Paysafe Study: Most Crypto Users Believe Cryptocurrency Payments Will Become a Standard.

According to a Paysafe Study, 60% of bitcoin fans believe tokens will be widely adopted in eCommerce. Over 54% believe they will overthrow the banking system as we know it.

The use of cryptocurrencies has increased significantly in the last year. According to a research conducted by payment processor PaySafe, the majority of cryptocurrency supporters are eager to put their wealth where their mouth is and get paid in cryptocurrencies, finally abandoning cash.

On January 11, 2022, the study “Inside the crypto community: Plotting the Journey to Mass Adoption” was released, highlighting the most relevant trends among cryptocurrency users in the United States and the United Kingdom. The findings are promising for those who believe in the good growth of the cryptocurrency business and the global acceptance of these technologies.

According to 54% of respondents, cryptocurrencies represent the future of finance and will eventually rule the global payments business. Approximately 60% believed that cryptocurrency will have a substantial presence in the e-commerce sector by this year (remembering that the study was done towards the end of 2021).

However, less than half of them expect that bitcoin payment methods will be accepted in actual establishments.

Despite their confidence, 70% of respondents admitted to being afraid to invest in cryptocurrencies at least once in their life. When prices began to decline, 30%  withdrew their investments, while the remainder blamed poor news, social media, and word-of-mouth, among other causes, for their skepticism.

Cryptocurrency enthusiasts want to put their tokens to use. According to 55% of respondents, they would like to get their pay in cryptocurrency.

And these tokens are especially popular among Millennials and Generation Z: 60% of 18 to 24 year-olds would like to get their wage in cryptocurrency. When the age range is between 23 and 34 years old, the preference lowers to 58%, but it climbs to 57 percent when the age range is between 35 and 44 years old.

Respondents’ primary rationale for obtaining a paycheck in cryptocurrencies is because they feel it is a good investment with the potential to increase in value over time. 

The second option is that many people expect bitcoin payments will become increasingly common in the future. Some 16% stated that they no longer trust conventional banks.

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Patrick

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