Contrary to popular belief, cryptocurrencies are mainly used to buy food and clothing.
The high volatility of Bitcoin and other virtual currencies makes it difficult for those who want to promote them as a reliable means of payment. However, a recent study shows that crypto holders are not afraid to use virtual currency for shopping, and most of them are legal and essential items.
Visual Objects surveyed 983 people who know about cryptocurrencies and 157 actually own them. The first group was asked what people with virtual currencies would use them to buy. 40% of them answered stocks, while the number of people who thought that virtual currencies were used to buy banned goods accounted for 30%. Very few people mentioned buying clothes (15%) or food (14%).
In fact, the picture is very different, at least from the point of view of virtual currency holders. When asked the same question, they said they spend their virtual wallet on: food (38%), clothes (34%), stocks (29%), gold (21%). 15% admit that they buy weapons and 11% use virtual currency to buy drugs.
The survey also shows that virtual currencies are used in everyday exchanges more often than the general public thinks. 72% of crypto holders say they buy items with their digital wallet.
Bitcoin is the most popular among crypto investors, owned by 70% of survey respondents. Ethereum (27%), Litecoin (20%), and Dogecoin (15%).
See more: 4 Cryptocurrency Giants Appear on Forbes Billionaires List
The virtual currency community is more focused on utility (Utility)
People will gradually learn to use virtual currencies to buy common goods, especially as fiat currencies will become less reliable due to inflationary pressures.
Earlier this year, according to a survey by US insurance company Hartford Steam Boiler (HSB), about 36% of small and medium-sized companies in the US accept cryptocurrency payments.
Last month, the primexbt exchange announced its card could be used to make purchases on Google Play.
.jpg)
.jpg)