Bitcoin and other major cryptocurrencies have come a long way in their first few years of existence. Today, virtual currencies such as Bitcoin are widely accepted in online transactions and can be used to make in-app purchases with ease. They also provide a high degree of anonymity compared to traditional fiat currencies such as the U.S. dollar or the euro. But digital currencies such as Bitcoin do not exist only in today’s world.
The digital nature of these currencies means that they are also obtainable using conventional means. As a result, people have begun turning to cryptocurrency use for payment and investment purposes altogether. However, due to regulations and government scrutiny regarding the legality of cryptos, many users prefer using other methods of payment instead. Here is an overview of the factors that influence people’s adoption of cryptocurrency use:
Lack of Trust in Traditional Payment Methods
Another main reason that people choose to use digital currency instead of a traditional payment method is trust. In a world where almost everyone has an online account with one or more online payment providers, such as a credit or debit card, it is very difficult to establish trust with a new payment method. Trust is necessary for a successful commercial relationship, and it is usually the core value of every business. For banks and other financial institutions, establishing trust with their customers has been a challenge.
Many customers do not trust the…
