Surveys by the Stellar Development Foundation and Wirex suggest that cryptocurrency is becoming more common.
Gaps in international payment options will likely cause people to consider other options
Knowledge of stablecoins is surprisingly low, even among those who are already familiar with blockchain-based payments.
New research from Wirex and the Stellar Development Foundation suggests that international transactions, which are currently difficult to complete, could lead people to digital currencies.
A growing need for international payments and a dissatisfaction with traditional options are likely to encourage adoption of Crypto Investor and cryptocurrency in general.
User surveys conducted by both companies have led to some somewhat surprising revelations. For example, the largest group of respondents claiming to own cryptocurrency was between 45 and 54 years old.
Stellar & Wirex: Gaps in International Payments Offer Opportunity for Cryptocurrency
A report released Jan.21 by the Stellar Development Fund and Wirex suggests that awareness and adoption of cryptocurrency is growing. “ The Future of Money: Cryptocurrency Adoption in 2021 ” surveyed 3,834 Stellar and Wirex users in 89 countries.
Wirex CEO Pavel Matveev commented on the research:
“… It is exciting to participate in a whole new research into the use and adoption of cryptocurrency, which will help us better understand consumers‘ weak spots with payments and determine what users expect from them. ‚a digital economy. ”
Research suggests that international payments are increasingly common. Three-quarters of respondents said they had already sent money abroad.
Of those who previously made international payments, 56.9% were between 18 and 24 years old. The authors of the report explain that younger respondents have greater digital prowess‘ and were therefore more likely to have purchased a product overseas or to receive payment for a freelance contract.
Despite their adaptation to the process, most respondents claimed to have paid too much in international transaction fees. About half of respondents said they consider the 1% fee to be excessive. Naturally, the number increased for the high percentage fees.
This, according to the authors, suggests a pain point that the cryptocurrency could alleviate. The 74.1% of respondents who see cryptocurrency payments as a viable alternative to traditional means support this notion.
Interestingly, research also suggests that there is less of an age barrier to adopting blockchain payment solutions than some assume.