Years passed since the first purchase ever made with Bitcoin. A guy in Florida bought two pizzas for 10,000 BTC. We have passed a long way since then. Or have we? Price of a Bitcoin, as well as of any other cryptocurrency is volatile. However, nowadays we have regulations applying to cryptos, and we should be making purchases easier than ever. Digital currencies have multitude of possible uses. Are we exploiting them as we should? What are we spending cryptos on is our topic of the day.
What We Actually Buy with Cryptos
Research company “Visual Objects” conducted a research regarding the uses of cryptocurrencies among regular American citizens. The total number of participants was 983, 54% of whom were female and 46% male. All of the participants either had previous experience with cryptos, or already had more in-depth knowledge about the concept.
The results showed an interesting fact: that although the possibilities are immense, crypto holders mostly use their digital money to buy simple, everyday stuff, such as food and clothes.
The Results of a Research in Detail
Apparently, majority of people who deal with cryptos find them suitable and convenient for buying food (38%) and clothes (34%). The number of participants buying both food and clothes with cryptos overlaps greatly.
Next, 29% which makes almost the third of the participants use their cryptos to invest in stocks. This is in line with the pre-assumption that many people have that digital money was made for investments and trading.
As much as 21% of people use cryptocurrencies to buy gold. This is interesting if we compare the prices of gold and cryptos. It seems that almost a quarter of crypto enthusiasts like to stick to traditional store of value.
Sadly, but 15% of cryptos is used for purchasing weapons and similar items.
What We Think People Buy with Cryptos
Although many people nowadays are familiar with the concept of digital money and great amount of people tried using it or is using it as we speak, there are still certain prejudices surrounding the cryptos.
There are currently around 3,000 cryptocurrencies in circulation, but Bitcoin remains the most popular one. Nearly 70% of all crypto usage addresses the Bitcoin. In this context, we can talk about BTC alone.
Therefore, although people spend cryptos as described above, still many of them believe that majority of Bitcoin is used for illegal purposes. My very first thought is that this could be happening due to the anonymity feature of all cryptos. However, analysts say that decentralization has a lot to do with how people perceive a currency.
Is Decentralization Good or Bad?
Namely, when a currency is decentralized it means that its power transfers to each investor solely. There is no central authority controlling the process or making influence of any kind. Decentralization was reportedly designed to promote increased democracy, efficiency, as well as to decrease exploitation.
According to Visual Object research, it is important to understand that decentralization is operating within the law. It is not trying to bypass the government regulations. Moreover, only time will tell whether humanity did a good job with cryptocurrencies.
What Can You Do with Cryptos Today?
One thing is for sure. Cryptos and their underlying technology – blockchain have already made a great impact in many industries that are vital to our survival. Luckily, they have also enabled us to have fun more efficiently, as well as to make some extra money every now and then.
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