Leading payments platform Pay Safe has conducted a new survey that suggests more than half the world’s crypto owners would prefer to earn their salaries in bitcoin or other forms of crypto rather than in fiat currency.
Pay Safe: Most People Want Crypto-Based Paychecks
The study shows that around 55 percent of individuals who own cryptocurrency would prefer to receive their paychecks in digital currency. In addition, approximately 60 percent of young people – anyone between the ages of 18 and 24 – feel the same way. Among the reasons listed is that they believe many businesses are likely to begin paying their workers in crypto anyway in the coming years, and thus they would like to get started early. They also see crypto as a smart investment, and they believe it offers more flexibility than standard fiat.
Chirag Patel – CEO of Digital Wallets at Pay Safe – explained in an interview:
Interest in defi and the metaverse has reached a whole new level recently and, with that, positive sentiment towards cryptocurrencies continues to increase. However, it’s clear that many people are still crying out for more practical use cases to bring crypto into the real world – in particular, being able to use it as a payment method, and this is something we are committed to driving at Pay Safe. People can interact with cryptocurrencies through our digital wallets, Skrill and NETELLER, whether that’s for the very first time or as a more seasoned investor.
The survey also suggests that around 54 percent of the world’s crypto owners see digital currency as the future of finance and will eventually take over as the primary international currency. Participants said this was their main reason for wanting to own crypto in the first place aside from earning revenue through trading or investing.
There Need to Be Payment Options
The study also shows that those who took part closely examined the industry before getting involved, as many of them said that they were initially hesitant to get involved in crypto or having doubts about where the space could go. This doubt expanded to such a degree that approximately 49 percent of the participants, at one point, cashed out either part or all their digital currency stashes, meaning many had to start over with their investing journeys.
According to traders, one of the biggest downsides to owning crypto is that it cannot be used for payments. Approximately 24 percent of the survey takers believe that this is the biggest issue that the crypto space is experiencing. 22 percent also said that they would be willing to buy more crypto if retailers everywhere were open to digital currency payments. They also say that there are not enough applications out there designed to ease crypto use, which is ultimately hindering it and preventing it from being a mainstream financial arena.