According to the leading cybersecurity firm, Kaspersky Labs, around 10% of people worldwide have used Bitcoin or other cryptocurrencies to pay for goods purchased online.
“Significantly around the world, the number of merchants accepting Bitcoin payments in the last 6 years has increased by more than 700%.”
Although cryptocurrencies have not yet reached widespread adoption, the overall percentage of people using BTC or other digital assets is constantly growing.
According to the Kaspersky survey, approximately 13% of the world’s population, mostly urban, has used cryptocurrencies to pay for items purchased through e-commerce sites.
Established in Moscow in 1997, the Kaspersky Labs survey was conducted by collecting responses from more than 13,000 consumers located in 22 different countries. The results of the survey confirm that cryptocurrency remains the least popular payment method, since 81% of consumers who participate in the survey said they prefer to use debit or credit cards issued by the bank to make purchases online.
The cybersecurity firm, Vitaly Mzokov, business leader at Kaspersky, commented on the results of the survey:
“Despite a drop in cryptocurrency prices, there is still a strong desire for digital transactions among consumers. Consumer research has found that a significant number of consumers are using the active crypto for payment, which was surprising. “
Although the prices of digital assets have fallen by an average of more than 80%, after recording record highs at the end of 2017 and the beginning of 2018, a relatively small percentage of Internet-based consumers seem to prefer the use of cryptocurrencies as payment. Online merchants are also introducing more and more cryptography as a payment option.
Despite reports from traditional financial institutions, including JPMorgan Chase, which claim that major retailers are not adopting cryptocurrency payments, digital assets are being used by companies around the world. In particular, the data indicate that the acceptance of Bitcoin increased by 702% since December 2013.
BTC acceptance rates have increased significantly:
Currently, there are 14,346 places worldwide that accept BTC as payment, which is considerably more than just 1,789 merchants who accepted Bitcoin about six years ago.
Ryan Radloff, the CEO of CoinShares, a cryptographic treasury management firm, recently revealed the dramatic increase in BTC acceptance rates over the past 5 years.
Cryptography adoption rates seem to be the highest in countries with hyperinflation and / or unsound monetary policies, such as Ecuador and Venezuela. Interestingly, the “heat map” shared by Radloff shows that the adoption of BTC has increased in the last six years, especially in the northern regions of South America.
In addition, cryptography adoption rates also suggest that online places are not the only places that accept payments in Bitcoin. More traditional brick and mortar establishments, including Montessori schools and restaurants, are also accepting cryptocurrency payments.