Cryptocurrencies – which store their transactions on the blockchain – can be used to buy everything from beauty, gaming, services, even food such as chocolate.
Apps that allow you to post socially to the blockchain are extremely popular. But who actually uses crypto in his daily shopping habits?
Cryptocurrencies can be used almost anywhere. They can be pre-loaded on a prepaid credit card and used wherever the credit card is accepted to buy whatever you want.
A study by Madrid, a financial collaboration platform based in Spain, 2gether looked at the spending habits of crypto users. It collected data from more than 10,000 users from April to December in 19 countries in the euro zone to see how crypto users are going cashless for the new decade.
The majority of crypto users (56%) are between 26 and 45 years old. More than three of the four (77%) of these users are male and are mostly white-collar workers.
The most common occupations among users are lawyers, accountants and economists (15.64%), followed by students (11.20%) and senior executives and business people (8.82%).
The investigation showed that the average monthly expenditure in euros per user was 132.65 euros, while in cryptocurrency this was 112.45 euros. 2gether saw that 37% of the app used cryptocurrencies compared to 63% who used cash.
Bitcoin is the currency most used to make payments at 51.80%, followed by Ethereum at 39.38%. Other currencies are lagging behind. Cryptocurrency Ripple is used to make 2.16% of payments and Bitcoin Cash 1.62%. Interestingly, Ethereum has a higher payment use than Bitcoin if the volume of payments is compared with the market capitalization of both currencies.
Cryptocurrency users are gourmets. Users spend their cryptocurrency on food, restaurants and hotels (32.71%), followed by supermarkets and supermarkets (19.13%) and communication (11.91%).
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This is in contrast to users who spend euros instead of crypto. Most of the money is spent on home supplies, with spending on restaurants and food in fourth position.
Ramon Ferraz, CEO of 2gether said: “Our goal is to enable the massive acceptance of cryptocurrency and to enable users to spend crypto in their daily lives, and the data we have collected brings us one step closer to achieving our goal in 2020. ”
Knowing how consumers behave online and spending their cryptocurrencies is beneficial for companies such as 2gether.
Since crypto hits the mainstream among users, the ability for users to withdraw hard money at ATMs using their crypto card is crucial.
Bridging the gap between crypto users and the regular market will make it a lot easier for users and promote broader acceptance.
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