Around 70% of individuals who hold digital assets like Bitcoin [BTC] and crypto assets are using them to form real-world purchases, consistent with a new survey conducted by Bitcoin Market Journal, a leading official website for blockchain investors, and BlockCard, as well as a renowned crypto debit card.
Decentralized virtual assets permit the seamless transfer of worth over the web without the necessity for a bank. However, despite the advantages of virtual money over traditional money, there’s a perception among blockchain investors that crypto assets are solely meant as investment assets and not as spending currencies.
To gain insight into the spending habits of virtual asset users, BlockCard and Bitcoin Market Journal polled 35,000+ blockchain investors on their cryptocurrency spending habits. A number of the key takeaways:
* 70% of respondents have spent cryptocurrency within the past 12-months.
* 11% have spent cryptocurrency on food & 12% on entertainment.
* Over 75% are using cryptocurrency to purchase other cryptocurrencies on a virtual exchange.
While in other spending categories, transportation [5.04%], clothing as well as apparel [8.40%], and education [8.40%] were also high on the list.
“While many bitcoin thought leaders preach HODLing as the sole way to interact with Bitcoin [BTC], data suggests that virtual currency holders are literally employing their ‘magic internet money’ as money,” added Ian Kane, representative of BlockCard.
When asked what would make them more likely to spend crypto-assets within the future, a majority of respondents pointed to merchant adoption: to spend more cryptocurrencies, in other words, make it more widely accepted by more merchants.
“The takeaway is obvious,” added Alex Lielacher, editor of Bitcoin Market Journal. “From paying for essentials to covering education costs, cryptocurrency holders are employing virtual assets as day to day currencies.”