Pick your battles they say but complicated payment processing is one battle cryptocurrencies never picked and it is the biggest hurdle the technology faces, according to results of a new study by CreditCoin.
CreditCoin is the fastest and easiest way to buy cryptocurrencies.
CreditCoin surveyed 1,000 consumers in the United States who were somewhat familiar with Bitcoin to better understand who owns cryptocurrencies, how they are being used and cultural perceptions around ownership.
The study came on the heels of Bitcoin, blockchain and cryptocurrencies dominating headlines across the world.
The CreditCoin Study Findings
It was found that almost 40 percent of Millennials surveyed reported owning cryptocurrency, with males twice as likely (48 percent) as females (26 percent) to own cryptocurrency. Even though Millennials dominate crypto ownership, 24 percent of Gen X and 15 percent of Baby Boomers also reported owning Bitcoin or altcoins. Roughly 60 percent of those who do not own cryptocurrency wish they did.
For those that don't own cryptocurrency, 44 percent of respondents stated their biggest concern is how difficult they are to purchase. When it comes to owning cryptocurrencies, 64 percent of Millennials worry about security, compared to 55 percent of Gen X and 54 percent of Baby Boomers.
According to CreditCoin, purchasing cryptocurrency at other exchanges can be technologically challenging, said Jennifer Hansen, spokesperson for CreditCoin.
Hansen added that Cryptocurrency is undeniably here to stay so CreditCoin was created to make it possible for everyone to participate without being required to know anything about eWallets or connecting their bank account to an exchange.
The survey also showed that respondents have an opinion on their romantic partner's involvement in cryptocurrency. In fact, three-quarters of people surveyed stated that they would be more likely to date someone who is knowledgeable about cryptocurrency.
However, respondents do have some reservations about dating someone who is obsessed with cryptocurrency. Surprisingly, the majority of people surveyed would choose to date a person who is divorced with a child over someone who has all their savings in cryptocurrency and 12 percent of respondents said they would rather date a non-violent felon.
Other Interesting Findings
80 percent of those who own cryptocurrency do so for investment purposes. Over half of respondents can imagine having 10 percent of their savings in cryptocurrency in 10 years.
Three-quarters of consumers would like to be able to use cryptocurrency in brick-and- mortar stores. When asked what they would do if given $10,000, more people (39 percent) would buy cryptocurrency than a down payment on a house (33 percent) or a car (28 percent).
Some of the most interesting items respondents have paid for with cryptocurrency include a dog, a wedding and 4 cases of Sriracha.