Study: more people would buy crypto if they found it less confusing

midian182

Posts: 7,064   +62
Staff member
In brief: Understanding the complete workings and mechanisms of cryptocurrency isn’t the easiest thing in the world. To the less tech-savvy, the likes of Bitcoin and Ethereum can be utterly perplexing. According to a new study, it’s this very reason why so many people have never bought digital currency.

A study by PYMNTS and BitPay found that many US consumers—93% of crypto holders and 59% of non-holders who were surveyed—would consider using digital coins for everyday purchases, especially if doing so offered benefits.

The most appealing prospect for participants would be if crypto payments made online purchases more private or secure. Anywhere that offered discounts for purchasing goods with crypto would also be an appealing prospect, as would loyalty programs that rewarded people for using their digital coins.

“Holders and non-holders are interested in cryptocurrency payments because of the possible enhanced privacy and security features over traditional credit card- or bank account-based payments,” states the study.

As has long been the problem with cryptocurrency, most people (75%) who have never bought any cite a “lack of knowledge,” including not knowing how to obtain them or their tax implications, as the reason why. Additionally, 33.3% say it is “not mainstream enough/accepted enough,” and 25.2% blame the market’s volatility.

Another issue is that not enough merchants accept crypto as payment. While some large companies allow them, such as Newegg, it needs to become mainstream for more people to join the party. The recent news that Amazon was planning to accept Bitcoin sent BTC’s price skyward, but it quickly fell when the retailer denied the report—though Amazon admitted to having an interest in the area, so maybe one day it will offer the payment option.

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Bawlsdeep

Posts: 141   +153
More people would buy if it was not a huge gamble. I know people that earned several 100k's and people that lost double that because they went all in because of hype.

Most people who have become rich on crypto were rich to begin with, and could afford the loss. Or bought years back when it was much cheaper. Ship has sailed for most people.
 

QuantumPhysics

Posts: 5,214   +5,910
Crypto Currency is a gigantic Ponzi Scheme.

The only allure of the new coins is that if you get in early enough, you can get in early enough ( 0.00000001) then you can get rich as more people get suckered into piling in.

Other than that, there is NO Practical value to owning Stellar Lumens, Dogecoin or any other.
It's actually more advantageous to simply use credit card.

Most people are in Crypto purely to speculate on the price rising and ultimately take out more money than they put into it.

Crypto will NEVER replace the US Dollar unless the US government makes its own crypto.

( I refuse to call crypto "currency". It isn't. TOKENS have no real value beyond what they are said to have. No backup and no insurance) Crypto is a speculative asset.
 

QuantumPhysics

Posts: 5,214   +5,910
More people would buy if it was not a huge gamble. I know people that earned several 100k's and people that lost double that because they went all in because of hype.

Most people who have become rich on crypto were rich to begin with, and could afford the loss. Or bought years back when it was much cheaper. Ship has sailed for most people.

I agree with you. Many were software developers and engineers who got in early. Otherwise, most people didn't have the extra money to risk - nor would have risked it even if they had it.
 

wiyosaya

Posts: 6,375   +4,690
More people would buy if it was not a huge gamble. I know people that earned several 100k's and people that lost double that because they went all in because of hype.

Most people who have become rich on crypto were rich to begin with, and could afford the loss. Or bought years back when it was much cheaper. Ship has sailed for most people.
(y) (Y)Agreed. I suspect that many people see it as a get rich quick scheme.
 

wiyosaya

Posts: 6,375   +4,690
I think that if those same people had less "lack of knowledge" they would avoid it like the plague.
 

tkabou

Posts: 126   +139
Crypto Currency is a gigantic Ponzi Scheme.

The only allure of the new coins is that if you get in early enough, you can get in early enough ( 0.00000001) then you can get rich as more people get suckered into piling in.

Other than that, there is NO Practical value to owning Stellar Lumens, Dogecoin or any other.
It's actually more advantageous to simply use credit card.

Most people are in Crypto purely to speculate on the price rising and ultimately take out more money than they put into it.

Crypto will NEVER replace the US Dollar unless the US government makes its own crypto.

( I refuse to call crypto "currency". It isn't. TOKENS have no real value beyond what they are said to have. No backup and no insurance) Crypto is a speculative asset.

Cryptocurrencies, and only those that are on a decentralized ledger, are anything but speculative. YOU can speculate as to whether their value will go up or down, but they're on a decentralized ledger that isn't influenced by the central banks, interest rates, yields, etc.

It seems you favor your central bank debt note that'll forever and a day reap interest that you, your offspring, and their offspring will have to pay down. If you don't understand cryptos or why the current monetary system is broken, you'll forever be in debt.

The only reason that BTC and other worthwhile cryptos haven't reached mass adoption, and btw it will happen, just a matter of time, is because many like you CHOOSE to hold on to your fiat currency that loses its value year over year. There's plenty places that use cryptos/BTC for purchases, just not your mom-and-pop grocery store.
 

wiyosaya

Posts: 6,375   +4,690
Cryptocurrencies, and only those that are on a decentralized ledger, are anything but speculative. YOU can speculate as to whether their value will go up or down, but they're on a decentralized ledger that isn't influenced by the central banks, interest rates, yields, etc.
Speculation is not a guarantee of return. And, oh, yeah, Bitcoin and other crapto prices are influenced drastically one way or the other by the utterances of people like Musky - the fact that that happens is far from a guarantee of stability.
It seems you favor your central bank debt note that'll forever and a day reap interest that you, your offspring, and their offspring will have to pay down. If you don't understand cryptos or why the current monetary system is broken, you'll forever be in debt.
Interesting that you seem to think that crapto will solve the world's economic problems. Personally, I think you are missing the reason why the world does have its economic problems, and any means of exchange that allows an entity to amass far more of that means of exchange than anyone else is the cause of the problem.

The human ape is just that, an ape. Hominids, in general, like the appearance of power that amassing more than their fellow hominids gives them. Its just that, though, an appearance of power rather than a true power. In other words, its base is pure greed and nothing more to the point where it is to the detriment of everyone else. As long as that continues, regardless of the accepted means of exchange, nothing about the world's economic system will improve.
The only reason that BTC and other worthwhile cryptos haven't reached mass adoption, and btw it will happen, just a matter of time, is because many like you CHOOSE to hold on to your fiat currency that loses its value year over year.
Bullcrap. Ask yourself why any means of exchange will lose value year over year. I think that you may find that it is because everyone in the chain of transactions wants more and more every year. They have no clue when enough is enough. Again, Greed. If crapto were to become the defacto means of exchange, without other major changes in economic systems, the same thing would happen to crapto - yes, that means losing value year over year.
There's plenty places that use cryptos/BTC for purchases, just not your mom-and-pop grocery store.
To me, that sounds like a major weak point. With day-to-day fluctuations in price, why would a mom and pop store want to accept something that may lose half, or more, of its value overnight? They have bills to pay, and with the uncertainty in the value of crapto, they have no certainty that they would be able to cover their own bills.
 

NightAntilli

Posts: 751   +947
If I had the power all forms of cryptocurrencies would be banned worldwide...
And that is exactly the beauty of crypto. NOBODY in the world has that power ^_^ And thank God (or Satoshi Nakamoto) for that.

It still amazes me how many people call for governmental tyranny when it suits their own biases. Thankfully, cryptocurrencies like Bitcoin don't care. They will simply keep 'blockchaining' along.

I refuse to call crypto "currency". It isn't. TOKENS have no real value beyond what they are said to have. No backup and no insurance
There is actually a big difference between a coin and a token in the crypto space. And unfortunately, I can't say that your opinion on crypto in general has much validity if you don't know this basic difference.
 

emmzo

Posts: 334   +312
Soon enough your ID will be linked to any wallet you own, which is a step to put taxes on holding crypto. And then all the beautiful fairytales will break. It will just become a currency like any other, except no real world value, because its only use is speculation.
 
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Markoni35

Posts: 1,228   +498
Well, didn't the power elite said that by 2030 "You'll have nothing, and you'll be happy."

So, whether you buy crypto or stocks or whatever... the result is similar. You'll have nothing. And you'll be on drugs. Or something similar.
 

tokyojerry

Posts: 16   +4
Cryptocurrencies, and only those that are on a decentralized ledger, are anything but speculative. YOU can speculate as to whether their value will go up or down, but they're on a decentralized ledger that isn't influenced by the central banks, interest rates, yields, etc.

It seems you favor your central bank debt note that'll forever and a day reap interest that you, your offspring, and their offspring will have to pay down. If you don't understand cryptos or why the current monetary system is broken, you'll forever be in debt.

The only reason that BTC and other worthwhile cryptos haven't reached mass adoption, and btw it will happen, just a matter of time, is because many like you CHOOSE to hold on to your fiat currency that loses its value year over year. There's plenty places that use cryptos/BTC for purchases, just not your mom-and-pop grocery store.

That's pretty much spot on as stated. Cryptocurrency is not going to go away. DeFi is like the new wild west of the financial industry. Those that criticize and fail to get onboard early on will ultimately be the losers as digital and CBDCs begin to take root globally. Unfortunate for the U.S., China, and other countries, are already way ahead in the crypto space over the U.S.