After the launch of Bitcoin in 2009, crypto adoption continuously increased because businesses started to accept crypto payments. Because of this, the cryptocurrency ecosystem continues to expand. Crypto users like to trade, but they might be more willing to trade if they can also use crypto in digital payments. Many users want to pay with crypto.

Companies like ABBC Foundation aim to drive crypto adoption with their digital payment solutions. So, the company, in collaboration with Real Research, decided to conduct a survey to understand users’ intentions and needs about the adoption of cryptocurrency for digital payments.

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  • 92% of respondents want to use crypto in real-world transactions
  • The majority of survey participants trust that crypto is secure because of blockchain
  • Only 22% is currently receiving cryptocurrencies as payments

To the question, do you own, hold, or ever-used cryptocurrencies before, 42% of the respondents said, “Yes, I hold and trade cryptocurrencies.” 19% used to have cryptos but exchanged them with fiat currencies. On the other hand, 21% of people hold crypto just for curiosity. Meanwhile, 17% of others never bought cryptocurrencies before.

Do you own, hold, or ever-used cryptocurrencies before

The findings of the Real Research survey indicate that 35% of people got their cryptocurrencies from airdrops like games, contests, or events conducted by cryptocurrency companies. Aside from this, 22% admitted they got crypto assets as payment. It can be from a company or anyone.

Furthermore, 17% of people received crypto as a gift, while those who purchase the cryptocurrency using fiat in exchanges are 18%. All this shows that few people pay cryptocurrency as an asset. Besides, 5% purchased their cryptos from independent sellers or brokers. Only 0.75% have never held cryptocurrency before.

49% agree to use cryptocurrencies for other purposes aside from investment like holding or trading, surprisingly. On the other hand, only 21% of respondents disagree. Meanwhile, 28% of people are unsure whether they want to use cryptocurrency for purposes other than holding or trading.

When it comes to the question “Where would you want to see cryptocurrency being used?”, 35% of people are ready to spend their cryptos in digital payments like bills and online purchases. Also, 26% want to use their cryptocurrencies daily, such as purchases in physical stores.

Moreover, 22% want to use crypto to transfer money worldwide as it costs less. Aside from these, 9% want the adoption of cryptocurrency in transportation and fuel stations — however, 5% like to use crypto in exchanges and wallets only.

Most Wish to Use Crypto to Cover Bills and Online Payments

Where would you most want to see cryptocurrency being used

About 56% of respondents replied “yes” to the question if cryptocurrencies can be directly used as payment for everyday purchases, would you be convinced to buy and trade cryptocurrencies? On the other hand, 24% said “yes” that it would be convenient for crypto traders like them. This means people want to use crypto other than just investing and trading.

However, 13% agreed, but only if cryptocurrencies were legislated worldwide or held by governments. Furthermore, 4% still prefer fiat and bank-issued cards.

For the question of which of the following do you think is still the best way for digital transactions — including digital bill payment, online shopping, and online transfer, 46% of people said “money transfer through the third party exchanges.” Besides, 28% replied through credit card, 16% said through cryptocurrencies. So, it shows that only a few respondents are ready for cryptocurrency adoption.

Furthermore, 5% think that cash deposits are still the best way to pay for digital transactions. Noticeably, only 3% think fintech apps connected to the bank are still the best way for digital transactions.

Many respondents think using cryptocurrencies in digital payments will convince them to continue holding and buying cryptocurrencies. Among these, 57% replied that it would encourage them to do better in crypto trading, and 23% said they would see the crypto’s real-world value when they can easily spend their assets. These answers show the willingness of people to accept the adoption of cryptocurrency for digital payments.

Meanwhile, 14% said simply that they are not comfortable with cryptocurrencies. Furthermore, 5% of respondents do not plan to spend cryptos and opt to use fiat instead.

Most Respondents Are Eager To Use Crypto

41% think if there are no middlemen, it would be good for merchants as transaction fees are lower compared to most bank cards. About 26% of people think transparent transactions will ensure that payments are lower than most bank cards. Besides, 16% of respondents believe that blockchain payment protects and secures the customer’s information.

Aside from these advantages, 10% of people think that crypto’s other benefit is that many payment gateways allow wallet syncing or QR codes. Unlike others, 4% see cryptocurrencies just like digital money in the digital bank, so for them, there is no advantage in using crypto. And only 1% think that cryptocurrencies are nothing more than the existing method of payments.

A blockchain is a growing list of records, called blocks, that are linked using cryptography. So, 46% of the respondents think crypto payments are more secured on the blockchain than other fintech platforms. However, only 17% still believe that fintech platforms are more secured. Meanwhile, some people have doubts about which one is the most secured.

According to the Real Research survey, 61% of people are aware that some cryptocurrency companies have launched Visa and Mastercards and other payment gateways solutions. But 38% are not aware. This says that few people follow up with cryptocurrency news or are not interested in crypto.


Insights derived from Real Research’s “Cryptocurrency for Digital Payments? (en, kr) survey” fielded in November 2020 to 2000 respondents who can speak English and Korean globally.

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