Exeno, the first online store to accept direct cryptocurrency payments, has conducted a survey on people’s use of their crypto. The study aimed to reveal the main rationales for HODLing crypto versus spending it. Exeno is constantly developing its service; this survey was part of the effort to explore the role of crypto in people’s lives and identify what should be done to improve the online shopping experience. U.Today joined in as the media partner of the survey.
Are people ready to buy products with crypto?
The respondents were asked whether they would buy goods such as smartphones, tablets, computers, and game consoles with cryptocurrency. Two-thirds gave an affirmative answer: 65 per cent of respondents are ready to buy these goods for their crypto. Thus, the majority of customers find cryptocurrency to be an attractive payment method, it seems a clear signal for the e-commerce industry.
And what do they want to acquire?
Crypto’s main advantage over FIAT money seems to lie in its politically independent nature. 54 per cent of respondents are open to using their crypto to buy real estate, 45 per cent to buy cars, and 33 per cent to acquire electronic gadgets (respondents were allowed to give more than one answer). Buying luxurious, expensive things with crypto seems to be a common strategy, likely due to exchange rate fluctuations offering an opportunity to make a purchase at a low price point.
Regarding the frequency of and rationale for spending crypto, 21 per cent of respondents would use their crypto for major purchases – cryptocurrency is indeed convenient for large transactions; 28 per cent are considering using crypto as a regular payment method, and 17 per cent declared paying with digital coins to save money, this approach eliminating commissions, card service fees or even VAT. Overall, cryptocurrency purchases were portrayed as offering convenience and financial gains. This shouldn’t come as a surprise: cryptocurrency is an innovative payment technology capable of making a profound positive impact on the way we purchase products online.
Why do some people still avoid shopping with crypto?
Although 65 per cent of the respondents are open to shopping with cryptocurrency, only 22 per cent have actually done so. This invites further investigation into the barriers to buying products with digital coins. The prevailing cause was simply the lack of shops accepting such payments: 36 per cent of respondents pointed to popular stores not honouring crypto.
24 per cent were apprehensive about going through complex procedures required from crypto users. 19 per cent are wary of about high exchange rates and 14 per cent of high commissions.
Luckily for customers dissatisfied with those practices, Exeno has eliminated them all by introducing a very simple, intuitive way of purchasing goods with crypto. It does not involve QR codes or KYC procedures and it saves you money too: we accept payments made directly with crypto (thus eliminating FIAT exchange fees) and boast a low, 1.8 per cent fixed commission.
People’s future intentions regarding spending cryptocurrency
The main question of the survey was rather philosophical: to HODL or not to HODL? 23 per cent of respondents are planning to spend their crypto in the very near future (‘right now’), and another 32 per cent are ready to take this step within the next 1-3 years. Thus, the survey suggests that 55 per cent of crypto holders are likely to be looking for stores accepting cryptocurrency payments. Only 8 per cent declared the intent to HODL their digital coins for 10 years or more.
The survey shows a clear upward trend in the popularity of cryptocurrencies as a payment method. It also confirms the game-changing nature of Exeno’s innovative business model: it tackles all the major barriers to buying goods with crypto.
The research was conducted in June and July 2021. Participants answered 10 multiple-choice questions via an anonymous online form.
Interested in U.Today’s insights? Check out the article below: