Over half of Crypto-natives prefer to be paid in crypto. Paysafe, a leading specialized payments platform, discovered that 55 percent of bitcoin owners. Rising to 60 percent among 18-24 year olds. Would prefer to get their wages in cryptocurrency, according to a new survey released today. This is primarily due to people’s opinion of cryptocurrencies as a prudent investment. Their conviction that they would most likely receive payment in cryptocurrencies in the near future. And their desire for greater financial flexibility, among other factors.
The report, titled ‘Inside the crypto community: Plotting the route to widespread acceptance.’ Polled a cross section of 2,000 crypto owners residing in the United States. And the United Kingdom about their opinions on the future of decentralized finance. Among other things. The results were published in the journal Cryptography.
A little more than half of bitcoin owners (54 percent) believe that cryptocurrencies. Are the future of finance and that they will eventually replace fiat money. As the principal form of international currency on a worldwide scale. Buying cryptocurrencies for this purpose was also the primary motive. For doing so in the first place, ahead of the desire to gain money. Through trading or investing. Yet according to the findings of the research. This choice was decided after much deliberation. And bitcoin owners have expressed their concerns along the way.
In fact, more than half (49 percent) of all cryptocurrency owners have cashed out. Either part of or all of their cryptocurrency holdings as a result of their worries. About investing in cryptocurrencies at some time. Throughout their trading careers, according to the survey.
Payments Enable Over Half Mainstream Crypto Adoption
Those who own cryptocurrencies believe that payments are the key. To achieving universal adoption of their currencies. It is the fundamental reason why people do not wish to be paid in bitcoin at this time. As the cryptocurrency cannot used to make payments in a widespread enough manner. At this point in time (24 percent ). More over half of all cryptocurrency owners said they would boost their investment in cryptocurrency. If more merchants accepted bitcoin as a form of payment. And 17 percent said they would do the same if if more governments. Recognized cryptocurrencies as legal tender.
As a whole, 59 percent of respondents say that the lack of real-world applications for cryptocurrencies. Such as payment systems, is preventing cryptocurrency. From reaching its full potential at the moment.
Despite some of the key stumbling barriers, cryptocurrency owners remain optimistic. About the timetable for public acceptance of their digital assets. More than half (60 percent) of those polled believe that you will be able. To use cryptocurrency to make online purchases from a broader range of online businesses. By the end of next year, and 47 percent believe that accepting cryptocurrencies. In physical stores will become commonplace within the next 12 months. As a last point, it should noted that nearly half of bitcoin owners (49 percent). Believe that everyone will also own cryptocurrency over the next five years.
In response to the findings, Chirag Patel, CEO of Paysafe’s Digital Wallets division. Stated that “interest in defi and the metaverse has reached a whole new level recently.” “As a result, favorable sentiment towards cryptocurrencies has continued to climb.”