GoMining Survey Shows 55% of Bitcoiners Never Use it for Real-World Payments

Bitcoin’s story as a unit of exchange is not growing as quickly as many proponents would like to see. In a recent survey by the crypto mining platform GoMining, more than 5,700 Bitcoin holders shared their experiences with Crypto use for everyday payments.

The result showed that 55% of respondents rarely or never use crypto for daily real-world transactions. However, they acquiesce to crypto adoption and the privacy it provides for encryption. However, they cited five explanations for their decision to choose .

A Drawback in Infrastructure

The most important reason for many respondents not to use their crypto holdings to pay everyday payments is that there is no infrastructure sufficient to allow them to do so.

Over 49% of those who answered (2,663) emphasized that most merchants do not accept crypto as a payment method. Mark Zalan, chief executive of GoMining, emphasized this point in telling CryptoPotato ‘If you have to find places that accept it, people don’t make a new habit. Paraphrast.

Another 44 s. One in four survey respondents, 7% (2,400) said high fees were an obstacle to the survey’s answers; another 26. Long transaction processing times are also cited by 8% (1,440) as an obstacle to long transaction processors. Network speed and transaction fees are often a problem for blockchain networks, including Bitcoin, which use ‘PoW’ consensus algorithm. Thus users may be more likely to pay higher fees than they would with traditional payment methods.

Stablecoins: A Better Option?

Almost four-thirds of respondents (2,330) blamed price volatility on the reason they did not use crypto for daily payments. Many of the cryptocurrencies, such as BTC, are known for their nonstop volatility (granted) fluctuation. Therefore many have flocked to stablecoins for payments of . His comment ‘GoMining’s CEO recognized and stressed this in his statement ‘It is an important part of GoMinING’.

‘The [transaction] confirmations need to be fast, and the customer must know what they will receive for receiving receipts or dispute handling. So that’s why the stablecoin settlement and card-style systems are attracting so much attention; they reduce friction for merchants while keeping the flow familiar. [/ ] Initially, people can try it with ] Rewards but stick only when fees are low and you can actually use it all over. – ’.

Finally, 36.2% (1,942) of respondents pointed to potential scams as the reason they did not embrace crypto for everyday payments.

When asked whether Zalan believes he should use crypto more for payments, ‘I don’t think that is the case of Crypto. In a way, instead of saying “trying to force that is part of the market confusion,” he said.

In addition, > “Bitcoin” can be a payment role (usually as settling and reserve layer) that allows for faster rails above it. Nevertheless, many other tokens are better seen as “utility for networks, tools to govern and even as risks, not money,” he added.

Thanks for reading GoMining Survey Shows 55% of Bitcoiners Never Use it for Real-World Payments