GoMining Survey Shows 55% of Bitcoiners Never Use it for Real-World Payments

Bitcoin’s narrative as a unit of exchange is not growing as quickly as many proponents would like. In a recent survey conducted by the crypto mining platform GoMining, over 5,700 Bitcoin holders shared their experiences with crypto use for everyday payments.

The result showed that 55% of respondents rarely or never use crypto for daily real-world transactions. Admittedly, they claim to believe in crypto adoption and the privacy it provides. Still, they gave five reasons behind their choice.

A Drawback in Infrastructure

The foremost reason why many respondents do not use their crypto holdings to cover everyday payments is the lack of adequate infrastructure to enable them to do so.

Over 49% of respondents (2,663) stressed that most merchants do not accept crypto as a payment method. GoMining’s CEO, Mark Zalan, emphasized this point, telling CryptoPotato that “people don’t build a new habit if they have to hunt for places that accept it.”

Another 44.7% (2,400) of the survey respondents cited high fees as a barrier, while 26.8% (1,440) highlighted long transaction processing times as a challenge. Blockchain networks, such as Bitcoin, that use a proof-of-work (PoW) consensus algorithm often struggle with network speed and transaction fees. As a result, users may find themselves paying more in fees than they would with traditional payment methods.

Stablecoins: A Better Option?

Over 43% of respondents (2,330) cited price volatility as the reason they did not use crypto for daily payments. Granted, most cryptocurrencies, like BTC, are known for their nonstop volatility. As a result, many have flocked to stablecoins for payments. GoMining’s CEO recognized and emphasized this in his comment:

Finally, 36.2% (1,942) of respondents pointed to potential scams as the reason they did not embrace crypto for everyday payments.

On the question of whether Zalan believes crypto should be used more for payments, he said that he doesn’t. Instead, he noted that trying to force that is part of the market confusion.

The post GoMining Survey Shows 55% of Bitcoiners Never Use it for Real-World Payments appeared first on CryptoPotato.