The Popularity of Bitcoin: Over 70 Percent of People Use Cryptocurrency for Making Purchases

By November 3, 2020 Uncategorized

Bitcoin has become extremely popular in recent times. According to a recent survey conducted about the use of cryptocurrency, it was found that more than 70 % of the survey participants used cryptocurrency to purchase clothes, food, and pay rent over the past twelve months.

Cryptocurrency Holders Actually Spend the Currency

Unlike what you might have been misled into believing, Bitcoin is not only hoarded by cryptocurrency enthusiasts but is also used for making purchases. The Bitcoin Market Journal and Block Card had partnered to survey more than 35,000 cryptocurrency investors to find out if they use the cryptocurrency for making payments. The survey asked if digital assets were spent over the past twelve months, what they plan to do the next year, and what products were bought using cryptocurrency. The results were rather conclusive. Since the spending categories tend to be versatile, it shows that cryptocurrency can be used for making all types of payments.

Cryptocurrency Used for All Types of Payments

The survey showed that close to 11 percent payments were made for food, 12.6 percent for entertainment, 8.4 percent for clothing, and 8.4 percent for education. Moreover, it is important to note that over 5 percent used Bitcoin for paying rent. Thus, it is clear that ownership of digital assets has been on the rise. It started from users paying to top up their credit to spending Bitcoin to purchase items online. Today, cryptocurrency is spent by people on a wide variety of products and services.

How Much Are People Even Spending?

The most important question that needs to be answered is how much money people are spending through cryptocurrency. Although most of the participants had spent digital assets over the last 12 months, the amount they have spent suggest that there is no exclusive cryptocurrency or specific item that people spend money on.

Around 59 percent of the respondents had stated that they spent anywhere between $99 and $10,000 over the past 12 months. Only 12.22 percent of the respondents bought goods or services over $10,000. It is important to note that most people (76.5 percent) have expressed the willingness to continue spending through digital assets. On the other hand, 14 percent of the respondents prefer holding cryptocurrency. The remaining 9.5 percent remain uncertain. They are concerned about insufficient stores accepting cryptocurrency as a form of payment.

Cryptocurrency Is the New Money

Now, even though Bitcoin-thought leaders tell others to hold the cryptocurrency, data reveals that people are using digital currency as actual money. This clearly shows that cryptocurrency is the new currency. Besides, cash has been on the decline ever since the emergence of the Covid-19 pandemic. People are finally realizing that it is a lot easier to use Bitcoin instead of any other form of payment.

The Future

This survey and other market research data show that Bitcoin will become the new normal. Thus, different cryptocurrencies are battling it out for major status. The future seems bright for Bitcoin. If you are thinking of acquiring Bitcoin, you should have nothing to worry about.

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