The research, conducted in collaboration with crypto-processing platform BitPay, also found that 26% of respondents would consider switching to a merchant that accepts cryptocurrency.
The study found that 42% of tech-driven consumers buy cryptocurrencies for investment purposes, 33% buy them for shopping, and 20% buy them to avoid missing out. In the past 30 days, 40% of cryptocurrency owners made online purchases using their crypto.
Litecoin has become the second most popular currency for crypto-based transactions on BitPay, with 27% of all merchant purchases. Bitcoin remains the most popular method, with 41% of all merchant purchases. BitPay CEO Stephen Pair commented on the growing adoption of blockchain-based payments, saying, "The [litecoin] community has been really supportive. They're buying everything with it."
BitPay CEO Discusses Future of Blockchain-Based Payments
In an interview with the organization that conducted the aforementioned study, BitPay CEO Stephen Pair discussed his thoughts on the future of blockchain-based payments. Since onboarding Litecoin in July 2021, Pair revealed that BitPay has processed over 200,000 LTC transactions worth over $35 million across its partner merchant network.
Paragraph 2: Pair commented on the strong support from the Litecoin community, saying, "They really pay attention to the merchants on our platform and tend to become patrons of those companies." He also expressed optimism about the future of cryptocurrency payments, stating, "The [litecoin] community has been really supportive. They're buying everything with it."