Cryptocurrency Owners about 70% Rarely Use Crypto For Payments Says A Survey

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Anushree Goswami
Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

A recent survey done by The foundation For Interwallet Operability {FIO} over 200 crypto owners reveals that the majority of crypto owners rarely use their crypto for payments, the reason behind was that some people are still nervous about making crypto transactions.

The FIO, a consortium of crypto wallets, exchanges and payment processors , asked several questions to crypto owners regarding their experience in transacting , and the reason for the issue that is holding back in wider usage of crypto. The records show that during 2018 only 30% of the users sent any coin to third party or alternative account at least once a month and 43% respondent sent coins to another party or made a purchase using crypto only a few times in a year and 27% of the holders kept it idle. In turn means about 70% of the crypto holders either never or rarely use cryptocurrency for making payments.

The research also revealed that 13% of the crypto owners never used a wallet that stores their private keys. Regarding the diversification of digital assets portfolios , about half of those surveyed hold between one and few different cryptocurrencies at the same time , another quarter hold between six to 10 and about one in 10 holds over 20 different coins .

Reasons behind hesitation of Crypto owners to trade

The one main reason behind the hold back to use crypto is the nervousness about completing the transaction. The survey says that about 25% of the people who sent coins to someone else in 2018 felt very comfortable after sending. The majority of users about 58% felt cautiously optimistic the remaining 17% felt anxiety and other 5% felt very nervous about the transaction and are not according to the plan. Here 40% of the crypto owners who owned it 3 years ago are now comfortable in its transaction and other 21% who owned crypto from less than 3 years felt the same comfort zone.

In the question asking about to write the other challenges crypto owners experienced in sending and receiving crypto they expressed about the confusing pattern and high fee as well as long and uncertain confirmation time. Problem in address format and buggy wallets were in addition. The comments “ Setting a mining fee too low on BTC that took 2 months to get picked up.’ and “ The long time waiting with the BTC transaction.” says it all.

 

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