Lately, I've been wondering if folks really use bitcoin or other cryptocurrencies for buying stuff, or if they just treat them like investments. Turns out some people do use crypto for payments, but the numbers have dropped over time. What caught my attention was the demographics of those using crypto in the US.
According to the same research, self-employed individuals are more likely to use bitcoin for payments. Not surprisingly, the age group most inclined to spend bitcoin is between 18 and 34 years old. The study also found out why people choose to use bitcoin for payments, and the top three reasons are: (1) the recipient's preference, (2) speed, and (3) privacy.
I'm curious if Trump's presidency might lead to more of his supporters getting into cryptocurrency. It seems like a lot of his followers aren't people of color, so maybe the demographics will shift soon. If anyone wants deeper insights, there's a study on U.S. Consumers’ Use of Cryptocurrency for Payments.
You can have more information from this report by Pew Research.
Pew Research on American cryptocurrency investors.
Bitcoin with 5- or 6-figure price has become more expensive and it makes Bitcoin becomes more like an investment asset, a store of value, than a daily payment mean. There are people who use bitcoins for payments but not all Bitcoin owners consider payment as their main interest of why they purchased and hold bitcoins on exchanges or in their non custodial wallets.
Bitcoin is like an asset rn. It's not truly using as a payment provider. Bitcoin was designed to use it as a replacement of 3rd party involvement like banks but later it's structure like Gold makes it an asset to hold. Techn enthuasist or Teaneager are more likely able to adapt this new era of digital payment fast. So that's why this age of people's uses the bitcoin most.
If we wants to use bitcoin as a daily payment provider and all class of people use it then we should have done more campaign for bitcoin use. There's hardly any campaigns to teach people use of Bitcoin due to it's regional ban like my country. Possibilities are endless if we allow it to reach us.
Honestly, for me its mostly an investment.
Bitcoin still isnt something we can easily use for daily transactions because adoption is limited.
That said, there are certain areas where its widely used. Gambling is a good example. Using Bitcoin on crypto casinos is just easier, especially when theres no KYC involved. I also believe that early adoption from crypto casinos played a big role in how fast Bitcoin grew. Even with that, what really stands out now is how far Bitcoin has come. The gap between fiat and Bitcoin is much clearer today, and Bitcoin has proven itself as a solid investment option. That alone is already a big deal.
Okay so all i see here is that Hispanics use a shit ton of crypto which is fantastic and from my research and just basically paying fucking attention Latino populations are exploding in the US and apparently white people populations are decreasing in the US and so basically just from that standpoint alone youre going to see a shit ton more Hispanic bitcoin transactions in the US in future years puta
I use Bitcoin (and other crypto) for payments because I get the thrill from receiving tangible stuff in exchange for something intangible that seems to appear out of thin air. Those feelings were especially strong back when I was mining BTC and around 0.1 BTC was landing in my wallet every day. Watching those daily 0.1 BTC turn into something I could literally hold in my hands was quite exciting. Such excitement remains till now.
Right, it's more practical to call it an investment than just use it for payment purposes. Even if I have a transaction, I won't use Bitcoin directly. It's possible that I'll choose another crypto or cash as payment because the Bitcoin I have now is for savings, and I can't just reduce it because I only have something to pay, it seems like a waste to me. If I do that, maybe when I sell it, I'll exchange it for fiat money, not gradually but as a lump sum sale, and then buy it back again when I have the chance. That's why I don't just sell because I might not be able to buy it again in time and at a higher price.
Bitcoin was originally designed for payments but I see it primarily as a store of value and that shapes how I use it. Im less inclined to spend an asset I believe will appreciate especially when alternatives for payments are already convenient. Until price stability improves, it makes sense that investment use dominates over transactional use across most demographics.