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According to a new study, cryptocurrency payments and paying for products and services in digital currencies make up one of the biggest use cases for users along with long-term investment.
The results from a study conducted by Pymnts looked into the preferences of users and consumers towards cryptocurrency payments. According to the research, which took over 8,000 consumers in the United States, users are looking to Bitcoin (BTC)and other cryptocurrencies as a future beyond simply investment options. The study looked into the preferences of the respondents, made up of both cryptocurrency owners, previous holders and those who have no cryptocurrency.
Why people choose to buy Bitcoin
The results from the research show that up to 93% of those respondents who hold crypto would consider making purchases and buying products and services using digital currencies. In contrast, only 59% of those who have not purchased cryptocurrency would consider using it to make purchases.
According to the survey, over 60% of those owning cryptocurrency would be extremely interested in using their cryptocurrency as a payments method in order to heighten the security of online payments. Only 23% of those who do not hold crypto would use cryptocurrency to raise online shopping security.
However, the results from the survey do not seem to be a factor in payments adoption. While there has been interest expressed in the survey, there is still room for cryptocurrency payment options to increase significantly. According to the study, more than 50% of non cryptocurrency holders either “agree” or “strongly agree” that more merchants accepting cryptocurrency payments would be ideal.
If more companies opened up the option or made cryptocurrency payments more convenient, streamlined, and automated, we might see use-case shift from investment to purchases and transactions down the line. For now, the most use-case seen and experienced in the digital market remains for investment purposes.