Lack of knowledge is more important than volatility for crypto newcomers
Now, knowing enough about cryptocurrencies is the biggest hurdle to higher adoption, significantly exceeding volatility or other oft-cited reasons, according to a recent survey by a payments news and data provider. PYMNTS and crypto payment processor BitPay.
Based on data obtained from 8,008 U.S. consumers who were current and former crypto owners and non-owners between February 8 and February 23, 2021, the survey indicates that the lack of knowledge is leading the way as the main reason for decisions not to buy crypto for each age group.
Although almost all of the respondents have heard of crypto, the majority said they don’t know enough about them, how to get them or their tax implications are the reasons they never bought them.
Ranging from 72% of responses for Gen Z respondents, 72% for Millennials, and 76% for Baby Boomers and Seniors, this response beats any other reason.
It is followed by respondents who consider cryptocurrencies to be “not common enough / accepted enough”, with responses ranging between 22% and 39% in these age groups, and “their value is too volatile”, with between 15% and 28% agree. with this statement.
“Consumers need more information and a better understanding of cryptocurrency for its adoption to reach its full potential,” the report says.
Among its other findings, the report highlights the importance of secure and private payment experiences for American consumers. The researchers note that up to 60% of crypto users are “very” or “extremely” interested in relying on crypto “for making more private or secure online purchases – or because they believe these purchases are “.
Lower transaction costs in large purchases are also a major incentive – 40% of those surveyed “interested in using cryptocurrency in real estate purchases say they are motivated to cut out middlemen,” and 38% showed up. their interest in spending cryptocurrency on computers and electronics.
Almost 40% believe that purchasing entertainment and media products that use crypto “would make online payments more efficient,” while 36% are aiming for lower transaction costs, according to the survey.
Cardholders, at 57%, and non-holders, at 21%, would use crypto for payments if they were offered such an option when paying online.
On top of that, loyalty discounts and rewards remain potentially powerful incentives to attract customers to crypto payments. 23% of non-holders “would be very interested in paying with cryptocurrencies if offered discounts,” the report says.
59% of current or former cryptocurrency holders would be “very” or “extremely” interested in using crypto as a form of payment “if that meant they could get discounts” – a share rising to 65 % “among holders who make or have already made purchases with cryptocurrencies” and drops to 51% percent among those who have not, according to the survey.
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