Bitcoin’s status is El Salvador legal tender Recently, there has been a new round of discussions about Bitcoin (BTC) and its role in the world economy.Although the response of institutions like this is ambiguous JPMorgan with World BankSome people believe that Bitcoin’s status as a means of payment is now more clear than ever.
At the same time, institutional uncertainty is in sharp contrast to retail users’ views on Bitcoin.recent Learn CryptoRefills, a company that sells vouchers and gift cards in exchange for cryptocurrency, seems to indicate that many users view Bitcoin as a useful way to pay for goods and services. 66% of survey respondents said they view cryptocurrency as a payment Way to pay.
Among the surveyed groups, data indicate that Bitcoin is the most popular cryptocurrency, accounting for approximately 78% of shopping transactions. Many users also hold other assets in their portfolios, such as Ethereum (Ethereum) And Litecoin (LTC).
Although only ranked twelfth by the market value of cryptocurrencies, Litecoin seems to be particularly popular among users who use cryptocurrencies to purchase goods and services. It ranks second in terms of transaction volume and third in terms of ownership percentage, with 31% of the crypto consumers surveyed holding token reserves.
Survey data shows that lower transaction fees and faster transaction execution speed increase the adoption rate of payment currencies, such as Litecoin and Dash. On average, Bitcoin transaction fees are approximately 1,900 times and 500 times more expensive than transactions using Litecoin or Dash, respectively.
The report also attempts to clarify the people who use cryptocurrency as a means of payment, showing that cryptocurrency consumers can be found in regions with different socioeconomic backgrounds around the world.
It highlights two main groups, both of whom like to use cryptocurrency as a means of payment, and both represent two different worlds. They vary by country of residence, occupation and income. The results of the survey may reveal a unique motivation for people to use cryptocurrency for shopping.
These data seem to depict a picture of a user’s adoption of cryptocurrency due to external economic issues, such as the inability to obtain banking services and other payment methods or the economic instability of the country/region.
According to the survey, crypto consumers in this group come from developing economies and are often self-employed. Many of them receive cryptocurrency as payment for their services — from coding tasks to writing blog posts — they use cryptocurrency as necessary, and about half of the respondents are unable to cash in the cryptocurrency they hold.
Encryption also provides useful remittance services for immigrants. Data from CryptoRefills shows that the percentage of immigrants among crypto consumers is 4.75 times the total percentage of global immigrants. This figure shows that people living outside their home country are increasingly interested in cryptocurrencies, as traditional international remittances tend to be more expensive and require longer processing times.
The second group of encryption consumers are from developed countries, and they seem to support the adoption of encryption in order to try the latest technology. According to the report, any issues related to crypto shopping will not scare away crypto enthusiasts who are truly committed to innovation.
The survey also pointed out that among the users surveyed, the adoption rate of cryptocurrency has increased exponentially. According to the CryptiRefills report, the number of cryptocurrency holders has increased in the past two years, and 20% of cryptocurrency consumers will purchase digital assets for the first time in 2020. The data also seems to indicate that less than one-third of surveyed crypto consumers owned digital currencies before the 2017 crypto boom.
However, users face many problems that may hinder the development of cryptocurrency as a means of payment.recent article The Wall Street Journal highlighted several obvious problems with crypto shopping, such as high transaction costs, long transaction processing times, and price fluctuations, but the investigations reported by CryptoRefills found some reasons beyond the most obvious reasons.
According to the report, more than half of the interviewed users do not know how to find retail outlets that accept blockchain-based assets. Although the crypto shopping market is still in its early stages, data may indicate that accepting crypto in exchange for goods and services may be a once-in-a-lifetime opportunity for merchants. After expensive transactions (49.4%), it ranks second among users’ barriers, and stores or products are unavailable.
In fact, merchants rarely accept encryption as a payment method, which greatly limits the number of choices available to crypto consumers. However, more than 40% of crypto consumers use cryptocurrency to shop at least once a week, and a total of 75% of consumers use cryptocurrency to shop at least once a month. It seems that crypto consumers are loyal customers, and merchants can consider adding Bitcoin to their payment list.
The adoption of encrypted shopping relies heavily on the needs of consumers on the one hand, and on the shopping experience on the other. As more and more people are willing to use cryptocurrency to pay for goods and services, merchants are increasingly likely to provide this payment method.Finally, even Tesla is ready to accept Bitcoin For their cars under certain conditions.