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Bitcoin is the most popular cryptocurrency for payments: 2gether report

Manu Naik

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Collaborative financial platform, 2gether, recently published its report on users’ crypto-spending behavior, including an analysis of how they spend assets such as the world’s largest cryptocurrency, Bitcoin. The report analyzed 2gether users’ data from April to December 2019, with a sample set of over 10,000 users from 19 countries.

According to the aforementioned report, 31% of the sampled crypto-users are between the ages of 36 and 45, with 25% of the surveyed users between the ages of 26 and 35. 23% of the users were found to be female and nearly 16% of 2gether’s users worked as lawyers, accountants, or economists. Surprisingly, 11.2% of users were found to be students and just 8% of the users were computer scientists. The report noted,

“The most common professions require a higher academic level, emphasizing lawyers, accountants and economists, followed by students.”

This finding suggests that people with higher educational qualifications may be more likely to invest in and spend Bitcoin and other cryptocurrencies, possibly drawing a correlation between education and crypto-awareness.

The report also showed that the sampled users spent an average of €112.56 per month in crypto and that the most used coin in payments was Bitcoin, followed closely by ETH. The report also claimed that, “ETH has a higher payment use than BTC if we compare the volume of payments with the capitalization of both coins.”

The report also found that users spent 32.71% of their crypto at restaurants and hotels, the venue of the highest expenditure for most crypto-users. On the other hand, household expenses and furniture roped in just 2.83% of all crypto-spending. When compared to European consumption habits, based on Euros, the report said, “the consumption at restaurants and on food receives the fourth place in the ranking, with house supplies being the first expense.”

Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.