September 30, 2022

The Majority Of Crypto Users Believe Cryptocurrency Payments Will Become a Standard, Paysafe Study Reveals

2 min read

The use of cryptocurrencies has actually grown considerably over the past year, as more people drop the Bitcoin rabbit hole. According to a study by payment processor PaySafe, a lot of cryptocurrency enthusiasts want to put their cash where their mouth is and get paid in cryptocurrencies, ditching fiat once and for all.

The report “Inside the crypto community: Plotting the journey to mass adoption” was released on January 11, 2022, revealing the most essential trends amongst cryptocurrency users in the US and UK. The outcomes are encouraging for those who are confident in a positive advancement of the cryptocurrency industry and the adoption of these technologies on a global scale.

Cryptocurrencies are the future, simply not today

The research study covered a wide variety of subjects, from the demographics and interests of crypto community members to their motivations and knowledge of the tech and the whole ecosystem. The survey was commissioned in October 2021 and was conducted by the independent research home Sapio Research. The actions were gathered through email exclusively from people who held cryptocurrencies at the time of the research

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

Most of crypto natives believe cryptocurrencies will be used extensively by eCommerce vendors starting 2022
Source: Paysafe Despite the optimism, 70% of participants said they have been hesitant to buy cryptocurrencies a minimum of once in their lives.

Of this sector, 30%exited their positions when costs began to fall, while the rest associated their doubts to bad press, social media, word-of-mouth,

to name a few factors. Preferences Change Depending on Age and Gender Cryptocurrency fans want to use their tokens. 55% of participants stated they wished to receive their wage in crypto. And these tokens are particularly popular amongst Millennials and the Gen Z: 60% of 18 to 24 year-olds would more than happy to get their salary in cryptocurrencies. When the age increases to 23-34 years old the choice drops to 58%, while the portion goes to 57% when the age is in between 35 and 44 years old.

Respondents’ top reason for receiving an income in cryptocurrencies is that they think it is a sensible financial investment that might appreciate value over time. The second choice is that lots of believe cryptocurrency payments will be popular in the future. Some 16% commented that they no longer trust standard banks.

Likewise, the research study discovered that men tend to be devoted traders: 71% of participants stated they participate in day trading, while 68% said they trade when a day, and 58% go to their exchanges several times a week.

Males trade crypto in shorter timeframes than women. Image: Paysafe
Males trade crypto in shorter timeframes than ladies. Image: Paysafe On the other hand, women are more careful, choosing to trade more prolonged positions. For instance, 29% day trade while 61% trade as soon as a year.