Non-holders want to use crypto for purchases

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Individuals who buy and hold cryptocurrencies, and even those who don’t, agree on one thing: They believe that digital currencies should be able to be used for everyday purchases, despite the fact that many many obstacles to traditional status still exist. New Cryptocurrency Payments Playbook: Cryptocurrencies Gaining Momentum as a Payment Option, a PYMNTS and BitPay Collaboration, analyzes a balanced census survey of 8,008 U.S. consumers who were current owners and cryptocurrency alumni and non-cryptocurrency owners.

Read more: Cryptocurrency Payments Playbook: Cryptocurrencies Gaining Ground as a Payment Option

Summing up the field, two-thirds of users who have held cryptocurrencies bought them to make transactions, according to the Playbook. Another 53 percent purchased due to [fear of missing out], which is up from 32% in the past, adding that 93% of cryptocurrency users would consider shopping with it in the future, and 59% of consumers who have never held cryptocurrency. currency are interested in using it to make purchases in the future.

Cryptocurrency Payments Playbook adds that cardholders and non-holders are interested in cryptocurrency payments due to the enhanced privacy and security features possible over traditional payments by credit card or bank account. .

When it comes to motivators, the Playbook notes that 59% of current or former cryptocurrency holders would be very or extremely interested in using crypto as a payment method if it meant they could get discounts. . This share rises to 65% among holders who have already made or made purchases with cryptocurrencies and decreases to 51% among those who have not. Additionally, the researchers found that 23% of non-holders would be very interested in paying with cryptocurrencies if offered discounts.

The crypto path has some hurdles to overcome, with researchers finding that 75% of consumers say they don’t know enough about cryptocurrencies, how to get them, or their tax implications as reasons for never buying them. The second most cited reason is that they’ve never bought crypto, and it’s just not common or accepted enough.

The Playbook adds that more than half of non-owners agree or strongly agree that too few merchants accept cryptocurrency for payments, validating the idea that cryptocurrencies are becoming de. more and more common. Another 30% agree that the ability to use crypto as a form of payment would force them to spend more than they would with traditional methods, such as credit cards. The interest expressed by holders and non-holders in being able to pay for goods and services with cryptocurrency confirms that acceptance is clearly a growth opportunity for traders.

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