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Many may think that Bitcoin is only used amongst the cryptocurrency community, however, data indicates that several people are using the digital asset. A recent report by Kaspersky Labs state that one in ten people have used Bitcoin or other cryptocurrencies to purchase online.
The study was a collective of 12,000 consumers in 22 different countries. However, it is still underused compared to debit/credit cards which 81% of respondents preferred.
Image Source: Kaspersky
Even though most Cryptocurrencies have fallen over 80% in 2018, it hasn’t stopped online shoppers from using them.
In terms of acceptance of Bitcoin, there are sufficient businesses that encourage payments in the digital asset. Data from Coinmap which displays a map of the world with locations shops, ATMs and venues that accept Bitcoin state that there has been an increase of 702% since December 2013. Records indicate 14,346 venues accept Bitcoin compared to 1,789 venues six years ago.
Talk about adoption!
According to the Kaspersky report, many indicators point to cryptocurrency being favorable to traditional payment options. For instance –
- A third of people which is about 31% were reported to not remembering their online banking credentials.
- Security is breached, with a fifth of respondents which amount to 20% use a device to store financial login details which have led to several online thefts.
- With an indication of 46% wanting to use online payments if it was safer, lead to the notion that cryptocurrency will help grow the online e-commerce market given its high security and decentralized nature.
Blockmanity’s Take
With several developments taking place in the bear markets such as the rise of Point of Sale Cryptocurrency Systems, the level of Bitcoin adoption will become easier.
Cryptocurrency is no more geek’s money, but a more rounded approach to a better monetary system where the supply is not controlled by the government.