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Receiving payments in cryptocurrencies is attracting interest in Canada. Nearest Capterra polls 1,000 Canadian respondents revealed that 67% of participants are interested in receiving cryptocurrency payments within the next five years.
The investigators also found that a quarter of the participants already own cryptocurrency, and 58% started their crypto journey during the pandemic lockdown, when they had more time to research and learn about digital assets. 37% of respondents said they plan to buy cryptocurrencies soon.
Among respondents using cryptocurrencies, researchers found that Bitcoin (bitcoin) and ether (Ethereum) remains the most popular. In addition to BTC and ETH, Dogecoin (Governor), Litecoin (LTC) and Cardano (have) is one of the most commonly used assets.
The findings also show that the use of cryptocurrencies is more prevalent among the younger demographic. Among cryptocurrency owners, 34% are between the ages of 18 and 22, while 41% are between the ages of 23 and 35.
While many are positive about the use of cryptocurrencies, others are more hesitant. The study identifies barriers preventing non-crypto users from using digital assets. According to the survey, 64% were hesitant due to lack of knowledge about cryptocurrencies, 44% expressed concern that cryptocurrencies would disappear, and 40% expressed market volatility.
related: 70% of U.S. cryptocurrency holders start investing in 2021: report
Research analyst Tessa Anaya said that while interest was growing, the future was still unclear. “While ideas like a blockchain-dependent economy and the introduction of Web3 may rapidly gain ground, the reality is that the future of cryptocurrencies in Canada remains uncertain,” she said.
Meanwhile, research covering nine markets, including the U.S. and Canada, showed that SMEs Plan to accept crypto payments.
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