If you want to see cryptocurrency mass adoption, you need to start spending it. This is a paraphrased quote we picked up from Reddit which sparked quite a discussion.
With all the HODL memes and crypto to crypto day-to-day trading, how many people do actually spend their cryptocurrencies on anything other than – other cryptocurrencies? Even more so – how many people demand the possibility to do so, in the first place?
Well, according to a new survey by Coindesk, a news website, not that many. The website has just issued its State of Blockchain report for Q2 2018, based on a poll of 1,200 of its readers. It says that the vast majority don’t really spend their cryptocurrencies, but rather keep them. With bitcoin, 73% spend it ‘almost never’, ethereum – 82%, and litecoin – 89%.
Meanwhile, among other reasons, 42% of respondents agree that lack of places to spend crypto contributed to the price declines, while 36% disagree with this.
On the other hand, the majority (72%) of the same group of respondents expect merchant adoption of cryptocurrencies to increase in 2018.
Overall sentiment regarding bitcoin is also positive (70%), with 22% being ‘extremely positive’, 32% being ‘moderately positive’, and 16% ‘slightly positive’.
Still, three quarters hodled when things took a rough turn, signaling strong belief in the project and in the crypto universe, in general. Roughly one in seven swapped back to fiat, and one in ten (11%) traded for a stable coin while bitcoin’s boat was rocking.
And this is what the respondents think about bitcoin’s strength’s.
Source: Coindesk’s State of Blockchain report
While the infographic below is one of the most interesting slides in the report. Well, the future looks bright:
