- Report revealed that about 60 percent of consumers are willing to make purchases with cryptocurrencies.
- Some consumers stated lack of knowledge on crypto as their reason for never buying them.
A large percentage of crypto holders and people who do not own any cryptocurrencies believe that cryptocurrencies should be accepted for everyday purchases. Regardless of the challenges Bitcoin and altcoins are positioned to face if they are to go mainstream, these consumers believe that crypto should be used for payments just like fiat currency.
PYMNTS.com and BitPay partnered to analyze consumers in the US. The consumers include crypto holders, former crypto holders, and those that never had cryptocurrencies. In Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum as a Payment Option, the joint venture focused on a total of 8,008 consumers.
The Playbook revealed that two-thirds of crypto holders bought the assets intending to use them for payments in transactions. Also, 53 percent of the survey participants purchased crypto due to the fear of missing out. The latest percentage of crypto holders who invested out of fear of missing out has increased 32 percent from the previous record.
Crypto holders are satisfied with making crypto payments
In particular, 93 percent of crypto users are willing to make purchases with their digital coins in the future. Amid the rapidly increasing adoption of cryptocurrencies among institutional and individual investors, 59 percent of participants who never held crypto are considering using it for payments in the future.
The Playbook stated:
Holders and non-holders are interested in cryptocurrency payments because of the possible enhanced privacy and security features over traditional credit card- or bank account-based payments.
Data from the survey showed that 60.1 percent are interested in using crypto for more private and secure online purchases. Additionally, 59 percent of former or current crypto holders would be “very” or “extremely” interested in making payments with crypto. However, this set of people are only willing if it will attract discounts. This set of people represents 65 percent of crypto holders who had made payments with cryptocurrencies. On the other hand, consumers who never made any purchase with crypto account for 51 percent. Besides, 23 percent of non-crypto holders are “highly interested” in making payments in crypto if it includes discounts.
Survey reveals some lack knowledge about cryptocurrencies
Despite the encouraging results, there are still a lot of challenges facing making purchases with crypto. The research revealed that 75 percent of consumers declared a lack of sufficient knowledge about cryptocurrencies. Some consumers noted their reasons for never buying crypto. They said that they do not know enough about obtaining crypto or its tax implications.
According to the Playbook, over half of non-crypto holders either “agree” or “disagree” that not enough merchants allow customers to pay with cryptocurrency. Separately, 30 percent said that crypto payments would prompt them to spend more than they usually do with traditional payments like credit cards.
Already, online payments platform PayPal has started crypto trading, allowing more people access to digital currencies. More recently, the company is planning to expand its crypto reading services to the UK.