According to Vitalik Buterin, creator of Ethereum, cryptocurrencies will completely replace payment cards in just a few years. High scalability, speed and security of blockchain based transactions will make digital currency payments commonplace.
Payments made with cryptocurrencies have many advantages. This is an extremely convenient transaction type because it doesn't require any intermediaries. Funds go to the destination account immediately, no matter where the recipient is located. Paying with virtual tokens is therefore not only very fast but also safe and completely anonymous.
If paying with cryptocurrencies has so many benefits, why, despite the passage of time, are they not used as a payment instrument on a larger scale? What limits their adaptation?
The first reason is the volatile exchange rate. Cryptos' price volatility makes it difficult to assign fixed values for a given good or service. Virtual tokens have not yet achieved relative market stability, unlike fiat money. Therefore, they are not really that useful in everyday transactions. The problem may be the supply of cryptocurrencies, which often do not adjust quickly enough to offset the fluctuation of their demand. Another complication is legal regulations that are not uniform in the world. In many countries, they are not regulated at all.
However, you should not cross out Bitcoin and other altcoins from the market. The aforementioned advantages - mainly security, anonymity and speed - can convince traditional users to use crypto frequently. In consequence more stores, restaurants, clubs etc. will want to add the possibility of such payment. Although it's difficult to say when this will happen, one thing is certain: cryptocurrencies will not disappear from the market and with a large degree of probability it can be assumed that they will be the money of the future.