The adoption of crypto worldwide has seen rapid growth. Checking out the promising market of digital assets, many countries have started to work on the regulations. China is an exception. Lawmakers’ opinions in this respect are highly important. Any country’s citizens’ perception also matters. You can visit https://cryptobnb.io/ to get more about crypto.
Recently a global survey was conducted by the provider of a global payment solution. It mainly surveyed a 3000 panel. It was mainly platform-based online B2C marketplaces, e-commerce businesses, and fintech across 10 different countries. Demystifying Crypto was the title of the report. It was seen that nearly 45% of the respondents believe that cryptos must get used as a currency and never as any investment. The reports also suggested that almost half of the respondents in the age group of 18-35 were ready to accept crypto for paying for goods or services.
Consumers see utility and advantages to paying with crypto. It can be stablecoins or any non-pegged cryptocurrency. Quicker transactions and low fees mainly for purchases cross-border offer huge benefits to all consumers.
Mainly on any institutional level, an emerging trend is seen. It supports crypto use in the near future. The prominent examples of some methods of payments accepting cryptocurrency-funded payments are PayPal and Visa. Moreover, a lot of online businesses have plans to offer crypto as a method of payment by 2024.
Have a look at the report
- With the rise in demand for cryptos, they saw a shift from being a store of value to a payment form that customers keep on saying they will prefer using for daily goods or services.
- By digging in deeper to check the sentiments and behaviors present in this market, many businesses and consumers globally were surveyed to understand the use of crypto in payments these days and the main implications of such a shift for some merchant businesses.
- According to the report, there are many innovation areas.
- They stood out across culture, corporations, and commerce.
- Here are some of the important points from the Demystifying Crypto report.
- Commerce:
- Businesses are curious about whether to accept cryptocurrency payments or not.
- Those already doing so saw great results as they have allured new clients and seen a greater rate of authorization adopting crypto payments.
- Corporates:
- Businesses are thinking to use cryptocurrency and blockchain technology for driving operational efficiencies along with cost savings.
- They believe that the pace with which crypto payments are done and settled has the power of revolutionizing their various business models.
- Culture:
- Crypto can change the world other than payment.
- It has a huge impact on the world of art as NFTs have become a worldwide phenomenon.
- Established brands along with sports teams are making use of cryptocurrency assets for engaging fans and monetizing their offerings.
- Daily new digital cultures are emerging.
Not all is great here
- Some skeptics are still confused as there are heated debates that surround the crypto use in illegal activities.
- In a recent survey, it was said that it is difficult to trust anyone if you keep on hearing inconsistent information everywhere on social media.
- Benedict Evans, the tech expert tried explaining the lack of trust in the technology of blockchain in a current Economist podcast.
- Digital coins’ use-cases are hailed by a lot of people, there are many concerns about the use of crypto in various countries.
- Almost a quarter of Saudi Arabia or UAE respondents claimed that cryptocurrency is very complicated to the mainstream.
- More than 40 % of the consumers in Singapore and Hong Kong said that cryptocurrency is very risky.
- It looks like there is some gap in education and surrounding technology of blockchain.
- The inference is proved by the data:
- 18-35 years old people say they do not know anything about crypto and blockchain technology
- 45 % are unaware that blockchain technologies will be making payments faster.
- 49 % are unaware that blockchain technologies will be making payments safer.
- 51 % are unaware that stablecoins have less risk of volatility compared to non-pegged cryptocurrencies.
- This data indicates that almost half of the population belonging to the age group of 18-35 are still not aware of the basics of blockchain technology.
- It is hugely a worrying sign that is more aggravated by the divide of gender in the adoption of crypto.
Conclusion
The findings of the survey provide an insight into the consumer evolution and attitudes of businesses towards cryptocurrency. It marks a legal transition from the early acceptance phase to one that is highly practical, positive, and pragmatic, and also despite few meaningful obstructions to mainstream acceptance is starting to make some business leaders believe in the future.