• According to a survey, more than half of consumers want to buy goods with cryptocurrency

  • According to a recent survey, nearly 60% of participants are willing to use digital assets as a payment method for goods and services. In addition, two-thirds entered the cryptocurrency market with the intention of using the tokens for transactions.

    Payments: Crypto Better Than Credit Cards

    PYMNTS.com, an interactive financial services platform, and BitPay, a bitcoin service provider, surveyed over 8,000 American consumers to learn how they feel about using cryptocurrencies as a form of payment for everyday purchases.

    Almost 60% of respondents said they would like to buy goods and services with Bitcoin, Ethereum, or other assets on a daily basis. Surprisingly, 75% of cryptocurrency owners purchased coins with the intention of later using them in transactions.

    In a similar survey last year, 32% said they bought digital assets out of fear of missing out (FOMO), but that figure has risen to 53% this year. Furthermore, 59 percent of non-holders said they intend to purchase some and use them to make future purchases.

    According to the study, the main reason people are interested in cryptocurrency payments is that they can provide more privacy and security than traditional credit card purchases.

    Surprisingly, 30% agreed that using virtual currencies as a payment option would cause them to spend more money.

    Non-holders, on the other hand, need to learn more about the asset class. According to the statistics, 75% admitted that they have not entered the market because they do not know “enough about cryptocurrencies, how to obtain them, or their tax implications.” 40% intend to use cryptocurrency for purchases in the coming year.

    According to another MasterCard survey, the COVID-19 pandemic has caused a surge in cryptocurrency usage, with 40% saying they are willing to use digital assets for payments in the next 12 months. As might be expected, the younger generations were the most receptive to the concept:

    “Millennials around the world, particularly those in the Middle East and Africa, are particularly engaged in the cryptocurrency conversation, with more than half (67 percent) agreeing that they are more open to using cryptocurrency than they were a year ago. Furthermore, 77 percent of millennials want to learn more about cryptocurrency, and 75 percent say they would use cryptocurrency if they understood it better.”

    According to the research, Bitcoin was the most popular digital asset, but many users had a good understanding of some of the altcoins as well.

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