Home
News
- People believe that digital currencies should be able to be utilized for regular transactions
- According to the Playbook, two-thirds of cryptocurrency users bought them to make transactions
- Cryptocurrency payments are appealing to both holders and non-holders due to the potential for increased privacy and security
Those that buy and hold cryptocurrencies, as well as those who don’t, agree on one thing: they believe digital currencies should be able to be used for everyday purchases, despite the fact that there are still many barriers to their popular acceptance. The new Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum as a Payment Option, a collaboration between PYMNTS and BitPay, examines a census-balanced survey of 8,008 U.S. customers who were current and previous cryptocurrency owners, as well as cryptocurrency non-owners.
Most individuals are interested in using cryptocurrency in future
According to the Playbook, two-thirds of people who have held bitcoins have done so to conduct transactions. Another 53% bought because they were afraid of losing out, up from 32% previously, and 93 percent of cryptocurrency users would consider making purchases with it in the future, while 59 percent of consumers who have never bought cryptocurrency are interested in doing so in the future.
Holders and non-holders alike are interested in cryptocurrency payments, according to the Cryptocurrency Payments Playbook, because of the potential for greater privacy and security over a traditional credit card or bank account-based payments.
According to the Playbook, 59 percent of current or previous cryptocurrency holders would be very or extremely interested in utilizing cryptocurrencies as a payment method if it meant receiving discounts. This percentage rises to 65 percent among those who have made or plan to make cryptocurrency purchases and falls to 51 percent among those who have not. Researchers also discovered that 23 percent of non-holders would be very interested in paying using cryptocurrency if discounts were available.
Most of the individuals have no idea about Cryptocurrency
Researchers found that 75 percent of customers say they never bought cryptocurrencies because they didn’t know enough about them, how to get them, or the tax consequences. The second most common explanation given is that they have never purchased cryptocurrency since it is not yet popular or widely acknowledged.
According to the Playbook, moreover half of non-owners agree or strongly agree that not enough retailers accept cryptocurrency as a form of payment, proving that cryptocurrencies are becoming more widespread. Another 30 percent believe that being able to use cryptocurrency as a means of payment would cause them to spend more than they would if they used regular payment methods like credit cards. The interest that both holders and non-holders have in being able to use bitcoin to pay for products and services demonstrates that merchant acceptance is certainly a growing possibility.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
