- Cryptocurrency owners have said they are interested in using cryptocurrencies as a payment tool
- Cryptocurrency like Bitcoin is that they are less prone to inflationary pressure.
- The level of crypto payment adoption is still low.
A significant study has revealed that there is a high demand for payments in cryptocurrency. The cryptocurrency, which is a Blockchain-based decentralized finance ecosystem, is finding more and more acceptance. The decentralized and anonymous nature of cryptocurrencies has appealed to the users. Over 60% of the responding cryptocurrency owners have said they are interested in using cryptocurrencies as a payment tool to make online purchases more private or secure.
One of the significant benefits of cryptocurrencies like Bitcoin is that they are less prone to inflationary pressure. The U.S is facing hyperinflation due to the relentless printing of Dollars to assuage the consequences of the COVID-19 pandemic. However, this has also led to hyperinflation and a steady eroding of the value of the dollar. A cryptocurrency is a favorable option for investors to preserve the value of savings. New data also reveals that consumers alongside long-term investment are favoring Payments in cryptocurrencies like Bitcoin (BTC)
Payments, a major payments-focused publication, conducted a recent study. The study was focused on consumer preferences regarding cryptocurrency payments. The report was aptly titled Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum existing and former crypto holders, as well as crypto non ownersnonowners. As a Payment Option”. The study was conducted among 8000 consumers in the U.S. and included
Over 93% of crypto users think of making purchases in crypto in the future.
The study was conducted in partnership with the crypto payment firm BitPay. The study revealed that crypto holders and nonowners are interested in crypto payments. More than 93% of the reacting crypto users pointed out that they would think of making purchases in crypto in the future, while 59% of consumers who have never held crypto are attracted to using it to make purchases.
One fact revealed was that most cryptocurrency owners were fascinated by the security afforded while making payments for goods or services in crypto coins. 60% of crypto owners said they were “very” or “extremely” interested in using crypto as a payment method to make online purchases more private or secure. On the other hand, 23% of nonowners showed interest in using crypto for these purposes. Interestingly 57% of crypto owners also indicated that they would be interested in making online purchases in crypto if such payment options were automatically available at the checkout. Again, 21% of nonowners expressed the same interest.
Even though both crypto owners and nonowners are showing significant interest in using crypto coins as a mode of payment for goods and services, the level of crypto payment adoption is still low. The study revealed that 50% of nonowners “agree” or “strongly agree” that there are not enough merchants accepting crypto for payments.30% of the respondents also said that they would spend more if they got an opportunity to use cryptocurrency as a mode of payment instead of traditional methods like credit cards.
Crypto as Part of long-term investment strategy
Crypto payments are not the only sole major use case for cryptocurrencies like Bitcoin. For example, major global crypto exchange Coinbase released the details of a survey of over 2,000 British adults, which revealed that 41% of respondents were willing to buy crypto as Part of long-term investment strategy as their crucial motivation; and 51% of respondents said that they would be interested in taking out a loan by using crypto holdings.