A new study has revealed that the global demand for payments in cryptocurrency is 50% higher than the world’s population. The study which was conducted by the digital payments platform Wirex, suggests that cryptocurrency is the most likely technology to meet the needs of the developing world.
The most popular cryptocurrencies of all time, Bitcoin, Ethereum, and Ripple, have become the envy of the world. Nowadays, many people are turning to digital currencies as payment options, as they don’t need to pay exorbitant fees and bank charges to use their money. However, the growth of cryptocurrency payments has not been without its setbacks. In a study by the London School of Economics and Political Science (LSE) and the Bank of England, it was found that the number of transactions made with virtual currency has declined since 2015. There are various reasons for this decline, including the large number of thefts that appear online.
According to a new study, the demand for cryptocurrency payments is far higher than we originally thought. While many people believed that only celebrities and big companies such as Amazon and Uber used cryptocurrency, it has now been found that the general public is also interested in using cryptocurrency as a payment method. [Extra section – Blog Intro #2]. Read more about pymnts study and let us know what you think.
According to recent statistics, payments in cryptocurrencies such as Bitcoin (BTC) are one of the most popular use cases among consumers, alongside long-term investing.
Pymnts, a prominent payments magazine, published a study on customer preferences for bitcoin payments on Monday. The research, titled “Cryptocurrency Payments Playbook: Cryptocurrencies Gain Momentum As A Payment Option,” examines a survey of over 8,000 customers in the United States, including current and past crypto holders, as well as non-owners of crypto.
The research, which was conducted in conjunction with BitPay, showed that both crypto owners and non-owners are interested in crypto payments. 93 percent of crypto users who responded said they would consider making purchases in the future, while 59 percent of customers who have never owned crypto said they would be interested in doing so.
More over 60% of crypto owners indicated they were “very” or “extremely” interested in utilizing crypto as a payment mechanism to make online transactions more private or secure, whereas just 23% of non-owners said they were interested in doing so. Furthermore, 57 percent of cryptocurrency owners said they would be interested in making online crypto purchases if such payment alternatives were made accessible automatically at the checkout. Non-owners, on the other hand, showed an interest in almost 21% of the time.
Pymnts is the source of this information.
Crypto ownership has little to do with fiat currency mistrust, according to a BIS research
Despite the fact that both crypto owners and non-owners have shown a strong desire to make payments in crypto, crypto payment acceptance remains low. According to the survey, more than half of non-owners “agree” or “strongly agree” that there aren’t enough businesses that accept cryptocurrency payments. Another 30% said that adopting cryptocurrency as a means of payment will cause them to spend more than they would if they just used conventional payment methods such as credit cards.
Cryptocurrency payments aren’t the only significant use case for Bitcoin and other cryptocurrencies. On Tuesday, Coinbase, a major global crypto exchange, released a survey of over 2,000 British adults, revealing that 41 percent of respondents were willing to buy crypto as part of a long-term investment strategy, and 51 percent said they would be interested in taking out a loan using their crypto holdings.
Cryptocurrency is supposed to be anonymous, but this is an impossibility. No matter how many times people claim they can remain anonymous they all have a pseudonym, some cryptocurrency addresses are assigned to companies, some even contain a username and email address. You cannot be anonymous if you want to make a payment, be it in Bitcoin, Ethereum or any other cryptocurrency. This is why the world needs more regulation in cryptocurrency.. Read more about is crypto the future and let us know what you think.
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