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

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.

CoinDesk - Unknown

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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

2
CoinDesk - Unknown
A New Chapter of Web3: Solana Unveils Smartphone ‘Saga’; Moody’s Downgrades Coinbase

The most valuable crypto stories for Friday, June 24, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
How Are Institutions and Companies Investing in Crypto?

From putting bitcoin on their balance sheets to setting up shop in the metaverse, the ways brands and institutions are investing in cryptocurrencies continues to expand.

CoinDesk - Unknown
4
CoinDesk - Unknown
Consensus 2022: Hollywood, Colleges, Conferences vs. Crypto

The state of crypto and economics live from Consensus 2022 in Austin, Texas.

CoinDesk - Unknown