Wednesday, April 24, 2019

IMF Poll: Most People Want to Pay for Lunch with Bitcoin by 2024

The results are out after a poll conducted by the International Monetary Fund (IMF) on April 10. The poll was to ascertain how people think they will pay for launch in 2024. Among the options, cash, cryptocurrency, mobile phone, and credit card which were provided, over half the respondents voted for cryptocurrency.

IMF: “How Do You Think You Will Be Paying for Lunch in 5 Years?

IMP recently conducted a poll asking people “How do you think you will be paying for lunch in 5 years?” Out of 37,660 votes, 56% voted for cryptocurrency, 27% for mobile phone, 9% for a bank card, and 8% for cash. Therefore, a significant number of voters will rather spend virtual assets for a meal.

Given that the mobile phone came in second, it can be assumed that these set of people had chosen the option because of the convenience brought about smartphones. However, when one considers the recent developments in the crypto space which have incorporated the ability to make crypto payments with mobile apps, those class of user could have a different opinion in the near future.

Coinbase Launches Visa Debit Card for UK Customers

Of recent, Coinbase, a U.S. based cryptocurrency exchange announced that its customers in the U.K can take advantage of its newly launched Visa debit card. The card can be used alongside a mobile app in order to see the history of transactions. According to the exchange, customers can spend their Bitcoin, Ethereum, XRP, etc. with the help of the card. They can pay for food, rides, and other goods and services in millions of locations.

Asides from Coinbase, Bitcoin is currently being accepted in online food portals across the world. Some instances of this are the case of Hungry.dk, a food portal in Demark with a connection to 1,400 restaurants. Another is Lieferando.de, the largest German food delivery portal that links to over 13,000 restaurants in Germany. There’s also When Hungry or Want to Eat in Russia that has enabled its customers to order for food from 800 restaurants with Bitcoin.

A Number of Countries a re Relying on Bitcoin for Payments

In the same vein, a number of countries have come to rely on cryptocurrencies to get their basic amenities. For instance, Study263, an online store in Zimbabwe was solely created to cater to average citizens who are finding it difficult to gain access to the country’s fiat.

The high inflation in the country has not only made these goods unaffordable to the everyday user, it has also made it scarce. As such, the platform accepts Bitcoin, Ethereum, etc. for foodstuffs such as rice, wheat, Salt, Sugar, Flour, Mayonnaise, etc.

It’s also worthy to note that Coinmap’s platform as at today reveals that there are 14,632 establishments across the world where Bitcoin can be spent. Likewise, Kaspersky in its Lab Global IT Security Risks Survey 2018 study stated that out of 12,448 consumers from 22 countries who were surveyed, 13% have used cryptocurrency.

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