Blockchain-based payments are the future of transactions. But still there are several problems that need to be resolved first. In fact, blockchain-based crypto payments should be more user-friendly in order to go mainstream. In this article we are going to discuss the issues, which crypto payments are facing with.
Taxes as one of the main issues
Taxes are an unavoidable part of any exchange value or making any business transaction. The tax regulations and policies are ambiguous at best, under the current regulatory guidance. Most of the countries still didn’t take a clear position against cryptocurrencies. In fact, the regulations about taxes for crypto transaction is not defined yet. But, in the past few years, the tax related issues are going to be resolved. In order to make cryptos and blockchain become part of the mainstream financial conversation, taxation and other tax related issues play a significant role. Fortunately, there are organizations such as TokenTax, Lukka, and Verady, which give services for accounting, tax and reporting around cryptoassets.
Blockchain-based crypto payments should be more user-friendly; Complexity is another issue
It’s almost obvious for many of us that cryptoasset and blockchain ecosystem need to be more user-friendly. In fact, it’s difficult for many individuals to use them. As a result, the complexity of the ecosystem discourages many people to join the market and start to use cryptocurrencies.
Recently, the collaboration of Samsung and Gemini exchange indicates that authorities are trying to make more user-friendly experience for the users.
Anyway, cryptocurrencies are the future of financial industry and will use as a medium of exchange in near future. In fact, some features such as cost saving, transparency and the ability to have instantaneously transactions made cryptocurrencies as a suitable choice for payments.
Although the operations and technical components are fine, the usability should improve in order to make cryptocurrencies a suitable choice to use as a medium of exchange.