Russian cybersecurity giant Kaspersky and Coinmap have conducted a study looking into Bitcoin’s adoption in the last five years. According to the results, Bitcoin’s adoption has grown 700% in that time.
The survey was conducted in 2018 and a total of 12,448 consumers were surveyed in 22 countries with a goal of determining changes in online shoppers’ behavior and preferred method of payment.
According to the results, the vast majority of people (81%) still prefer using a debit or credit card to complete an online purchase. People are however warming up to the idea of alternative methods of payments. 13% of respondents stated that they have used cryptocurrencies, while 58% have used e-wallets like PayPal.
Read more: What does Bill Gates have to say about Bitcoin?
Head of Verification at Kaspersky, Vitaly Mzokov said he was surprised by the success of cryptocurrency considering the sharp decline in prices. This demonstrates that cryptocurrencies have a real use that could play an essential role in the future of online payments.
“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.”
Read more: Crypto investor Josh Rager: “Could be” last time to buy an entire BTC
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