Bitcoin, Ethereum and Bitcoin Cash accepted in thousands of stores
Are Bitcoin and crypto currencies actually used? – This is the question we ask ourselves in today’s article and define „use“ as use for the purchase of goods or services. After all, there is always the argument that BTC and Co. are seen merely as an investment and have no real use.
But what does the situation actually look like? – A report by Blockcard gives us interesting insights into this.
Bitcoin and crypto currencies in practice
The complete report of the company Blockcard can be accessed and read here. We would like to take a closer look at the most interesting aspects.
Briefly on the scope of the survey: For the report, about 35,000 crypto investors were interviewed. It shows that 70% of all respondents actually spend their crypto currencies and do not just hold them.
Bitcoin and crypto currencies
Is Bitcoin more than a pure Store of Value?
Again and again the narrative circulates that crypto currencies have failed in their function as „electronic cash“. In the meantime, Bitcoin is frequently only attested the attribute of a Store of Value.
However, the above graphic, which does not only refer to Bitcoin, shows a different picture. Crypto currencies are also bought in order to actually use them.
However, 30% of those surveyed see Bitcoin and Co. as a pure investment good. That means that no purchases are made with it. On the other side stand the 70% just pointed out.
If we now take a look at the exact use, we quickly see that appearances are deceptive. Because approximately 77% of these 70% indicate that they use crypto currencies, in order to buy with it other digital currencies. Blockcard sees this form of transaction as well as use or sale.
Nevertheless, it is clear that there are many other application scenarios. Thus approximately 13% and/or 11% use their crypto currencies, in order to take thereby Entertainment services or meals up. 5% of the asked ones indicate that they pay their rent with crypto currencies.
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