Biggest barrier to digital currencies is buying process, says new study

Cryptocurrency buying service CreditCoin announced in a press release CoinReport received from FourtyThree, CreditCoin’s PR firm, the results of a survey the digital currency buying service commissioned. According to the study, the biggest hurdle for cryptocurrencies is the purchasing process.

CreditCoin surveyed 1,000 consumers in the United States. The Americans chosen for the survey were familiar with bitcoin to a certain extent. This was done to ensure a better understanding of who owns digital currencies, how they are being used and cultural perceptions ownership.

Almost 40 percent of the millennials surveyed say they have owned digital currency, more than both Generation X (24 percent) and Baby Boomers (15 percent). Millennial males are twice as likely as millennial females to own digital currencies, with the males being 48 percent and the females being 26 percent. Approximately 60 percent of those who don’t own digital currency wish they did.

42 percent of those who do not own digital currencies say it’s because they do not know how to buy them. Another 44 percent say their main concern is how hard it is to buy. 64 percent of millennials say they are apprehensive regarding security, compared to Generation X (55 percent) and Baby Boomers (54 percent).

Three-quarters of the respondents say they would be more likely to go on a date with someone who is well-informed regarding digital currency. As a matter of fact, the respondents say they would prefer someone who has all their savings in digital currency over someone who has over $50,000 in student loan debt.

But, surprisingly, or perhaps not, the majority say they would choose to date someone who is divorced with a child over someone who has all their money in digital currency. 12 percent say they would rather go out with a non-violent felon than any of the three other choices.

The survey’s other interesting findings include:

• Some of the most interesting items the people surveyed have bought with digital currency include four cases of Sriracha, a wedding and a dog.
• 80 percent of those that own digital currency do so for investment purposes.
• When asked what they would do if given $10,000, 39 percent of the respondents say they would purchase digital currency, 33 percent say they would buy a house and 28 percent say they would buy a car.
• Three-quarters of the respondents say they would like it if they could use digital currency in brick-and-mortar stores, with 84% of this category of respondents being Baby Boomers.
• More than half of the people surveyed say they can imagine having 10 percent of their savings in digital currency in 10 years.

Image credit – Public domain image by Web-dev-chris (CC0 1.0 Universal Public Domain Dedication)