Paysafe’s digital payment brand, Skrill, conducted a consumer survey that exposed several exciting trends surrounding cryptocurrency, its use, and respondents’ level of understanding about it. The survey results showcase growing crypto acceptance.
The hype surrounding cryptocurrencies has grown significantly. As the pandemic carves a new approach to transactions, consumers and businesses across the globe are quickly adopting digital currencies for several purposes. (To learn more about other cryptocurrency stocks, check out the TipRanks Cryptocurrency Stock Comparison tool)
To uncover the finer details about the growing acceptance of cryptocurrencies, Skrill, the digital wallet provider of Paysafe, one of the leading multinational online payments companies, recently conducted an online consumer survey. More than 8,000 consumers across the U.S., U.K., Canada, Austria, Germany, Bulgaria, and Italy received email invitations to voice their opinions in the survey.
Skrill, in partnership with Sapio Research, a global, full-service market research consultancy, uncovered several noteworthy trends behind the unprecedented growth and acceptance of cryptocurrency among consumers and businesses. The report showcases many new factors that are shaping the growth trajectory of cryptocurrencies.
Survey Results
Of the 8,111 consumers who participated in the survey, 36% of Americans, 24% of Bulgarians, and 20% of Canadians, British, Austrians, and Germans own Bitcoin.
The report highlights that while almost every participant was aware of Bitcoin, a seemingly large percentage of consumers are also familiar with other altcoins. 31% of the participants had a fair idea about Bitcoin Cash, 22% knew about Ethereum, 19% were familiar with Litecoin and almost 10% had a basic idea about lesser-known tokens, such as Ethereum Classic, Dash, and Stellar.
At the same time, understanding of cryptocurrency and its use was mixed. 47% of the participants were unsure how to use cryptocurrencies as an investment tool, 38% considered crypto investments to be a high-risk tactic and 28% agreed that investing in cryptos is a definitive means of securing their futures. Furthermore, 29% said that they had gained more knowledge about cryptocurrencies this year, and 26% said that they will most likely invest in digital assets this year.
According to survey results, cryptocurrency still has not gained widespread use. 27% of the respondents considered cryptos to be the future of payments, and 17% said they use crypto for payments and not just investments.
Interestingly, the survey detailed that the number of people paying for goods and services in crypto is climbing.
Lastly, 9% of respondents confirmed that they had used cryptocurrency as a payment method in the last month. Of those individuals, 97% confirmed that they had employed crypto as a payment method for the first time over the last year.
Moreover, 59% of those responding in the affirmative to using crypto as payment stated that they would be spending in crypto more frequently this year, and almost 44% claimed that crypto is now their preferred mode of payment.
Disclosure: TipRanks’ writers held no position in any of the stocks mentioned in this article at the time of publication.
Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.
