Amidst the sudden surge in the prices of Bitcoin, the world’s most popular cryptocurrency, a survey has found that only about 50.5 per cent of consumers would be willing to pay for products and services with the digital currency.
The study by DealAid, an online shopping platform in the United States of America, found that 49.5 per cent of consumers indicated that they would not be willing to pay for products and services with the currency.
On the other hand, the report said 60.2 per cent of consumers sampled said they would like more companies to accept Bitcoin as a payment method.
Specifically, 60 per cent of consumers indicated they would like to see Amazon accept Bitcoin directly, while another 41.9 per cent selected Apple and 31.4 per cent selected Walmart as companies they would like to see accept Bitcoin as a payment method.
The survey, however, noted that only 34.8 per cent of consumers indicated that companies should not accept Bitcoin as a payment method at all.
The sampling comes amidst increased acceptance of the currency after high profile endorsement, including by electric car maker, Tesla, which revealed it bought $1.5 billion worth of the currency last year.
On Wednesday, Bitcoin smashed through $51,000 to reach a new all time high.
The report titled: “Consumer Sentiment on Bitcoin as a Payment Method,” published February 10, chronicled consumers’ perceptions about the acceptance of Bitcoin as a legal tender.
While payment processing companies such as Paypal and Square have already integrated Bitcoin as a payment method, Tesla’s foray into Bitcoin poses new questions for online merchants and retailers alike, the report said.
Of the 1050 respondents surveyed, 63.8 per cent of consumers indicated that they would prefer to pay with Bitcoin online, while only 2.9 per cent expressed that they would prefer to pay with Bitcoin in-store.
In a similar manner, another 33.3 per cent of the consumers indicated that both options would work for them.
When asked about their “Preferred Payment Processing Services For Bitcoin Use,” 62.9 per cent of consumers indicated that they would prefer to use Paypal as their payment processing service of choice when paying with Bitcoin.
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“Other preferred choices were Visa, Mastercard and their own bank at 33.3%, 24.8% and 22.9% respectively,” the report said.
Also, 38.1 per cent of consumers admitted that they liked Tesla’s decision to accept Bitcoin as a payment method, while 11.4 per cent don’t like the decision and 50.5 per cent feel indifferent, the report noted.
The report highlights that besides Bitcoin, 27.6 per cent of consumers want to see Ethereum, 20.8 per cent want to see Dogecoin as payment options, while only 6.7 per cent of consumers selected Ripple as a preferred payment option.
For the purpose of the study, DealAid said it surveyed 1050 U.S. consumers in order to find out the overall consumer sentiment towards Bitcoin as a payment option.
Also, it gauged the impact that acceptance of Bitcoin as a payment method by companies and what merchants will have on consumer behavior.
It said the survey was conducted via SurveyMonkey services, and that the respondents sampled had 48.7 per cent as female, 49.2 per cent male and 2.1 per as either male or female.
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