Skrill, a digital payments platform, recently released a consumer survey revealing the trend of the surge in crypto adoption and popularity.
According to the study, 38% of respondents have disclosed that they are open to cryptocurrency investments, or have done so, while 84% have been exposed to at least one cryptocurrency, with 64% of respondents knowing what Bitcoin is.
“Cryptocurrency adoption has increased at a rate that no one could have imagined even two years ago,” said Rossen Yordanov, SVP for Skrill and Neteller at Paysafe, which handles both brands.
The survey was conducted between March and April 2022 by Sapio Research, a B2B and consumer market research institute, with demographics of respondents based in the US, UK, Canada, Germany, Italy, Austria and Bulgaria with 8,111 participants.
According to research, 20% of respondents previously owned or have owned Bitcoin. Ownership was shown to be higher among respondents from the US and Bulgaria, at rates of 24% and 36%, respectively.
The study also shows that apart from Bitcoin, the most popular cryptocurrencies include Bitcoin Cash (31%), Ethereum (22%) and Litecoin (19%). The level of ownership distributed among these cryptocurrencies is also in the same trend, with Bitcoin Cash (9%), Ethereum (8%), and Litecoin (7%) each finding acceptance among consumers.
The study also shows that alternative cryptocurrencies such as Ethereum Classic, Dash, and Stellar are recognized by more than 10% of respondents, even though ownership rates are less than 5% each. Cryptocurrencies such as Chainlink, Tezos, Atom, EOS, OMG, Kyber Network, and 0x are also recognized by 8% of respondents.
The study area further revealed that consumers’ knowledge and understanding of cryptocurrencies as financial assets remains sharply divided. Of the participants, 47% agreed that they lacked the knowledge to pursue crypto as an investment, while 38% considered crypto a risky investment category. Confidence that cryptocurrencies are a good investment for the future remains at 28%.
The highlight of the study centers on the idea of cryptocurrencies as a payment method. According to research, up to 9% of respondents have recently used (within a 30-day period) crypto as a payment method, with most users (97%) doing so for the first time in the past year.
Of those who used crypto as a payment method in the past month, 59% said they now use crypto regularly for payments, while 44% claim that crypto is now their preferred payment method. Of the 8,111 respondents, the majority still use a combination of debit cards (54%), credit cards (52%), and digital wallets (43%) for payments. The study also shows that 23% of consumers surveyed believe that crypto payments will one day become mainstream.
“We see that crypto is no longer a particular phenomenon, and our research provides further evidence of that, but there is a significant opportunity to grow awareness about its potential for payments and transfers. We are working hard to make it easy for people everywhere to buy and sell cryptocurrencies with Skrill and NETELLER. Jordan added.
There has been a marked improvement in consumer understanding, with the trend pointing to a higher level: about a third (29%) of respondents shared that they now understand crypto better than the previous year, with about a quarter (26%) of respondents saying that they are more inclined to understand crypto. investing in crypto today, compared to where they were in the previous year.
Global adoption and regulation of cryptocurrencies continues to grow. However, the research shows that there is no solid perspective on what makes crypto useful or functional. Only 27% of respondents see crypto as the future of payments, while 26% refer to crypto as a store of value, and 26% see crypto as the future of banking. Apart from investment or speculation, crypto use cases outside these areas are only utilized by 17% of respondents.