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.
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.
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
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