Why Have Cryptocurrency Payments Failed to Take Off So Far?

Paying with crypto has long been at the center of the discussions of why cryptocurrencies exist and why they are useful.

But despite promising growth and excitement during crypto’s bullish phases, payments with crypto still remain a fringe niche at best. Cointelegraph interviewed both merchants and industry leaders to find out why.

Who uses crypto today?

As a general rule, crypto payments are used where they make sense. This remains the case for darknet markets, which according to a January 2020 Chainalysis report continue posting new volume highs.

Source: chainalysis.com

Despite their tiny share of the overall crypto activity, marketplaces selling primarily illegal goods simply cannot use traditional payment mechanisms. Nevertheless, these markets pale in comparison to the traditional cash-based drug trade, whose volume is estimated at approximately $400 billion yearly.

In legal settings, Crypto.com’s CEO Kris Marszalek told Cointelegraph what kinds of products see meaningful usage…