Most respondents pointed out that merchants do not have the infrastructure to support crypto payments for everyday transactions.
The discourse around Bitcoin as a unit of exchange is not growing as quickly as many proponents would like. In a recent survey conducted by crypto mining platform GoMining, more than 5,700 Bitcoin holders shared their experiences using crypto for everyday payments.
The result showed that 55% of respondents rarely or never use crypto for real-world daily transactions. Certainly, they claim to believe in the adoption of cryptography and the privacy it provides. They nevertheless gave five reasons to justify their choice.
A disadvantage in infrastructure
The main reason why many respondents do not use their crypto holdings to cover daily payments is the lack of adequate infrastructure to enable them to do so.
More than 49% of respondents (2,663) highlighted that most merchants do not accept cryptocurrencies as payment. GoMining CEO Mark Zalan emphasized this point, telling CryptoPotato that “people don’t develop new habits if they have to look for places that accept it.”
44.7% (2,400) of respondents cited high fees as a barrier, while 26.8% (1,440) highlighted long transaction processing times as a challenge. Blockchain networks, such as Bitcoin, that use a proof-of-work (PoW) consensus algorithm often struggle with network speed and transaction fees. As a result, users may find themselves paying higher fees than with traditional payment methods.
Stablecoins: a better option?
More than 43% of respondents (2,330) cited price volatility as the reason they did not use crypto for everyday payments. Certainly, most cryptocurrencies, like BTC, are known for their constant volatility. As a result, many have flocked to stablecoins to make payments. The CEO of GoMining recognized and highlighted this in his comment:
“(Transaction) confirmations need to be fast and the customer needs to know what to expect from receipts or dispute processing. That’s why stable, card-like settlement systems are getting so much attention; they reduce friction for merchants while keeping the familiar flow. (. . .) Rewards can help people try it at first, but they only hold up if the fees are low and you can use them everywhere.”
Finally, 36.2% (1,942) of respondents cited potential scams as the reason they have not adopted crypto for everyday payments.
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On whether Zalan thinks crypto should be used more for payments, he said no. Instead, he noted that trying to impose this is part of confusing the market.
“Bitcoin can play a payment role, often as a settlement and reserve layer that allows for faster rails on top of it. However, there are many other tokens that are better viewed as a utility for networks, governance tools, or even as risks, not as money,” he added.
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