Survey: Consumers Say Bitcoin More Inconvenient Than Checks

A new survey has found that consumers believe bitcoin to be more inconvenient to use than traditional payment methods.

AccessTimeIconJul 29, 2015 at 6:05 p.m. UTC
Updated Sep 11, 2021 at 11:48 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A new survey has found that consumers believe bitcoin to be more inconvenient than traditional payment methods such as credit cards and checks.

Conducted by prepaid and gift card product provider Blackhawk Network in April, the poll canvassed 1,000 US consumers, questioning them about their sentiment toward both traditional and emerging payment methods.

In total, 18% of respondents reported using alternative payment methods such as Apple Pay, Samsung Pay and bitcoin within the last year. Sixty-eight percent of these consumers indicated they used the products more than they did in 2014.

However, Blackhawk found that the consumer attitude toward bitcoin is still largely negative, revealing that 38% ranked bitcoin as the most inconvenient of surveyed payment methods including cash, credit cards, PayPal and checks.

Blackhawk
Blackhawk

Checks were ranked as the second most inconvenient payment method by consumers, with 35% reporting they viewed the payment method with dissatisfaction.

Cash, by comparison, was viewed as the most popular payment method, with 93% of consumers reporting a satisfaction with paper currency.

Evolving consumer sentiment

The survey joins an increasing body of research that suggests more consumers are now willing to at least try bitcoin and other digital currencies for use in commerce.

For example, a recent Goldman Sachs report found that 22% of US millennials have used bitcoin and intend to use the payment method again. Still, research also suggested many consumers remain unconvinced in the technology's utility for payments.

More than half of its 752 respondents suggested they have never used bitcoin and that they had no plans to do so in the future.

Survey image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.