A survey by Visual Objects, the research firm, has found that food and clothing purchases to be the most common use-cases for cryptocurrencies.
A #survey of people familiar with #crypto shows a stark contrast between #public perception of #crypto’s utility and what it is actually used for.https://t.co/RJuID0gSrs#Rakamoto #MondayThoughts #Blockchain #Crypto #Bitcoin #Digital #Money #Coins #Dollar #Banks — Blockchain News (@Rakamoto) April 20, 2020
It has been reported that the findings underline a remarkable disparity between the perceptions and reality of how cryptocurrency is used. Many people, who responded to the survey, said that the top use-cases for crypto were trading and illicit activities.
However, the survey gathered this data from 983 respondents in the United States who are “familiar with digital currency,” including over 120 who have made purchases using crypto assets.
It has been analyzed that 40% of respondents said that price speculation would be crypto’s dominant use-case, followed by purchases of “illegal items” (30%) and electronics (23%).
The lowest-scoring options were clothing and real estate with 15% each, and food purchases at 14%.
Similarly, with only 16% of respondents pointing out that they had invested in cryptocurrencies, the results may offer insight into assumptions held by those observing the industry.
Visual Objects polled survey participants who had purchased crypto concerning their virtual currency spending habits, finding the data to be in stark contrast to public expectations.
As per the report, food topped the list of most common purchases made with cryptocurrency at 38%, followed by clothes at 34%, and speculation at 29%.
Likewise, narcotics and firearms scored the lowest with 11% and 15% respectively.
On the other hand, a recent survey conducted by The Economist and Crypto.com found ordinary payments are major use-cases for crypto assets.
34.2% of total respondents cited online payments as the top application for virtual currencies, including 35.2% of respondents from the Crypto.com platform.
Thus, Eric Anziani, the COO of Crypto.com, said:
“This is a strong indicator of a trend that shows digital currencies are on the right track for mass adoption, with its potential to enhance the existing payment infrastructure and efficiency.”
Source: Cointelegraph | Image: Live Science