Survey: Bitcoin is mainly used as a payment method – cryptocurrencies

In a survey, more than a third of the population said they use digital currencies like Bitcoin to shop and pay online.

The poll of the Economist Intelligence Unit and the platform for digital payments Crypto.com found that a 34% out of 3,000 respondents Use digital currencies to make purchases while 85% are familiar with cryptocurrencies.

In addition to considering cryptocurrencies as a means of payment, Investment is also found as one of the answers With 23% Consider these currencies as a means of long term investment and 24% to be viewed as a speculative asset in the short term.

Also a 20% replied that cryptocurrencies are a haven or a new “digital gold” during a 21% considered the use of cryptocurrencies for illegal and fraudulent operations.

A financial solution

The survey was conducted in industrialized and developing countries where surveyed users use digital payment services, be it Bitcoin, money transfers, mobile payments or via banking platforms.

In addition, more people in developing countries use and own cryptocurrencies than people with this type of virtual currency in industrialized countries.

Antony Lewis, author of the book «The basics of bitcoins and blockchains»who contributed to the survey said:

The use of digital currencies for payments is promising for the financial inclusion of people who currently have no bank details. Cryptocurrencies mean higher volatility, but also higher acceptance

On the other hand, the survey found that two thirds of people use digital payment methods without credit cards for more than half of their payments.

We not only find Bitcoin, but also applications and payment platforms such as AliPay, Google Pay and PayPal.

And although Bitcoin was the least popular among these payment methods, one in five who didn’t use digital currencies said they would do so next year.

Eric Anziani, Chief Operating Officer of Crypto.com, commented on the survey results:

This is a strong indicator of a trend that shows that digital currencies are on the right track for mass adoption. with its potential to improve existing payment infrastructure and efficiency

Due to the Covid 19 pandemic, this is a good opportunity for virtual and media payments like Bitcoin to find wider acceptance and not just to stay with the tech and trade community.

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