Bitcoin adoption has seen a growth of 700 percent in the last five years. This was revealed in a survey carried out by Russian cybersecurity giant, Kaspersky alongside Coinmap on Bitcoin.
Bitcoin Adoption Rate
According to the survey that was conducted in 2018, with a total of 12,448 consumers in 22 countries, Bitcoin adoption has grown by 700 percent in the last five years. The survey was carried out with the goal of determining changes in online shoppers behaviour and their preferred method of payment.
81 percent, which is the majority of those surveyed still prefer to use their debit or credit card to complete an online purchase. Despite this, people are getting interested in adopting an alternative form of payment as 13 percent of the respondent stated that they have used Cryptocurrencies. Also, 58 percent claimed to have used e-wallet such as PayPal.
Vitaly Mzokov, the Head of Verification at Kaspersky, stated that he was surprised at the success of cryptocurrency considering the sharp decline it has experienced in recent time. He noted that it shows cryptocurrencies have a real use that could play an essential role in the future of online payments. Mzokov further noted that there had been an increase in the desire of consumers for digital transactions.
Crypto and Blockchain Adoption Amid Crypto Winter Market
The present lingering crypto winter market has been on for more than a year now. The ranging bear market is described as the longest the crypto market has experienced in history. Meanwhile, the crypto winter market has made many crypto firms to close operations, and many others are adopting austerity measures to survive the lingering crypto winter market. Also, some crypto firms have taken loans to survive the intensity of the crypto bear market.
Meanwhile, there has been a lot of innovations and used cases in the crypto market even amid the bear market. One of such is proven by the Kaspersky’s report.
Furthermore, different countries have become more interested in cryptocurrency adoption and the introduction of regulations to annex the benefits of the space for their populace. In recent time, the United States, France, among others have been racing to provide appropriate regulations for the crypto space in their country.