Statistics show that most Americans know only Bitcoin. A new survey asked 20% of Americans, who owned Bitcoin and the result was interesting. The result shows that 18.4% of Americans owned cryptocurrency and invested in. Interestingly, most of them know only Bitcoin and never heard or known altcoins at all. This survey conducted by Coinflip, a major US-based Bitcoin ATM operator.
In addition, over 50% of total participants from South responded, they prefer to use cryptocurrencies for their transactions. It seems that cryptocurrencies are more popular in South part of the U.S.
The co-founder and CEO of Coinflip, Daniel Polotsky, commented; cryptocurrencies are getting popular among Americans, who are looking for an alternative and convenient financial services. In fact, many people prefer cryptocurrencies, because they don’t want to pay high transaction fees.
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Most americans know only Bitcoin; altcoins are not as popular as expected
The result of the survey shows, although 81% of participants are familiar with cryptocurrencies, only 55% are familiar with Bitcoin and don’t know altcoins or even heard anything about.
The local news agencies released that 14.5% of Americans are crypto enthusiast, who have knowledge about three or more cryptocurrencies. Furthermore, 43.9% of cryptocurrencies purchased from exchanges. Buying Bitcoin from ATMs is the second common way of buying Bitcoin in U.S. It means, 28.2% of users use ATMs to buy Bitcoin.
Crypto cannot replace the cash
However, many people prefer to use cryptocurrencies, cash payment is still the common payment option in U.S. In fact, people, who participated in the survey responded that they can’t imagine a day that cryptocurrencies could be replaced the cash.
Less than 43% of participants responded that they do not trust banks. As an evidence, the other payment options such as apple Pay and PayPal are growing in popularity.
Recently, the coronavirus pandemic pushed the population to use alternative payment options. As a result, cryptocurrencies could gain more users and fans, who are willing to have electronic, contactless transactions with low transaction fee.