Blockchain and cryptocurrencies have come a huge way from where they started and in recent years, cryptocurrencies have seen a huge rise in adoption. Cryptocurrencies’ use as a method of payment has spiked as well as institutional adoption. Statistics show that the adoption of Bitcoin has increased by more than 70 times in the last six years.
Bitcoin is the largest cryptocurrency by both market cap and token price and most trends affecting it are conducted on to other cryptocurrencies.
Despite the huge growth, statistics from a Russian cybersecurity company show that payment through cryptocurrencies is still one of the least popular methods of payment. Even so, statistics showed that more than 10% of respondents had used crypto tokens to purchase items online.
The statistics were taken through a survey conducted online questioning around 13,000 users across more than 20 countries.
On the other, more than 80% of users preferred to use a credit card for purchases made online. This shows that crypto tokens are still a long way from mainstream adoption, though many retailers and businesses have started accepting them as a method of payment.
This also proves that the biggest hindrance in the growth of cryptos is user acceptance. Furthermore, as the use of cryptocurrencies requires no intermediary, it cuts out organizations like banks and payment processing firms from earning profits. The firms are not going to support blockchain and at certain times have banned crypto projects from using their services.
Regardless of global adoption, Bitcoin network is still a far way from being able to support a huge transaction rate. This scalability issue causes the transaction fees to fluctuate as well as creating further discontent.
