Almost 75% of cryptocurrency users would much rather prefer to be able to use their tokens in more simple Point-of-Sale (PoS) transactions, according to a new study researching on the habits of crypto-consumers.
The study was conducted by a UK-based cryptocurrency buy/sell forum CreditCoin, and it showed proof that more and more consumers wish to be able to use cryptocurrency in “real life”. It showed that such desires didn’t really depend on the consumers’ ages, as about 84% of the “baby boomer” generation too would really welcome such an option. A total of 80% of the consumers considered the tokens they owned to strictly be investments. They have explained that they either didn’t understand or were unaware to the possibility of spending crypto before being told.
John McLeod, a spokesperson from CreditCoin, said in a press report released along with the study: “Although it is mainly viewed as an investment vehicle, there is real demand for greater use and adoption by third parties and a belief that despite many established institutions criticising altcoins, this technology is here to stay.”
Over the past few months, a variety of surveys have been conducted on the crypto-markets, as more and more businesses try to see where public opinion lies amid deteriorating prices this year. However, these studies have confirmingly and overwhelmingly shown that both private, as well as corporate investors, continue to maintain faith in their tokens. South African consumers have even expressed regret for not having purchased BTC early enough when the prices were low, although the current BTC price is still 75% lower than the December 2017 peak.
Even for those yet to become investors, CreditCoin reported that a major barrier, especially in the US, is that the purchase of cryptocurrencies is a “complex and difficult” procedure. Upto 42% explained that they were unaware of the processes of acquiring such tokens.
The studies have also shown that among the younger generation, 64% have expressed concerns regarding the security of such tokens. Notably, this percentage is much higher than that of their elders, only 55% of them expressing similar doubts.
However, mobile apps like Square Cash and Abra are definitely improving accessibility to cryptocurrencies by providing Bitcoin purchasing options using a credit card.