According to a recent study, over 60% of consumers prefer to utilize digital currencies to pay for regular transactions.
According to a recent poll, over 60% of respondents are eager to use digital assets as a payment mechanism for products and services. Furthermore, two-thirds joined the cryptocurrency market to transact with the tokens.
Crypto Is Better Than Credit Cards For Payments
PYMNTS.com, an interactive financial services platform, and BitPay, a bitcoin service provider, polled over 8,000 American consumers to discover how they feel about utilizing cryptocurrency for regular purchases.
Almost 60% of those polled said they’d want to use Bitcoin, Ethereum, or other digital assets to buy goods and services daily. But, surprisingly, 75% of bitcoin owners purchased coins to use them in transactions later.
Last year, 32% of respondents said they bought digital assets because they feared missing out (FOMO), but that percentage has risen to 53% this year. Furthermore, 59 percent of non-holders indicated they want to purchase some and utilize them to make purchases in the future.
The major reason for people’s interest in cryptocurrency payments, according to the study, is that they offer greater privacy and security than regular credit card transactions.
Surprisingly, 30% of those polled believed that adopting virtual currencies as a payment method would cause them to spend more money.
Non-holders, on the other hand, must increase their understanding of the asset class. According to the data, 75% of people said they hadn’t entered the market because they don’t understand cryptocurrencies, how to get them, or the tax consequences.
In the coming year, 40% of people want to use cryptocurrency to make purchases
According to a MasterCard poll, the COVID-19 epidemic prompted a spike in cryptocurrency use, with 40% saying they are likely to utilize digital assets for payments in the next 12 months. Younger generations, predictably, were the most receptive to the concept:
“Millennials globally and those in the Middle East and Africa are especially engaged in the cryptocurrency conversation, with more than half (67%) agreeing they are more open to using cryptocurrency than they were a year ago. In addition, 77% of millennials are interested in learning more about cryptocurrency, while 75% agree they would use cryptocurrency if they understood it better.”
According to the study, Bitcoin was the most popular digital asset, but many users also had a strong understanding of several of the altcoins.