Why do consumers prefer using cryptocurrency for purchases?
According to the latest Statista research, more than half of crypto users consider digital assets a secure way of payment and even more stable than fiat. What contributes to the choice of cryptocurrency payment?
Is there a choice?
Most respondents who favor cryptocurrency do not trust financial institutions and believe that cryptocurrency is more stable than fiat – these are people who do not have a bank account and simply do not have access to financial services.
Market growth
Users are confident that cryptocurrency will become the primary method of payment. This is confirmed by researchers' forecasts. Despite the small size of the cryptocurrency payment market, annual growth will reach 17% by 2029 .
Where is the most promising cryptocurrency market?
It's Latin America, Africa, and Asia. The markets in these countries are more receptive to new digital currencies since traditional financial services are largely unavailable to them. One of the popular types of payments is money transfers – sending money to relatives and friends back home from abroad. Cryptocurrency transfers are cheaper than regular money transfers from traditional financial institutions and only require a smartphone and internet access.