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66 percent of cryptoshoppers say Bitcoin is a means of payment

Monday 21 June 2021 09:47 CET | News

A CryptoRefills and Cointelegraph Research study has revealed that 66% of cryptoshoppers say Bitcoin is a means of payment. 
Cryptocurrencies in Retail, Consumer Adoption Report 2021 is the first and largest research into consumer use of Bitcoin and other cryptocurrencies for shopping and payments. The 50 page report, containing 48 charts and tables, published by CryptoRefills Labs provides quantitative and qualitative insights into the demographics, the preferences, the purchase behaviours, drivers and barriers of users paying with Bitcoin, Ethereum and Other Cryptocurrencies to purchase goods and services.

The report shows that crypto-consumers are scattered all around the world. They have varying demographic features and are from different socioeconomic backgrounds. As many as one-fifth come from the world’s most fragile economies and see a solution for participating in the global digital economy in cryptocurrencies. Others, instead, are from developed markets, often high-income earners, and many have been exposed in one way or another to the blockchain, maybe as part of their work or because of trading. 

If Bitcoin and other crypto is to be considered only a store of value is still an open debate in the blockchain and wider financial community. However, data from the report shows that 78% of cryptoshoppers select Bitcoin as their preferred currency.  

Data from the report also reveals that 63% of cryptos shoppers find it easy to buy stuff using cryptocurrencies and 70% find crypto-shopping useful and think there are good reasons to use it. 

Not finding stores accepting crypto (49%), high transaction fees (49%) and processing delays due to network congestions (40%) are the top barriers shoppers face when purchasing goods and services with crypto. Yet apparently that is not enough to stop shoppers from using crypto to buy goods and services since 72.4% agrees that crypto-payments will be more common in the future. Also most users shopping with crypto do so on a regular basis, with 35% users making purchases on a weekly basis and another 40% on a monthly basis.

 


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Keywords: report, cryptocurrency, blockchain, payment methods, Bitcoin
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies