Why Cryptocurrency Might Never Replace The Old Ways Of Paying For Things

With all of the news that has been flowing about the rising value of the various cryptocurrencies that are available to the public, one might be under the assumption that it is pretty much in the process of eclipsing the way that monetary transactions have been carried out for ages. After all, the speed, transparency, and affordability (no fees) of making or receiving a payment via some form of cryptocurrency have the adopters of this technology singing its praises. Based on that, people might be under the assumption that it won’t be long before cryptocurrency puts traditional methods of payment out to pasture, despite the ability for consumers to make smart choices using cheques.

Yet those methods of payments are likely to be more resilient than many of the cryptocurrency true believers might expect. This isn’t a situation akin to the way the internet or social media took off, as they were essentially filling voids and providing people with something that they had never before experienced. At the moment, a person can conduct their lives and their monetary transactions just fine even if they have never encountered Bitcoin, Ethereum and the like. And it might take a decent amount time before society ever gets to the point where that will completely change.

For those who are still beholden to cheques as one of the main methods by which they make payments for goods and services, there are excellent options available online for them to secure what they need. In the meantime, those who are expecting the cryptocurrency revolution to take place tomorrow or the day after might be waiting a bit longer, for the following reasons.

IMAGE: PIXABAY

Comfort Zone

As stated above, there are many alternatives to paying via cryptocurrency, and most people have grown up getting used to these alternatives, to the point where they are second nature. For all of the benefits using cryptocurrency provides to people, they still might not weigh them to be valuable enough to take the time to learn how to switch over.

The Physical Lure

Think of this in terms of music. Even though most people are equipped and capable now to receive and listen to the music that they love via digital means, many still hold on to their compact discs anyway. And, in a kind of counterrevolution, sales of vinyl records have been rising in recent years. One of the main reasons is because people still have affection for the physical product.

Wariness Of Cryptocurrency

For all of the good press that cryptocurrency has received in the past year or so, that information is often counterbalanced by skeptical reports and fearful predictions about the effects it will have. Much of this is misinformed, but it still prevalent enough to convince a lot of people who might otherwise adopt it to stay away.

Cryptocurrency seems to have enough momentum to one day become pretty much the only way that transactions are made. But that day might still be well down the road, considering the continued popularity of consumers making b2b payments via cheque. It seems old ways won’t give up their ground easily.

If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.

IMAGE: PIXABAY