Bitcoin recently lost the right to claim that using their cryptocurrency payment is 'fast' and 'cheap' on their website. Once this well-known cryptocurrency 'went mainstream' or rather, mainstream for the tech-elite, the reliability and volatility issues that arose challenged those original claims.
Excerpt from PYMNTS article
The irony of cryptocurrency is that the more mainstream it gets, the less it’s able to do what it was designed to do — that is, transfer monetary value between parties. That, said nanopay CEO Laurence Cooke, is why it will never have a future in payments...
'Trying to switch out dollars for cryptocoins would be more than foolish [...] it would outright cripple the economy.'
Blockchain allows people to transact with parties they don’t know and don’t need to trust. There is no other use case in which this is legal, said Cooke. The closest thing is paying cash in a retail setting — and even then, both parties are standing in the same room. The very concept of blockchain undermines the all-important KYC (Know Your Customer) process, opening merchants up to risks, such as anti-money laundering (AML) violations.
'...bitcoin’s success has come back to haunt it.' - PYMNTS
Staff writer. 'Nanopay: Just Say No To Cryptos.' PYMNTS. Electronically published February 23, 2018. Accessed February 26, 2018.