Bitcoin or Lisk? What cryptocurrencies are they holding in their wallets? Do they use them for payments, and if so, what do they buy?
The cryptocurrency community is of high interest to many industries which are more and more willing to take advantage of virtual currencies and blockchain technologies. Who are the people who already use cryptocurrencies? BitBay, as a platform with the largest database of Polish cryptocurrency users, decided to create a portrait of this community.
We will start discussing the results of the survey with demographics. At first glance, it can be clearly seen that the cryptocurrency community is heavily masculinised — men stand for over 90% of respondents.
As in the case of most new technologies, cryptocurrencies are popular mainly among young people. More than half of the respondents did not exceed 40 years of age. The largest number of digital currency users can be found among 31–35-year-olds.
The survey shows that the largest part of cryptocurrency users are people with 1 or more than 10 cryptocurrencies. Over half of the respondents owns up to 4 different coins.
What cryptocurrencies do our respondents have? Here are no surprises. Over 70% of respondents have Bitcoin in their wallets. Every third BitBay user has Ether, Lisk and Ripple. 53% of respondents selected a different answer, which may indicate that many people invest in tokens.
Next questions included in the survey were connected with cryptocurrency payments. It is worth noting that over 90% of respondents consider digital currency as a safe mean of performing transactions.
The vast majority of respondents did not make a purchase using cryptocurrencies. Only every fourth respondent made at least one such transaction.
Most people using cryptocurrencies purchased products from the following categories: Electronics (15%), Food (3%) and Travel (2%).
The first two categories also appear among the most common answers to the question related to future purchases. Over 50% of respondents also declared that they would like to be able to pay with cryptocurrencies for automotive and food products and services.
The answer to the last question in the survey is a bit optimistic. Over 90% of respondents believe that payments using cryptocurrencies will become more and more popular.
The answer to growing interest in payments with cryptocurrencies is BitBay Pay — a licensed cryptocurrency payment operator. It allows for accepting cryptocurrency payments, cryptocurrency to fiat currency conversion and fiat payouts with possible conversion to crypto. BitBay Pay supports over 10 cryptocurrencies and four fiat currencies: PLN, USD, EUR, GBP. Integration via API, two-factor authentication, one account with multiple login access and BitBay POS android/iOS app for retail payments are the main functionalities of this solution, and much more will be coming soon.