Skrill, the digital wallet of Paysafe, recently conducted an online survey of consumers across different European and North American countries, revealing some crucial trends and facts about the rising influence of cryptocurrencies.
Skrill’s Report Highlights The Latest Cryptocurrency Adoption Trends
It has garnered much attention as cryptocurrency treads the path of reshaping conventional financial systems. With more and more businesses worldwide now accepting cryptos as a means of payment for goods and services, the use of various cryptocurrencies has skyrocketed.
Skrill, the digital wallet of global payment service provider Paysafe, in partnership with Sapio Research, conducted an online survey of 8,111 users across the North American and European regions from March – April 2021. Participants, defined by gender and age from the UK, US, Italy, Canada, Germany, Bulgaria, and Austria, received email invitations.
Rossen Yordanov, Skrill and NETELLER Senior Vice President, commented, “We’re seeing that crypto is no longer a niche phenomenon, and our research provides further evidence of that, but there’s a significant opportunity to grow awareness about its potential for payments and transfers. We are working hard to make it easier for people everywhere to buy and sell cryptocurrencies with Skrill and NETELLER.”
As per the final data released by Skrill, there has been an accelerated diversification of the online payment ecosystem, primarily due to the surge in Bitcoin prices and other cryptos and the increased use of online payments due to COVID-19.
Of the total participants, 36% of Bulgarians and 24% of Americans surveyed own Bitcoin, while 20% of consumers from Canada and the other European countries own Bitcoin. In addition to the ever-popular Bitcoin, the report also highlights that an increasing number of consumers are diversifying their crypto portfolios, with 9% of those surveyed holding Bitcoin Cash, 8% holding Ethereum, and 7% possessing Litecoin.
Other than holdings, the report also discloses in-depth details about the participants’ understanding and knowledge of cryptos in general. While Bitcoin tops the chart, 31% of the surveyed participants were aware of Bitcoin Cash, 22% knew about Ethereum, 19% had an idea about Litecoin, and about 10% were somewhat familiar with other lesser-known altcoins such as Stellar, Ethereum Classic, and Dash.
With all these in perspective, there is no doubt that decentralized currencies are taking the world by storm.
However, the report further identifies a diversified understanding of cryptocurrencies as an investment option and what makes it so useful. Of the total participants, 47% aren’t quite familiar with the concept of investing in cryptos, 38% think it to be a risky investment opportunity, and only 28% trust that investing in crypto will generate good returns.
The sudden shift towards more frictionless online payment solutions has pushed many consumers to learn more about the basics of cryptocurrency.
While 29% of the participants agreed that they had learned much about cryptos this year, 26% indicated that they would most likely consider investing in cryptocurrencies compared to 2020.
However, amid all of this, there are still varied opinions among the participants concerning cryptocurrencies’ features, with only 27% considering it the future of online payments. The report further clarifies that 57% of the participants paid for one or more services using crypto in the last month, with 44% claiming that it is now their preferred mode of payment.