A survey conducted by GoMining has unveiled that a significant 55% of Bitcoin holders seldom utilize their holdings for real-world payments. The survey, which gathered insights from over 5,700 Bitcoin users, highlights a critical gap in the adoption of cryptocurrencies for everyday transactions.
Respondents pointed to several key reasons for their hesitance to use Bitcoin in daily commerce. The most pressing issue identified was the inadequate infrastructure supporting cryptocurrency payments. Over 49% of participants noted that most merchants do not accept Bitcoin as a viable payment method. Mark Zalan, CEO of GoMining, reinforced this sentiment, stating that “people don”t build a new habit if they have to hunt for places that accept it.”
Additionally, high transaction fees were cited by 44.7% of those surveyed as a significant barrier. Furthermore, 26.8% of respondents mentioned long processing times associated with transactions, particularly on networks like Bitcoin that rely on a proof-of-work consensus mechanism. This has led many users to discover that fees can often exceed those of traditional payment methods.
Price volatility also plays a crucial role in discouraging the use of Bitcoin for everyday transactions. More than 43% of respondents expressed concern over fluctuating prices, opting instead for stablecoins that offer a more stable purchasing power. Zalan acknowledged this trend, noting that stablecoin systems are gaining traction as they provide faster transaction confirmations and lower fees, enhancing the overall user experience.
A significant portion of respondents, 36.2%, also expressed fears about potential scams, further complicating their willingness to engage in crypto-based transactions. When asked about the future of cryptocurrency payments, Zalan suggested that while Bitcoin can serve as a settlement layer, it may not be the best option for everyday payments. He emphasized the existence of other tokens that could provide more utility for specific network functions or governance tools.
This survey underscores ongoing challenges in the cryptocurrency space, particularly regarding the adoption of Bitcoin as a mainstream payment method. As the market evolves, addressing these infrastructure and usability issues will be crucial for increasing the practical use of cryptocurrencies in daily life.
