The use of cryptocurrencies has grown considerably over the past year, as more people fall down the Bitcoin rabbit hole. According to a study by payment processor PaySafe, most cryptocurrency enthusiasts are willing to put their money 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 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, just not the present
The research covered a wide range of topics, 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 house Sapio Research. The responses were collected via 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 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 respondents said they have been hesitant to invest in cryptocurrencies at least once in their lives. Of this segment, 30% exited 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.
Respondents’ top reason for receiving a salary in cryptocurrencies is that they believe it is a wise investment that could appreciate value over time. The second choice is that many believe cryptocurrency payments will be popular in the future. Some 16% commented that 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.
In contrast, women are more cautious, preferring to trade more extended positions. For example, 29% day trade while 61% trade once a year.