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New York
23/03/2019
Technology

70% Crypto Owners Rarely Use Cryptocurrency for Transactions

In a recent survey conducted by a consortium of payment processors, exchanges, and crypto wallets, the Foundation for Interwallet Operability (FIO), we have witnessed some interesting revelations about the behavioral patterns of the cryptocurrency users. The survey administered a questionnaire on more than 200 cryptocurrency owners and asked them about a host of questions including their ownership of the cryptocurrency, their experience of transacting in cryptocurrency, various issues faced by them during the transactions, etc.

The results of the survey revealed that out of the total users only 30% used the cryptocurrency for transacting to any third party account in a month in the year 2018. Only 43% of the total despondent used the cryptocurrency for making transaction few times in 2018, and surprisingly 27% of the total respondents didn’t use cryptocurrency even once for making any kind of transaction to the third party. In other words, the survey revealed that 70% of the people holding the cryptocurrency either had really used or never used cryptocurrency for transaction purposes in 2018.

The survey also revealed that 30% of the cryptocurrency owners never used the crypto wallets holding their digital assets. The research also throws light on the diversification of the digital currencies among owners. Around 100 out of a total of 200 respondents hold somewhere around one to five different types of cryptocurrencies. About one-quarter of the total respondents hold between six to ten cryptocurrencies while one in every ten cryptocurrency owners has over twenty different types of digital coins.

Reasons behind Low Usage Frequency

One of the main reasons why the cryptocurrency owners are one not using cryptocurrencies for the transaction is their anxiety regarding the use of digital assets. Only 25% of the total respondents said that they feel comfortable while dealing with cryptocurrency transactions. A large 58% revealed that they adopt cautiously optimistic approach while transacting in digital assets and 17% said that they feel anxiety while transacting in crypto including the 5% who feels very nervous about cryptocurrency transactions. The survey reveals that experience of holding the cryptocurrency over a period of time will make the things more comfortable for the owners. 40% of the owners having the cryptocurrency for more than three years said that they are comfortable with the prospects of having digital assets compared to only 21% replying, in the same manner, having crypto for less than three years.

Crypto Transaction Challenges

When asked about what kind of challenges they feel while transacting in cryptocurrencies, the respondents said that the high-level of turbulence, uncertain and flickering conformation time and high fees are the factors that figure prominently in their list of sore points. The issues related to buggy wallets and formats of the address were also found to be a common cause of concern among users during crypto transactions.

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