Only 11% of crypto users make payments

Cryptocurrency, an everyday means of payment like fiat money? The due date of the payments is not relevant. According to Binance, only 11% of crypto owners use it primarily for shopping.

Cryptocurrency, an everyday means of payment like fiat money? The due date of the payments is not relevant. According to Binance, only 11% of crypto owners use it primarily for shopping.

PayPal, a new crypto provider, aims to improve the usefulness of cryptocurrency. As a payment giant, the company is particularly interested in its usefulness as a means of payment.

However, there is still a long way to go in this area. A strong democratization of the cryptocurrency and a greater diversity in the current base of crypto holders is assumed. This is what Binance’s « 2021 Global Crypto User Index » suggests.

Crypto, initially a long-term investment

Today, crypto assets are mainly created as financial investments. Hence, 55% of respondents consider crypto, including bitcoin, to be a long-term investment. The main use of tokens for payments is still very low.

As a result, only 11% of respondents say they use their crypto primarily for payments. This track record shows how the current level of acceptance neglects daily crypto payments.

Therefore, when not spending their crypto, users prefer preservation, the concept of « hodling ». For the most part, they prefer to hold the crypto rather than sell it. 39% say their « use » is primarily for hodling. Unsurprisingly, Bitcoin is the preferred security (65%).

The long road to democratizing payments

After the « Hodler » category comes the category of crypto investors. 28% mainly choose to buy other crypto assets through their crypto holdings. This is why 22% of those surveyed are interested in DeFi financial services.

This includes in particular loans and equity investments. Note that under the influence of Ethereum 2.0, Binance Research is observing an increase in stakes among its customers. In plain language, users choose to increase their cryptocurrencies.

This further confirms the nature of crypto as a financial instrument to the detriment of its use in connection with payments. PayPal and others will therefore play an essential role in developing these applications.

« 40 to 70% of consumers no longer want to handle cash, » says the company’s CEO. PayPal is therefore at the forefront of this transformation. And cryptocurrency is one way to further democratize the use of electronic payments.

How do I trade cryptocurrency on Binance?

How do I trade cryptocurrency on Binance?

To trade your cryptocurrencies on Binance you need to:

  • Click the Exchange tab at the top of the screen.
  • Select the trade pair you want to run.
  • Retrieve information on trading (market development, trading volume, number of cryptocurrencies purchased, etc.);

How do I sell crypto on Binance?

Click on « Market / Exchange ». then « Basic / Basic » at the top left of the screen. Choose the type of market (BTC market if you want to collect bitcoins). Select the crypto that you want to sell.

Which crypto should be invested?

Which crypto should be invested?

Cryptocurrency Price ($) Variation over the year
Bitcoin (BTC) 7.539 + 96.16%
Ethereum (ETH) 132.9 – 5.62%
Ripple (XRP) 0.19 – 46.39%
Litecoin (LTC) 42.3 + 32.29%

Which crypto should be bought in 2020?

6 cryptocurrencies to buy for 2020 and beyond

  • Bitcoin (BTC) First of all, I’m not going to be original, but rather efficient. …
  • Basic Attention Token (BAT) The success of Basic Attention Token never fluctuates month after month. …
  • Enjin Coin (ENJ) …
  • Binance Coin (BNB) …
  • Nexo (NEXO) …
  • Ethereum (ETH)

Which crypto should you buy in 2021?

Which cryptocurrencies should you choose to invest in 2021?

  • Ripple (XRP) Despite an extremely competitive marketplace, Ripple has excelled among digital assets. …
  • Ether. Ethereum or ETH is the second cryptocurrency on the market, making it the main competitor of Bitcoin. …
  • Bitcoin. After all, Bitcoin (BTC) is the first digital currency on the market.

Which crypto for 2020?

In our opinion, the most promising cryptocurrencies for 2020 and the coming years are the Tezos (XTZ), the Stellar Lumens (XLM) and the ChainLink (LINK), whose prices have risen sharply in recent months.

How can I withdraw my money from Binance?

Binance: How to withdraw in euros to your account …

  • 1- Go to your Binance wallet (spot) …
  • 2- Enter the amount you want to withdraw to your bank account. …
  • 3- Enter your IBAN. …
  • 5- Perform the security check of your withdrawal.

What are the fees for Binance?

Fees are charged for trading activities on Binance. The flat rate for commercial transactions is 0.1% of the transaction amount. Using the BNB token for trading activities results in a 50% discount so the fee is 0.05%.

What are the fees for Kraken?

Kraken fees and commissions Kraken fees are relatively low compared to what has been seen in the market. On average, the transaction fees are between 0.15% and 0.25% and vary mainly depending on the transaction volume.

What are the fees for Coinbase?

Compared to Coinbase Pro, Coinbase’s transaction fees are quite high. They charge a 3.99% fee for credit / debit card transfers and a 1.49% fee for transfers.

Only 11% of crypto users make payments
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