Only 60% Of Cryptocurrency Holders Want To Use Crypto As A Payment Method, Says Report

share to other networks share to twitter share to facebook

Around 60% of cryptocurrency owners are interested in using their digital currency as an online payment method, according to a survey of 8,000 US consumers.

PYMENTS found that 60.1% of holders are either "very" or "extremely" interested in using crypto to make online payments that are "more private or secure". 57.1% are interested if these methods were automatically available at checkout.

Just 22.5% and 20.8% of non-holders were interested in using cryptocurrency when asked the same questions.

Cryptocurrency Payment Methods

While 60% of owners did express interest in buying goods with cryptocurrency, this does mean a significant chunk of holders currently have little interest in using their holdings for online purchases.

However, the survey did add that 93% of holders would "consider making purchases with it in the future". This could suggest there is a future for cryptocurrency aside from holding to make gains on assets.

58.7% of holders expressed interest in using cryptocurrency if it granted them discounts, or if it granted them loyalty rewards.

PYMENTS also found that 75% of non-holders said they did not know enough about cryptocurrency when explaining why they did not own any. 33% said cryptocurrency was not yet mainstream enough, while 25% said it was too volatile.

Only a select number of mainstream storefronts accept cryptocurrency. Expedia, NewEgg and NordVPN all accept bitcoin, for example.

Indeed, one of the most high profile accepters of bitcoin - Tesla - recently pulled the payment methods over concerns about bitcoin's environmental impact. However, Elon Musk did confirm he would be interested in re-instating bitcoin payments if its energy usage declined.

In late July, rumours suggested Amazon was set to accept bitcoin by the end of the year, only for the company to dismiss this suggestion.

Read More: Altcoins Were Responsible For Mid-2021 Crypto Surge, According To Report

[Featured Photo by Dmitry Demidko on Unsplash]

For more articles like this, take a look at our Planet Crypto page.