By Lucas Williams
Cryptocurrency is growing at an unprecedented rate over the past few years. However, the recent surge in popularity has been a surprise to many including, its most dedicated followers.
Both in terms of security and accessibility, various companies have recently started working with cryptocurrencies. Many people preferred using cryptos instead of traditional money because it is more convenient.
While this might be quite obvious, a recent report also shows that over 60% of US consumers would prefer using cryptocurrencies. Bitpay and PYMNTS collaborated on trying to get more information about consumer habits. Their little collaboration project took into account 8,000 people and their opinions on cryptocurrencies.
The people in the report were holding crypto, were not holding crypto, and previously held crypto. Among these people, 60% of them would be interested in using cryptocurrencies. Others were more excited or even very excited at the prospect of using cryptos as a form of online currency. The supporters believed that transactions made through these cryptocurrencies are much safer and significantly more private. Famously, these decentralized currencies are able to offer anonymity to all of their users when making transactions.
The research was also able to find the different things that people would buy if cryptocurrencies were accepted. Researchers were surprised to find just how specific some of the things were for why they were supporting the wider distribution of cryptos. Some respondents said that they were looking to buy real estate through it, as they would be able to bypass intermediaries. Many have complained over the years that intermediaries can charge a significant amount despite their very limited work.
On the other hand, other people said that they were looking to buy electronics and computer parts through their tokens. These tokens would be able to significantly reduce transaction costs. Among the 60% of the people who support cryptocurrency, some of them would want to buy media products.
However, the most common answer to come from all of the participants was the loyalty program. Of the 60% who agreed to make cryptos more available, 59% of them gave this answer. And upon further investigation, most cryptocurrencies do offer a sort of loyalty program to their investors. Among the holders that did invest, the share price goes up by 65%. And for those who don’t spend, it can shrink to 51%.
It is true that the people who support crypto believe that accepting it as a payment method can solve everything. While they might not be true about the “everything” part, they are certainly right about how it is the future of online payments. This report shows that people want to be able to make transactions through their crypto holdings.
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I have been meaning to invest in cryptocurrencies for a while now. Reading this article made me finally decide to make up my mind about investing in cryptocurrencies.
Great article. Personally, I think it is time for the world to get more digitalized because times are so uncertain nowadays. Having spent two years sitting at home, we have to get used to doing everything online.
If they had asked me, I would say cryptocurrencies should be allowed to make transactions not just at a bigger level, but also in mundane transactions.