Early this month, the corporation produced a report detailing the activity of its subscribers, including their purchasing habits.
A sample set of 10,000 consumers from 19 different countries were evaluated in the paper, which included data collected between April and December 2019. It also demonstrated the discrepancy in age and gender among cryptocurrency users, with 31 percent of them being between the ages of 36 and 45 years. 25 percent of the participants were between the ages of 26 and 35, with a shocking 23 percent of the participants being female.
Bitcoin’s use for payment-related purposes is still prevalent.
It was discovered in the survey that customers spent an average of €112,56 ($124.77) via cryptocurrency transactions. As may be expected, Bitcoin was discovered to be the most popular digital currency for spending, with Ether coming in a close second. The business pointed out that when comparing the number of payments with the total value of assets, it becomes clearer that Ethereum really has a greater payment usage rate than Bitcoin.
In accordance with 2gether’s findings, around 33% of cryptocurrency users spend their funds at hotels and restaurants. On the other hand, just a pitiful 3 percent of the budget was allocated to furniture and other home needs.
2gether also discovered that persons with better educational degrees had a greater proclivity to invest in cryptocurrencies, demonstrating that an increase in educational attainment might help to accelerate the adoption of the primary digital asset.
There are significant differences across countries.
Payments have been one of the most prominent applications of Bitcoin since the cryptocurrency first came to public attention in 2009. The capacity to make anonymous, safe, and rapid payments is the key reason why many people are becoming increasingly interested in Bitcoin, despite the fact that other applications such as investing and tax compliance have also been actively promoted.
The reality is that, as is often the case with just about every other facet of the crypto realm, not every nation has been able to profit equally from the advantages that Bitcoin brings in terms of payments. There are a variety of reasons for this: some countries (for example, India), despite being prime for payment-related Bitcoin benefits, have yet to provide regulatory approval for Bitcoin; others (for example, the United States) do not appear to have a pressing need for an innovative solution because their payment systems are already bursting at the seams with services; and in some regions (for example, Africa), knowledge and infrastructure for Bitcoin-enabled payments have yet to gain any traction.
Nonetheless, there are a number of nations that have made significant strides in the use of Bitcoin-enabled payments. Several countries, like Venezuela, have achieved great strides in this area, owing in part to the efforts of Traki, one of the country’s major retail chains. The company was one of the first in Venezuela to accept Bitcoin as payment, and it played a key role in the installation of the country’s first Bitcoin ATM, which was installed in 2013.
Earlier this month, Burger King in Venezuela announced that it will begin taking cryptocurrency payments at a site in the Sambil neighborhood of Caracas, effective immediately. The pilot program is the first step in a larger initiative that will ultimately see cryptocurrency adopted by a total of 40 venues throughout the nation.