Seventy percent of people who hold digital assets such as bitcoin and cryptocurrencies are using them to make real-world purchases, according to a new survey conducted by Bitcoin Market Journal, a leading website for blockchain investors, and BlockCard, a leading crypto debit card.
Decentralized digital currencies enable the seamless transfer of value over the internet without the need for a bank. However, despite the benefits of digital money over traditional money, there is a perception among blockchain investors that cryptocurrencies are only meant as investment assets and not as spending currencies.
To gain insight into the spending habits of digital currency users, BlockCard and Bitcoin Market Journal polled 35,000+ blockchain investors on their crypto spending habits. Some of the key takeaways:
- 70% of respondents have spent cryptocurrency in the past twelve months.
- 11% have spent cryptocurrency on food and 12% on entertainment.
- Over 75% are using cryptocurrency to buy other cryptocurrencies (digital exchange).
In other spending categories, transportation (5.04%), clothing and apparel (8.40%), and education (8.40%) were also high on the list.
"While many bitcoin thought leaders preach HODLing as the only way to interact with bitcoin, data suggests that digital currency holders are actually using their ‘magic internet money’ as money," said Ian Kane of BlockCard.
When asked what would make them more likely to spend cryptocurrency in the future, a majority of respondents pointed to merchant adoption: to spend more cryptocurrency, in other words, make it more widely accepted by more merchants.
"The takeaway is clear," said Alex Lielacher, editor of Bitcoin Market Journal. "From paying for essentials to covering education costs, cryptocurrency holders are using digital currencies as everyday currencies."
Published in: Yahoo Finance
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