Why cryptocurrency is not for the faint-hearted
The most well-known cryptocurrency is bitcoin, but there are many others. However, cryptocurrency is not yet as common as making payments with credit or debit cards. There are also many difficulties with using cryptocurrency, such as buying goods and services.
Cryptocurrency is not yet accepted by most banks and institutions. Most people only use it at home, internet cafés or places that specifically deal in cryptocurrency. This means that people who want to use cryptocurrency must carry out their transactions at home or at their place of work. Furthermore, there's safety concern when making payments at a business location without knowing the owner.
Most people who try to use cryptocurrency end up losing it. Keeping your private key - the password necessary to access your cryptocurrency - is hard enough, but securing your wallet also requires diligence. Many users make mistakes when securing their wallets and end up losing their cryptocurrency. You can never be too careful when dealing with sensitive information, such as your financial records or wallet contents.
There's also a shortage of supply for most cryptocurrencies. Bitcoin has 19.19 million units in circulation, but there are only 120 million units of Ethereum and bitcoin cash has 19 million in circulation too. This means that there's a high demand for cryptocurrency and a low supply available for purchase. People want to buy cryptocurrency but there isn't enough to go around for everyone interested in buying it.
Cryptocurrency is an excellent way to send funds easily and discreetly. However, the difficulty in using it makes it impractical for most people today. There's also a constant demand for new cryptocurrency, which increases its value but makes it scarce for new buyers. Until cryptocurrency becomes more widely accepted and easier to use, paper money will likely remain the standard method of making payments online.
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