The speed of technology has accelerated over the last decade at a very rapid pace. The more innovative is technology, the more it becomes impactful to the people. The success of Bitcoin can also be counted as one of the innovative monetary technology which has prompted people to buy cryptocurrency in India and around the world. Another big example is the blockchain that seems promising for the coming decades. The first obvious use case is payments, which got implemented during the creation of the Bitcoin, initially. Now let us analyze its reach and what are those challenges faced by the cryptocurrency payment industry, which are becoming hurdles from letting it becoming a popular monetary asset like credit cards and cash.
Payments Becoming Headaches
In business, payments are considered to be a very essential factor. But it becomes a very brainstorming area too. Contrary to it, cryptocurrency eases the mental pressure with minimal fees and extra hardware. However, the customers were being forwarded with the headaches because of the newness of blockchain technology. One of the challenges faced by the crypto payment industry is fee–paying by customers. Customers at the end pay up fees for cryptocurrencies like Bitcoin and Dash in commission leads to driving the regular people away. Because of it, the free transactions which are being offered by cryptocurrencies will become the best use for the masses in the end.
Among the challenges faced by the cryptocurrency, payment industry includes the non–regulation of the market. This makes merchants avoiding digital currencies. People have to adhere to the laws of different countries like the US, South Korea, and Japan. These countries have made a good step by giving the legal status to cryptocurrencies, be partially or fully. But countries like Russia and Europe have set their own rules in regard to digital currencies.
Even though centralized exchanges are the easiest way to buy cryptocurrency with debit cards. But unsustainability and volatility of the price are two of the major risk factors which make people rethink their decision to use cryptocurrency or not.
So these are those 3 major challenges faced by the cryptocurrency payment industry. No matter how much success and fame cryptocurrency has gathered in India as well as the whole world. Still, there are some sensitive factors including the ones which are mentioned above. There were claims made as cryptocurrency to supersede fiat currencies or banking system. But merely relying on speculations cannot prove the truth completely. What is said might not seem so simple when it comes to practice. No doubt, the concept of cryptocurrency might have become an alternative to traditional currencies, still, it has to work on certain issues which can make it possible to happen.