In brief: Understanding the complete workings and mechanisms of cryptocurrency isn't the easiest thing in the world. To the less tech-savvy, the likes of Bitcoin and Ethereum can be utterly perplexing. According to a new study, it's this very reason why so many people have never bought digital currency.
A study by PYMNTS and BitPay found that many US consumers—93% of crypto holders and 59% of non-holders who were surveyed—would consider using digital coins for everyday purchases, especially if doing so offered benefits.
The most appealing prospect for participants would be if crypto payments made online purchases more private or secure. Anywhere that offered discounts for purchasing goods with crypto would also be an appealing prospect, as would loyalty programs that rewarded people for using their digital coins.
"Holders and non-holders are interested in cryptocurrency payments because of the possible enhanced privacy and security features over traditional credit card- or bank account-based payments," states the study.
As has long been the problem with cryptocurrency, most people (75%) who have never bought any cite a "lack of knowledge," including not knowing how to obtain them or their tax implications, as the reason why. Additionally, 33.3% say it is "not mainstream enough/accepted enough," and 25.2% blame the market's volatility.
Another issue is that not enough merchants accept crypto as payment. While some large companies allow them, such as Newegg, it needs to become mainstream for more people to join the party. The recent news that Amazon was planning to accept Bitcoin sent BTC's price skyward, but it quickly fell when the retailer denied the report —though Amazon admitted to having an interest in the area, so maybe one day it will offer the payment option.
- Binance now lets users buy crypto with a credit card
- There's A Theory That Black People Buying Guns Could Stop The NRA's War on Kids. It Won't
- Earn your cashback in crypto
- New Study Shows White People Don't Like Living Near Black People. Captain Obvious Declines Comment
- Why Crypto Is the Next Big Thing for CFD Trading
- Inflation VS. Deflation: The World Stage For Crypto Buyers
- Interview With David Fritsche: From NASA to Crypto
- I want to buy pizza with Bitcoin again
- Life after the Crypto and ICO ad bans
- Things You Can Buy Today With Cryptocurrencies
- Why Are More Than 800 Crypto Coins Now Worthless?
- When Will You Be Able to Use Cryptocurrency to Buy a Pack of Gum?
- Fintech, Crypto and Blockchain: looking back at 2018
- Coindelta – Another Crypto Exchange in India Shuts Down!
- Crypto chaos as Tether USDT 'stablecoin' breaks its pegged dollar price
- What Are Crypto Trading Platforms? Things You Should Know About Crypto Trading Tools
- Crypto the WonderDog show – E68 – Facing the FEAR of Buying Your First Bitcoin – Former NFL Athlete Andre Kirwan and JJ Lasley
- Bill Gates Thinks Cryptocurrency Is Killing People 'In a Fairly Direct Way'
- The New York Crypto and The City Scene
- New Study suggests Gamers & Game Developers interested in a Free Market Virtual Item Economy
Study: more people would buy crypto if they found it less confusing have 500 words, post on www.techspot.com at August 4, 2021. This is cached page on TechNews. If you want remove this page, please contact us.