A survey reveals that 60% of consumers prefer to use cryptocurrencies for their online purchases. They consider it a more private and secure payment method.
Why the interest in payment via cryptocurrencies?
The study surveyed 8,008 US consumers:
current and former cryptocurrency holders,
as well as “non-coiners” (people who don’t own cryptocurrencies).
The research reveals that:
63% have purchased cryptocurrencies as an investment.
45% of consumers are considering using cryptocurrencies to buy financial services. What’s more, they say these are more private transactions.
93% of cryptocurrency users surveyed say they plan to make purchases with their holdings in the future.
While 59% of consumers who have never held cryptocurrencies are interested in using them to make purchases.
Both cryptocurrency holders and non-cryptocurrency holders are interested in cryptocurrency payments. The survey adds that “cryptocurrency holders and non-cryptocurrency holders are interested in cryptocurrency payments because of the potential improvement in privacy and security features over traditional credit card or bank account payments.”
Over 60% of cryptocurrency holders said they were “very” or “extremely” interested in using cryptocurrencies as a payment method to make online purchases more private or secure.
While 23% of non-coiners expressed interest in using cryptocurrencies for these purposes, 57% of non-coiners said they were “very” or “extremely” interested in using crypto-currencies for these purposes.
In addition, 57% of holders also indicated that they would be interested in making online purchases in cryptocurrencies if these payment options were automatically available at checkout.
In comparison, almost 21% of non-coiners express the same interest
Not enough merchants accept cryptocurrencies as a means of payment
The study notes that over 50% of non-oinkers “agree” or “strongly agree” that too few merchants accept cryptocurrencies as a means of payment.
Furthermore, 30% said that using crypto-currencies as a means of payment would lead them to spend more than if they only used traditional methods such as credit cards.
