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Survey: 36% Say They Will Pay for Items Using Crypto in 2023

Survey: 36% Say They Will Pay for Items Using Crypto in 2023

Last updated 15th Dec 2022
Disclosure
  • Germany is a very attractive place for crypto investors.
  • There are a variety of wallets compatible with available digital assets.

The new crypto infrastructure is slowly but surely being built. Regulations are getting more precise, institutions are gaining more interest and trust, and usage is slowly but steadily increasing. According to BanklessTimes.com, the number of people willing to use cryptocurrency to pay for goods and services has increased significantly. 36% of those surveyed say they are somewhat or very likely to use cryptocurrency to pay for items in the next year.

According to BanklessTimes CEO, Jonathan Merry

This increasing willingness to transact using cryptocurrency is a positive sign for the industry, as it shows that people are slowly but surely gaining trust in the asset class. It is also a sign that crypto is slowly but surely becoming more mainstream. With each passing year, it is looking more and more likely that cryptocurrency will become a staple in the global economy.
BanklessTimes CEO, Jonathan Merry

How to Make a Payment With Cryptocurrency?

To start, you will need to acquire a cryptocurrency like Bitcoin. Many exchanges like Coinbase and Binance would allow you to buy cryptocurrency with fiat currency (or vice versa). However, self-custody might be an alternative solution if you don’t want to entrust your private keys to a third party.

Now that you have chosen a cryptocurrency, the next step is to sign up for a digital wallet to pay your bills directly from it. Many cryptocurrency wallets are available, from hardware to software to web-based and paper wallets. With so many options available, you should be able to find a wallet that suits your needs.

Once you have set up your wallet, you will need to find a merchant that accepts cryptocurrency payments. While many businesses accept cryptocurrency, it is still less widespread than traditional fiat payments. However, this is slowly changing as more and more businesses are starting to see the benefits of crypto payments.

Finally, you will need to make the payment using your cryptocurrency. This can usually be done by sending the required amount of crypto to the merchant’s wallet address. Once the transaction is confirmed, the payment will be processed, and you will be able to receive your goods or services.

Companies That Accept Cryptocurrency as Payment

Some companies that accept cryptocurrency payments include Microsoft, Overstock, KFC, Twitch, Gyft, and Wikipedia.

Paying bills with cryptocurrency is a great way to use your digital assets and support businesses accepting this form of payment. With more people using crypto to pay for goods and services, we can expect to see even more adoption in the years to come.

Elizabeth Kerr

Elizabeth Kerr

Elizabeth is a financial content specialist from Manchester. Her specialities include cryptocurrency, data analysis and financial regulation.