Crypto: switching from savings to payments [infographic]

If 10 years ago cryptocurrency was something complicated and difficult to access, several years ago things changed. Financial experts started to consider it as a good asset. But it doesn’t end there. Besides investments, cryptocurrency is becoming more commonly used in daily life. And our research from the Scanteam.pro team is here to prove it.

We’ve analyzed the development of this payment system over the years, taking into account the most popular consumption fields. According to this, 93% of consumers are considering using emerging payments in the next year. In addition to contactless, these include biometrics, QR codes, as well as digital currencies. So, what is the future of this currency, and is it worth your time? The infographic and the research we put together will guide you through an overview of the businesses and consumers adopting crypto payments.

NUMBER OF CRYPTOCURRENCY USERS

The best way to prove that the payment solution is popular is to make sure that it is widely used by real customers. For this reason, we’ve analyzed the statistics of each month in the period of June 2020–January 2021. And the results are astonishing: the number of cryptocurrency users has been growing constantly.

If in June 2020 there were 73 million users, in January 2021 this amount reached 106 million. According to the graphic, this growth is natural and smooth: new users appear each month. And we are sure that our next research will show even bigger growth.

USERS BUY WITH CRYPTO

The statistics show that the highest demand is for Prepaid cards and Gift cards. It means that 41.15% of users prefer to pay for these services via crypto.

While the other popular areas are:

• VPN/Hosting
• precious metals
• games & entertainment
• some daily spending, including food

This shows that the ways to use cryptocurrency are much diversified: digital solutions, payments for other services via prepaid cards, investments, food, entertainment.

PROS OF SWITCHING TO CRYPTO

The rise of crypto’s popularity is due to several advantages that convince more and more users to try out this solution. These pros include anonymity, transaction speed, and security. That’s how it all works.

Anonymity is the first strong side of this payment solution. It’s especially popular in the iGaming industry.

Transaction speed represents another benefit: users don’t wait until the transaction is processed by third parties.

Security sums up the above. The payments are direct and protected properly.

USERS PAY WITH BITPAY OR COINBASE

Our research also revealed the ways users find the most convenient to make payments. They are BitPay (27.18%) and Coinbase (14.95%). But Blockchain, Electrum, and Exodus Wallets are also rather popular. Plus, 21.8% of users selected the ‘Other’ option. As for BitPay, it’s popular both due to its convenient app and the Prepaid Mastercard. While Coinbase is a perfect place to start a crypto portfolio.

BUY A GIFT CARD

Gift or shopping cards are a straightforward way to make a purchase if your shop isn’t on the list or to give crypto as a present. Each card has its value and can be converted into the currency you choose at the current rate. Among the most popular brands, there are Purse, Coincards, and Bitrefill.

SPOT A PLACE TO SPEND CRYPTO WITH COINMAP.ORG

Looking for venues where your crypto funds can be accepted? This map is a perfect tool to help you. There are over 20 thousand places where users can pay for services of different kinds. Whether this payment is online or land-based. Find out the opportunities for your region for your transactions to be instant and advanced. Spot the necessary place and let the map do everything for you!

CRYPTO PAYMENT COMING SOON

It’s obvious that more and more brands are going to change their payment policy so that cryptocurrency will be the available and even the priority solution. And when the giants like eBay, Google, Uber, and Amazon will implement it, a kind of digital revolution will take place. Crypto will become even more available and accessible, so it’s just a matter of time.

Sources and links to original statistics: https://scanteam.pro/crypto/