03 Aug 2021 10:18 AM +00:00

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

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.

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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.

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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]