Who uses cryptocurrency to pay: demographic study

[Furball808]

The question these days is whether people actually use bitcoin or cryptocurrency for payments or only use them as investment asset? The answer is that yes there are people who use bitcoin/cryptocurrency for payment but the number has decreased over the years. But what really piqued my interest is the demographic of who use cryptocurrency more for payments in the US.

Racial or ethnic minority consumers, especially Black (non-Hispanic) and Hispanic consumers, were more likely to use cryptocurrency for payments than white (non-Hispanic) consumers in both 2022 and 2024, though the shares of consumers who pay with cryptocurrency declined across all three groups.

From the same study, it was observed that those who are self-employed used bitcoin more for payments. As expected also, the age group who are most likely to use bitcoin for payments are those between 18-34 years old. The study also asked people their reasons for using bitcoin for payments and the three biggest reasons are: (1) preference of the recipient, (2) speed, and (3) privacy.

I wonder if as a result of Trump's presidency, more of his followers will be now using cryptocurrency. I believe most of Trump's followers are not people of color so maybe the demographic will change soon. Here is the study if you want to read more: U.S. Consumers’ Use of Cryptocurrency for Payments

[tbct_mt2]

The question these days is whether people actually use bitcoin or cryptocurrency for payments or only use them as investment asset? The answer is that yes there are people who use bitcoin/cryptocurrency for payment but the number has decreased over the years. But what really piqued my interest is the demographic of who use cryptocurrency more for payments in the US.

Racial or ethnic minority consumers, especially Black (non-Hispanic) and Hispanic consumers, were more likely to use cryptocurrency for payments than white (non-Hispanic) consumers in both 2022 and 2024, though the shares of consumers who pay with cryptocurrency declined across all three groups.

You can have more information from this report by Pew Research.
Pew Research on American cryptocurrency investors.

Bitcoin with 5- or 6-figure price has become more expensive and it makes Bitcoin becomes more like an investment asset, a store of value, than a daily payment mean. There are people who use bitcoins for payments but not all Bitcoin owners consider payment as their main interest of why they purchased and hold bitcoins on exchanges or in their non custodial wallets.

The share of adults who have heard about NFTs also varies by race, ethnicity and income. Asian Americans, for example, are the most likely among racial and ethnic groups studied to say they have heard at least a little about NFTs (66%). That compares with about half of White or Hispanic adults (49% and 48%, respectively) and 38% of Black adults. Similarly, Americans with relatively higher incomes are most likely to have heard about NFTs: About two-thirds (66%) have heard at least a little, followed by roughly half of Americans in the middle income range (51%) and about a third (36%) of those with lower incomes. Small shares of all those groups have actually bought NFTs.

[Mahiyammahi]

Bitcoin is like an asset rn. It's not truly using as a payment provider. Bitcoin was designed to use it as a replacement of 3rd party involvement like banks but later it's structure like Gold makes it an asset to hold. Techn enthuasist or Teaneager are more likely able to adapt this new era of digital payment fast. So that's why this age of people's uses the bitcoin most.

If we wants to use bitcoin as a daily payment provider and all class of people use it then we should have done more campaign for bitcoin use. There's hardly any campaigns to teach people use of Bitcoin due to it's regional ban like my country. Possibilities are endless if we allow it to reach us.

[Kasabus]

Honestly, for me it’s mostly an investment.
Bitcoin still isn’t something we can easily use for daily transactions because adoption is limited.

That said, there are certain areas where it’s widely used. Gambling is a good example. Using Bitcoin on crypto casinos is just easier, especially when there’s no KYC involved. I also believe that early adoption from crypto casinos played a big role in how fast Bitcoin grew. Even with that, what really stands out now is how far Bitcoin has come. The gap between fiat and Bitcoin is much clearer today, and Bitcoin has proven itself as a solid investment option. That alone is already a big deal.

[tread93]

The question these days is whether people actually use bitcoin or cryptocurrency for payments or only use them as investment asset? The answer is that yes there are people who use bitcoin/cryptocurrency for payment but the number has decreased over the years. But what really piqued my interest is the demographic of who use cryptocurrency more for payments in the US.

Racial or ethnic minority consumers, especially Black (non-Hispanic) and Hispanic consumers, were more likely to use cryptocurrency for payments than white (non-Hispanic) consumers in both 2022 and 2024, though the shares of consumers who pay with cryptocurrency declined across all three groups.

From the same study, it was observed that those who are self-employed used bitcoin more for payments. As expected also, the age group who are most likely to use bitcoin for payments are those between 18-34 years old. The study also asked people their reasons for using bitcoin for payments and the three biggest reasons are: (1) preference of the recipient, (2) speed, and (3) privacy.

I wonder if as a result of Trump's presidency, more of his followers will be now using cryptocurrency. I believe most of Trump's followers are not people of color so maybe the demographic will change soon. Here is the study if you want to read more: U.S. Consumers’ Use of Cryptocurrency for Payments

Okay so all i see here is that Hispanics use a shit ton of crypto which is fantastic and from my research and just basically paying fucking attention Latino populations are exploding in the US and apparently white people populations are decreasing in the US and so basically just from that standpoint alone youre going to see a shit ton more Hispanic bitcoin transactions in the US in future years puta

[satscraper]

From the same study, it was observed that those who are self-employed used bitcoin more for payments. As expected also, the age group who are most likely to use bitcoin for payments are those between 18-34 years old. The study also asked people their reasons for using bitcoin for payments and the three biggest reasons are: (1) preference of the recipient, (2) speed, and (3) privacy.

I use Bitcoin ^{(and other crypto)} for payments because I get the thrill from receiving tangible stuff in exchange for something intangible that seems to appear out of thin air. Those feelings were especially strong back when I was mining BTC and around  0.1 BTC was landing in my wallet every day. Watching those daily 0.1 BTC  turn into something I could literally hold in my hands was quite exciting. Such excitement remains till now.
 

[AbuBhakar]

Bitcoin with 5- or 6-figure price has become more expensive and it makes Bitcoin becomes more like an investment asset, a store of value, than a daily payment mean. There are people who use bitcoins for payments but not all Bitcoin owners consider payment as their main interest of why they purchased and hold bitcoins on exchanges or in their non custodial wallets.

Right, it's more practical to call it an investment than just use it for payment purposes. Even if I have a transaction, I won't use Bitcoin directly. It's possible that I'll choose another crypto or cash as payment because the Bitcoin I have now is for savings, and I can't just reduce it because I only have something to pay, it seems like a waste to me. If I do that, maybe when I sell it, I'll exchange it for fiat money, not gradually but as a lump sum sale, and then buy it back again when I have the chance. That's why I don't just sell because I might not be able to buy it again in time and at a higher price.

[Donneski]

Bitcoin was originally designed for payments but I see it primarily as a store of value and that shapes how I use it. I’m less inclined to spend an asset I believe will appreciate especially when alternatives for payments are already convenient. Until price stability improves, it makes sense that investment use dominates over transactional use across most demographics.