The Adoption of Cryptocurrencies
Cryptocurrencies continue to revolutionize global commerce, attracting an increasing number of users. In 2023, the adoption of cryptocurrencies reached new heights, with over 420 million users worldwide and an average global ownership rate of 4.2% (publish0x).
This represents an 800% increase in cryptocurrency adoption over the last year, indicating a significant shift in consumer behavior and acceptance of cryptocurrencies as a payment method for goods and services (publish0x).
The increase in users deciding to make payments in cryptocurrencies highlights the development and use of tools like Action Map, which allow consumers to easily locate merchants selling products or services of consumer interest, accepting cryptocurrency payments.
The popularity of cryptocurrencies is also reflected in the increased user base of major Exchange platforms. For example, Coinbase saw its verified user base grow by 48% in one year, reaching 108 million users by 2022. Similarly, Binance reached 120 million users, quadrupling its user base compared to the previous year. Other exchanges such as Crypto.com and KuCoin also recorded significant user base growth (publish0x).
Cryptocurrency Payments for Everyday Expenses
In a report based on a survey commissioned by Arlington Research for Kaspersky and conducted in October-November 2023 among 4,000 people in countries such as Germany, Italy, the United Arab Emirates, Saudi Arabia, India, Brazil, Mexico, and Russia, very interesting numbers emerged about cryptocurrency users (Kaspersky.com).
Particularly interesting in this report is how consumers use cryptocurrencies for their expenses. According to the report conducted between October and November 2023, 38% of consumers would use cryptocurrencies to buy groceries, and almost as many to pay for meals in restaurants or tickets for theater and concerts. This allows consumers who want to make payments in cryptocurrencies to locate merchants accepting cryptocurrency payments more easily: both through traditional word of mouth and through the use of tools like the Action Map.
Furthermore, analyzing the numbers from the Arlington Research report further, 81% of gamers will use cryptocurrencies to pay for gaming-related purchases, such as chairs, computer equipment, and video games. This trend shows that consumers are increasingly comfortable using cryptocurrencies as a payment method in their daily transactions (Kaspersky.com).
Cryptocurrency Payments: The Growing Consumer Preference in Various Sectors
According to the figures highlighted in the Arlington Research report (link to the report), the growing trend towards cryptocurrency payments is strongly establishing itself among consumers, as evidenced by the 68% who express a keen interest in using this form of payment for a wide range of purchases. In particular, 59% are interested in purchasing video games, 39% want to use it for groceries, and 32% for buying new cars.
To facilitate this change, there is a need for retailers to adapt to new digital payment habits, where cryptocurrencies are gradually replacing traditional credit cards, especially in advanced digital environments such as video games.
An innovative solution to this need is represented by tools like Action Map, a map that allows consumers to easily identify merchants that accept cryptocurrencies, thus making the connection between consumer demand and the supply of products or services payable in cryptocurrency immediate.
Already, 31% of consumers consider it normal to pay in cryptocurrencies for in-game purchases, positioning themselves as forerunners of a trend that seems destined to expand further. With tools like Action Map, the transition to an economy more oriented towards cryptocurrencies appears not only possible but also increasingly imminent.
In conclusion, numbers in hand, the adoption of cryptocurrency payments is experiencing a moment of significant growth, driven by the increasing interest of consumers in various sectors.
It is important, therefore, to value the development of tools like Action Map, which connects consumers and retailers in a cryptocurrency payment ecosystem, representing a fundamental step towards the wider integration of this technology into the daily economic fabric.
Cryptocurrency payments are extending to increasingly diverse sectors, marking a significant evolution in consumption habits and anticipating a future in which cryptocurrency payments will become a common and widespread practice.