Why Have Cryptocurrency Payments Failed to Take Off So Far?
In legal settings, Crypto.com’s CEO Kris Marszalek told Cointelegraph what kinds of products see meaningful usage of crypto:
Marszalek cited figures from “leading crypto payment providers” BitPay and Coinbase Commerce, which report yearly volumes of $1 billion and $200 million, respectively. Marszalek identified a series of issues that are preventing crypto payments adoption, with lack of trust one of them:
Peko Wan, the chief ecosystem officer of crypto point of sale provider Pundi X, told Cointelegraph a similar story:
This attitude is reflected by a U.K.-based business owner operating a recreational plane simulator, whom Cointelegraph interviewed.
Marszalek believes that part of it is the chicken and egg problem, which limits the amount of merchants accepting crypto:
One of the biggest problems of crypto payments is the volatility of even the most established assets. Furthermore, the premise of many crypto payment providers is that merchants can completely avoid exposure to crypto’s volatility.
