According to a new crypto market survey conducted by Fatcats.market crypto shopping platform, cryptocurrencies are the main source of income for 12% of Russian-speaking users of digital coins. A quarter of respondents already pay for their purchases in cryptocurrencies, whereas 90% would like to use them as a means of payment. 40% of survey participants consider cryptocurrencies, such as bitcoin, a long-term investment and do not expect selling their crypto assets in the near future.
The participants in the survey were 382 Russian-speaking cryptocurrency users. The median age of the surveyed was 27 years and most of them were men (93%). Women were only 7%. The poll was conducted on Telegram channels, from March 22 to April 2, 2018.
Conducted among the Russian-speaking cryptocurrency owners, the survey showed that the majority of participants have joined the crypto market in the last few years: 80% between 2016 and 2018, 12% between 2012 and 2015, whereas only 8% are not yet using all the advantages of cryptocurrencies.
Nevertheless, 28% of the surveyed consider themselves to be active users of cryptocurrencies whereas 12% mention cryptocurrencies as their main source of income.
The overwhelming majority of respondents reported that they want to use cryptocurrencies as a means of payment. 40% admitted that they invest in different cryptocurrencies. Cryptocurrency mining is not as popular as it used to be longer: only 14% reported of their involvement in mining, whereas another 11% said they practice cloud mining.
Also, 40% of respondents consider crypto-currencies a sustainable long-term investment and do not plan to exchange their crypto assets for fiat in the near future. The main conclusion made by the authors of the study is that Russian-speaking users are ready to use cryptocurrencies both as an investment instrument and as a means of payment.
Subsequent research has shown that only 8% of the interviewed are not ready to buy goods for cryptocurrencies. At the same time, the percentage of the surveyed who hesitate paying with crypto for services is significantly larger and reaches 20%. Thus, suppliers of goods are more credible in the eyes of the respondents than service providers. 28% of the respondents report that they do already have experience in making purchases with cryptocurrencies.
Computers, smartphones and other gadgets are among the most popular commodity items purchased with cryptocurrency, these devices being mentioned by 77% of the surveyed. 65% of them would like to purchase audio and video equipment, whereas 66% would gladly use their crypto assets to pay for their travels. About 60% are willing to purchase real estate and cars, 40% would buy food, furniture or household appliances. Paying for freelance work is the most likely crypto spending for services (68%).
Only 1% of respondents consider cryptocurrencies to be a bubble.
Bitcoin proves to be the most popular cryptocurrency among the respondents with 55% of them mentioning it as their primary choice. Ethereum follows closely being preferred by 45% of them. 11% hold their savings in Bitcoin Cash (BCH), while Ripple (XRP), Litecoin (LTC) and cardano (ADA) are the next popular ones. 40% of the interviewed say they are holders of ICO tokens. This means that cryptocommunity is highly involved in investment projects.
Over 43% of the surveyed apply to crypto traders for converting their crypto assets to fiat. Another 38% prefer cryptocurrency exchanges for these purposes. The rest 18% turn to alternative methods or do not convert their cryptocurrency to fiat at all. Most respondents see price volatility and complicated transaction mechanism as main obstacles to making purchases with cryptocurrencies.