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Crypto still isn't mainstream, will it really ever be?

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by COINS NEWS 137 Views

I was originally always very skeptical of Bitcoin, because it is fundamentally intrinsically worthless. It still is, however, since starting my own very small scale import/export business I'm beginning to see the (potential) value in it as a quick, instant, global, neutral means of payment. I even do accept crypto as payment and have no problem doing so. So you could say I've moderated considerably from my original skepticism.

However, it's still nowhere near the adoption levels it needs to reach to really be competitive as a means of payment, except in some niche cases. Around 95% of my customers so far have elected to pay in USD. And the 5% that did pay with crypto all did so with Coinbase, pretty much the most normie exchange out there. None knew about or how to use the lightning network, or which network their wallet was for in the case of non Bitcoin crypto. Like, pretty much they're just guys who bought their crypto on coinbase with a credit card and know how to send and receive using the basic address, and that's pretty much the extent of their knowledge. And to reiterate, this is just the 5% that paid with crypto, nevermind the other 95% who probably have never waded into these waters.

And this adoption issue is the biggest problem for Bitcoin and Crypto's future imo. Because of this, it's 2-3 times more expensive for me to convert crypto into the currency I need to purchase my goods, as opposed to converting dollar payments. So it's not cheaper at all, at least for now. Nevermind the volatility that makes it impractical to use/keep funds in for business purposes.

So yeah, I don't know. Like I said I've personally warmed up to it a bit after long initial skepticism. But if people don't start using it more en masse for transactions, then it will remain inferior to the USD. And adoption as a means of payment is really what crypto needs to start to see, not more hodlers and pump and dumps. Anyway just my 2 cents, love to hear your guys' thoughts.

submitted by /u/EdwardMauer
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