.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
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.Yes and definitely YES .
So back to the question: Can Cryptocurrencies Be Used As A Medium Of Exchange In Our Daily Transactions?. The answer is 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.
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.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,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.
crypto is only suitable for large transactions, not for small transactions, for example: for cooking women who buy vegetables with crypto
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?
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.
As long as there is an internet and those who believe and HODL Cryptocurrency and the government of countries allow it, it can be made as a medium of exchange and it need not be Bitcoin alone.
In my experience I just traded Tron and Sol to pay one fiend for a service rendered to me, we should not be confined to one Cryptocurrency, because as we all know there are times that one chain is congested so we need other coins/tokens to transact.
For us to have a wide adoption and for many people to transact using Cryptocurrency we should have more choices of coins/tokens to transact.
Right from the day Bitcoin wallet was release, Bitcoin was initially a peer to peer assets for making payments and help unbank people that doesn't have banks and this solution is the reason why many alts were later created after many years but what most of them truly exist for is now different from what it was intentionally built for, even Bitcoin can't be conviniently used for daily transaction because the fees are expensive to be use for daily transaction, even the altcoins are not different from this as well because what's on earth is meme coins even doing here in the first place, they are just for pumps and dumbs and not for making transactions.Initially, before bitcoin started experiencing high transaction fee due to the ordinals attack on the blockchain, a lot of people are using it to pay for services, and the purchase of goods. In my country I ha e seen supermarket, shop malls and hotels that accept bitcoin payment. People are still using bitcoin for payment in their businesses, because it is more convenient and easy to use for payment across boarders. It is only the small business people that transaction fee will be a barrier to them. We are also being paid on this forum with bitcoin, those in signature campaigns.
Discomfort because many people perceive Bitcoin as a means of accumulation or savings, but not as a means of payment.And I separately highlighted Bitcoin and other altcoins separately for good reason. You perceive altcoins and stables as a separate type of fiat money.The fact that there are no friends’ tastes and colors is already understandable, everyone has their own preferences. As for stores that accept payments in crypto, I’d rather pay with regular fiat, it’s easier and faster.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?
As you have mentioned, everyone has their own preferences, if they consider Bitcoin as future savings or something else then it shouldn't be a problem for you, what they choose is their decision, not yours, let it be they choose their own beliefs and paths, you don't need to take care of them. For transactions in shops, cryptocurrency is sometimes ONLY used as an alternative payment if we don't have cash with us.Discomfort because many people perceive Bitcoin as a means of accumulation or savings, but not as a means of payment.And I separately highlighted Bitcoin and other altcoins separately for good reason. You perceive altcoins and stables as a separate type of fiat money.The fact that there are no friends’ tastes and colors is already understandable, everyone has their own preferences. As for stores that accept payments in crypto, I’d rather pay with regular fiat, it’s easier and faster.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?