CRYPTOCURRENCY MAIN USE TO BUY ILLEGAL STUFF IS MYTH

STUDY FINDS THAT CRYPTOCURRENCY MAIN USE TO BUY ILLEGAL STUFF IS MYTH

CRYPTOCURRENCY MAIN USE TO BUY ILLEGAL STUFF IS MYTH

Cryptocurrency is successfully used as means of payment more Often than generally believed. A study carried out by Visual Objects discovered that crypto owners use Bitcoin along with other cryptocurrencies to purchase clothing and food, though one-third of respondents believe that it’s mostly used to get stocks and illegal items.

The high volatility of Bitcoin and Its brethren is an obstacle for those who wish to advertise the cryptocurrency as a reliable way of payment, however, a recent study found that crypto owners do not mind to buy things with it, and most of it is about lawful and mundane orders.

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Visual Objects researched 983 people familiar with cryptocurrency and 157 cryptocurrency owners. The first group was asked what they thought crypto owners would rather purchase. 40% of these said that cryptos are primarily used to buy stocks, while 30% mentioned illegal products. Very few suggested that crypto owners buy clothing (15%) and meals (14 percent ).

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The image is quite different, at least from the Perspective of cryptocurrency owners themselves. They said they use their crypto wallets to purchase food (38%), clothing (34 percent ), stocks (29%), and gold (21 percent ). 15% confessed that they bought weapons and 11% purchased medication with crypto.

The poll indicated that Cryptocurrency is utilized for daily purchases more often than the general public believes. 72% of the crypto owners said they use to purchase items with their digital wallets.

Bitcoin is the most popular cryptocurrency amongst a group of owners, With 70% of the respondents holding it. Ethereum (27 percent ), Litecoin (20%), and Dogecoin (15 percent ) come next.

Cryptocurrency Community Paying More Attention to Utility

Individuals will learn to use Cryptocurrencies to purchase goods, especially when the fiat money will be reliable as a result of inflationary pressure.

That 36 percent of American SMEs accept crypto payments, according to a survey commissioned by American carriers Hartford Steam Boiler (HSB).

Last month, Coinbase announced that its card could be used to make purchases on Google Play.

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