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Survey Conducted by Software Advice Questions Trends in Cryptocurrency Spenders to aid Retailers

In a survey of over 346 US consumers, Software Advice questioned them about various habits, demographics, and preferences regarding cryptocurrency for the benefit of both local and online retailers. Here’s what they gathered from this survey.

Consumers were asked whether they wanted to continue spending and buying from retailers using cryptocurrency. More than half agreed they would continue to spend more using cryptocurrency. Even if that is the case, Software Advice says that it would be too soon for retailers ranging from small to mid-sized businesses to start accepting cryptocurrency as a means of payment.

From the study, we can see that 88% of the consumers said that they would want more retailers to use cryptocurrency as a means of payment. They were actively looking for retailers which would use this payment method. Additionally, 92% of the retailers had changed retailers because their previous one wouldn’t accept cryptocurrency payments.

Moving on, between May 2021 to May 2022, the period in which the study was conducted, 45% of the consumers had spent their cryptocurrency savings on virtual products and services including some of which were available in the metaverse. On the other hand, 55% of the respondents used crypto payments when purchasing products and services physically from their local retailers.

However, more than half the respondents agreed that they don’t use crypto payments frequently or as commonly as regular payment methods. This is because not a lot of retailers accept crypto payments. To add on, 29% of the respondents had the other big reason for not using crypto payments which were because its value moved up and down very quickly.

Also, 67% of the respondents still prefewasypto payments more than regular cash because of ease of use. 53% used crypto over cash because of its low transaction fees, while 51% prioritized it more because of the privacy and lastly, 38% used cryptocurrency payments because it was easier to access.

Moving on to more statistics, 68% of the cryptocurrency spenders in the survey were identified as men with 85% being in an age range between 18-45 years old. Almost 66% had a bachelor's degree and almost 20% held a master's degree

With the cryptocurrency market being quite sensitive, it was expected for consumers to be against crypto transactions however, 91% believe that crypto payments will become more common in the future for the purchase of goods and services. While 26% of the consumers bought crypto to save for retirement, the main reason for almost half the consumers was to make a quick profit.

Lastly, when asked why consumers bought cryptocurrency, 40% said that it was because cryptocurrency was trending on social media whereas 31% bought it to be a part of the community where they belong.

Software Advice also said that popular cryptocurrencies such as Bitcoin and Ethereum should be used in small businesses which were specifically looking to attract cryptocurrency customers. They should be available along with other popular payment gateways such as BitPay, Coinbase, and PayPal.

This survey was conducted by Software Advice from May 2021 to May 2022 with 346 consumers residing in the United States. These were consumers who made monthly purchases by the means of cryptocurrency from their retailers.
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