- Research shows 35% of 2,333 consumers prefer merchants accepting crypto payments.
- 42% of tech-driven consumers buy cryptos for investment purposes while 33% buy them for shopping.
- Bitcoin is the most popular crypto transaction method followed by Litecoin.
As per the latest research conducted among 2,333 tech-driven consumers, more than 1 in 3 (35%) prefer merchants accepting crypto payments. The research was conducted in collaboration with the crypto-processing platform BitPay.
Twenty-six percent of this research population believe they would even consider switching merchants to shops where crypto is accepted. While 1 in every 4 (23%) tech-focussed consumers said they prefer merchants that accept crypto. The growing figures thus, seem to be positive in the way people are opening up to adopting cryptocurrencies on a large scale.
As per the study, 42% of tech-driven consumers buy cryptos for investment purposes while 33% buy them for shopping and 20% of them buy them to avoid missing out. The research also disclosed that 4 in 10 consumers who owned cryptocurrencies made online purchases via cryptos in the past 30 days.
The organization that conducted the research also talked to Stephen Pair, the CEO of BitPay recently about how he sees blockchain-based payments performing in the future. The CEO revealed that BitPay onboarded LTC in July 2021. Since then, BitPay has processed over 200,000 LTC transactions. The value of the transactions was over $35 million, across its partner merchant network.
Stephen Pair shared:
The [litecoin] community has been really supportive, they’re buying everything with it. They really pay attention to the merchants on our platform and tend to become patrons of those companies.
In fact, with 27% of all merchant purchases, Litecoin has gradually become BitPay’s second most popular currency for crypto-based transactions. Meanwhile, Bitcoin is still the most popular crypto transaction method with 41% of all merchant purchases.