A recent survey by GoMining reveals that a large number of Bitcoin holders are not using their cryptocurrency for everyday transactions. Based on the data provided in the document, with over 5,700 participants, the findings highlight significant barriers to the practical use of Bitcoin in daily life.
Survey Results on Bitcoin Usage
The survey results show that 55% of respondents either rarely or never use Bitcoin for real-world payments. Key reasons for this trend include:
- insufficient infrastructure
- high transaction fees
- lengthy processing times
- price volatility
- fears of scams
These factors collectively contribute to a reluctance among holders to spend their Bitcoin.
Expert Insights on Bitcoin Adoption
Mark Zalan, CEO of GoMining, pointed out that the lack of merchants willing to accept Bitcoin as a payment method is a major obstacle to its adoption for everyday use. He also mentioned that while Bitcoin has potential as a payment option, other cryptocurrencies might be more effective for utility and governance purposes, suggesting a need for a broader ecosystem to support cryptocurrency transactions.
In light of the recent survey revealing barriers to Bitcoin usage, Pierre Rochard has emphasized that tax policy is a significant obstacle to its adoption as a payment method. For more details, see read more.
