The universe of cryptocurrencies was born more than a decade ago and, although more and more people are betting on getting digital assets as a financial alternative, it is still an unknown world for most. But what is the profile of the cryptocurrency user? What are the most commonly used ‘currencies’? What is this kind of money spent on?
The collaborative financial platform 2gether presents a pioneering report in the European market with a sample of 10,000 users
2gether, the collaborative financial platform of Spanish origin, which already operates in 19 countries of the euro zone and in Andorra, Monaco and San Marino, has just presented a pioneering study in the European market to analyze the behavior of payment with cryptocurrencies. Some of the results of the study, carried out between April and December 2019 with a sample of 10,000 users, are:
55% of users who spend cryptocurrencies are between 26 and 45 years old. Of them, 25% are millennials and 31% belong to generation X.
Most have a high educational level: lawyers, accountants and economists (15, 64%). Students make up the second group by occupation (11.20%).
77% of users are men compared to 23% who represent women.
The study also allows to know what users are spending digital tokens and cryptocurrencies, as well as which are the most used digital currencies. It should be remembered that 2gether allows its clients to spend their crypto as if they were euros, as well as withdraw cash from their crypto accounts through any ATM in the world. The service includes prepaid accounts in euros and digital assets (cryptocurrencies), income and transfers from them, free transfers and in real time between clients and a Visa card that allows to operate in euros and cryptocurrencies:
37% of payments through the platform are made with cryptocurrencies, while 63% of operations continue to be made in euros.
The most used currency in payments is Bitcoin (51.8%), followed by Ethereum (39.28%), Ripple (2.16%) and Bitcoin Cash (1.62%).
On average, users of the platform spend 112.56 euros in cryptocurrencies per month, compared to 132.64 euros that users spend in euros.
Most of the cryptos that are spent are destined to the restaurant and hospitality sector (32.71%) and the food sector (19.13%).
Ramón Ferraz, CEO of 2gether, emphasizes that Ethereum is the cryptocurrency with a higher use of payments than BTC if we compare the volume of payments with the capitalization of both currencies: “In our platform there is an almost total correlation between the capitalization and the use that it is made of each currency. In the case of Ethereum, the volume of transactions is almost as high as Bitcoin. ” Currently, the company operates with 13 cryptocurrencies: BTC, ETH, DASH, XLM, ADA, BCH, LTC, EOS, QTUM, DAI, XRP, BAT and WAVES.