Cryptocurrencies like Bitcoin are experiencing a bearish experience, but that hasn’t dampened the experience of this phenomenon. Russian cybersecurity titan Kaspersky and Coinmap have conducted a study that proves critics wrong. The research shows that Bitcoin adoption has grown 700 percent in the last five years while one in every ten online buyers has paid for purchases using cryptocurrencies.
Strong Desire for Digital Transactions
According to the report, the research, dubbed “The Kaspersky Lab Global IT Security Risks Survey” was conducted in 2018 covering 12,448 respondents spread over 22 countries. The goal of the study was to try and determine changes in online shoppers’ behaviors and preferred online payment methods.
As per the study, 81 percent of the shoppers still prefer debit or credit cards, but alternative payment methods are slowly catching up. The Fairly new cryptocurrencies have garnered a 13 percent market share while PayPal and Apple Pay stand at 53 percent and 31 percent respectively.
Kaspersky Lab’s head of verification growth center Vitaly Mzokov, the researchers, were surprised that despite the ongoing crypto winter that has brought a sharp decline in prices, cryptocurrencies are still soldiering on. This result, according to Mzokov, is proof beyond doubt that crypto assets are real currencies with massive potential in as far as the future of online payments is involved. He explained:
“Despite a fall in cryptocurrency prices, there is still a strong desire for digital transactions amongst consumers. Our consumer research has found that 13% of people have used cryptocurrency as a payment method, which was surprising to see.”
The Surge in Bitcoin Adoption
Data from Coinmap shows a considerable step forward about the speed of Bitcoin adoption. Where only 1789 outlets accepted BTC as a form of payment in December 2103, 14,346 venues accept Bitcoin globally, showing an increase of 702 percent in five years. The CEO of crypto treasury management firm Coinshares Ryan Radloff explains in a February 12, 2019, Twitter heat map that the massive increase in adoption has especially been experienced in the South American countries of Venezuela and Ecuador where this is still a lot of potentials.
Bitcoin and cryptocurrency adoption is set to increase primarily as newer technologies such as the Lightning Network come into play. Current reports show that apart from online venues, several brick and mortar establishments such as high-end restaurants and Montessori schools are adopting BTC as a form of payment. There are thousands of stores across Europe, the United States and Asia that now feature the sign, “Bitcoin Accepted Here.”