Most Crypto Users Believe Cryptocurrency Payments Will Become a Standard, Paysafe Study Reveals

Cryptocurrency use has grown exponentially over the past year, with more people falling into the Bitcoin rabbit hole. According to a study conducted by the payment processor PaySafe, most crypto enthusiasts are willing to put their money where it is and get their money in crypto, giving up fiat currency once and for all.

The report “Inside the Crypto Community: Planning the Journey to Mass Adoption” was published on January 11, 2022, revealing the most important trends among crypto users in the US and UK. The results are encouraging for those who believe in the positive development of the cryptocurrency industry and the adoption of these technologies on a global scale.

Cryptocurrencies are the future, not the present

The research covered a wide range of topics, from the demographics and interests of members of the crypto community to their motivations and knowledge of the technology and the entire ecosystem. The survey was conducted in October 2021 and conducted by independent research house Sapio Research. Email responses were collected exclusively from people who had cryptocurrency at the time of the research

54% of respondents believe that cryptocurrencies are the future of finance and will eventually dominate the payments market globally. About 60% considered that by this year (remembering that the survey was conducted at the end of 2021), cryptocurrencies will have a significant presence in the e-commerce sector. However, less than half of them believe that physical stores will adopt cryptocurrency payment methods.

Source: Paysafe

Despite the optimism, 70% of respondents said they are reluctant to invest in cryptocurrency at least once in their lifetime. Of this segment, 30% exited their positions when prices started falling, while the rest attributed their suspicion to poor press, social media and word of mouth, among other factors.

Preferences change according to age and gender

Cryptocurrency enthusiasts want to use their tokens. 55% of survey respondents said they want to be paid in cryptocurrency. These tokens are especially popular among millennials and Generation Z: 60% of 18-24-year-olds would be happy to be paid in cryptocurrency. When the age rises to 23-34 years the preference drops to 58%, while it rises to 57% when the age is between 35 and 44 years.

The main reason respondents get paid in cryptocurrency is because they believe it is a wise investment that can appreciate in value over time. The second option is that many believe that cryptocurrency payments will be popular in the future. About 16% commented that they no longer trust traditional banks.

The study also found that men tend to be avid traders: 71% of participants said they engage in day trading, 68% said they trade once a day, and 58% go to their exchanges several times a week.

Males trade cryptocurrency in shorter time frames than women.  Photo: Paysafe
Males trade cryptocurrency in shorter time frames than women. Photo: Paysafe

By contrast, women are more cautious, preferring to trade in extended positions. For example, 29% trade daily while 61% trade once per year.

Special Offer (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and get $100 for free and 10% off on Binance Futures the first month (Interests).

PrimeXBT Special Offer: Use this link to register and enter the code POTATO50 to get a 25% discount on trading fees.