The use of cryptocurrencies has increased dramatically over the past year as more people fall into the Bitcoin rabbit hole. According to a study by payment processor PaySafe, most cryptocurrency enthusiasts are willing to put their money where they say they are and get paid in cryptocurrency, ditching fiat once and for all.
The report “Inside the crypto community: Plotting the journey to mass adoption” was published on January 11, 2022, revealing the most important trends among cryptocurrency users in the US and UK. The results are encouraging for those who are confident in a positive evolution of the cryptocurrency industry and the adoption of these technologies on a global scale.
Cryptocurrencies are the future, but 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 commissioned in October 2021 and was conducted by independent research house Sapio Research. Responses were collected via email exclusively from people who held cryptocurrencies at time of research.
54% of respondents believe that cryptocurrencies are the future of finance and will eventually dominate the payments market globally. Some 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 physical stores will adopt cryptocurrency payment methods.
Despite the optimism, 70% of those polled said they were hesitant to invest in cryptocurrencies at least once in their lifetime. Of this segment, 30% left their positions when prices started to fall, while the rest attributed their doubts to bad press, social media, word of mouth, among other factors.
Preferences Change Depending on Age and Gender
Cryptocurrency lovers want to use their tokens. 55% of respondents said they wanted to receive their salary in crypto. And these tokens are especially popular among Millennials and the Gen Z: 60% of 18 to 24 year-olds would be happy to receive their salary in cryptocurrencies. When the age rises to 23-34 years old the preference drops to 58%, while the percentage goes to 57% when the age is between 35 and 44 years old.
The main reason respondents receive a salary in cryptocurrency is because they believe it is a wise investment that could gain in value over time. The second choice is that many believe that cryptocurrency payments will be popular in the future. Some 16% said they no longer trust traditional banks.
Also, the study found that men tend to be avid traders: 71% of respondents said they engage in day trading, while 68% said they trade once a day, and 58% go to their exchanges several times a week.
On the other hand, women are more cautious, preferring to negotiate more extended positions. For example, 29% of the day trade while 61% is traded once a year.
