More People Prefer to Pay With Crypto Than Cash or Payment Cards, AEVI's Survey Suggests

  • AEVI, developer of an open payments ecosystem, asked its Twitter followers which payment method - cash, devices, cards, crypto - they prefer.
  • So far, 65% have said they would use cryptocurrencies.

AEVI, a German financial services company that aims to provide a global open ecosystem of payments, asked its followers via Twitter who they think will win the “payments race” this year.

Although there are still two days left to respond to the survey, the majority of respondents, 65% so far, have said they would prefer to use cryptocurrencies over all other payment options.

"Real-World Challenges Of Everyday Transactions"

The “payments race” has been launched by Money20/20, a global event for fintechs and financial services/payments providers, and Fintech Finance, a small company that works with “prominent” executives to produce online content.

According to Money20/20, the purpose of the payments race is to increase awareness about “the real-world challenges of everyday transactions.” In order to test which “financial systems” work best, the participants in the race may only use “a single form of payment for the duration of the race to pay for their travel and expenses.”

Interestingly, AEVI’s survey results also show that credit or debit cards are still preferred by more users when paying for everyday purchases compared to paying by scanning QR codes through devices like smartphones. So far, 17% of AEVI’s survey respondents have said they would recommend using payment cards while only 10% preferred using devices for daily purchases.

XRP Preferred

Notably, AEVI’s survey also revealed that very few people prefer to pay with cash as only 7% have so far said they would still use cash for all their purchases. As CryptoGlobe reported on October 14, Wirex, a commission-free platform for buying, selling, and storing crypto assets and fiat currency with over 1.8 million users, had asked its followers which of the following cryptocurrencies they would use for the payments race: bitcoin (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC).

Significantly, 81% of respondents said they would recommend using XRP, 10% preferred BTC, 6% said they’d use LTC, and only 3% wanted to use ETH for daily purchases. Weiss Ratings, LLC, a research and analysis firm for consumers and businesses, had also polled its followers by asking them if they would use BTC, XRP, Cardano (ADA), or EOS for payments.

Out of over 5,000 people who responded to Weiss’ survey, nearly three out of four, or 74%, said they would prefer paying with XRP, 13% wanted to pay with ADA, 10% with BTC, and only 3% said EOS.

Ideally, users would prefer a payment method which is cost-effective, fast, and easy-to-use. As CryptoGlobe covered on October 19, Michael Arrington, a prominent investor and the founder of TechCrunch, claimed to have transferred $50 million using XRP in a transaction that only took two seconds to process.

History Indicates Bitcoin Will Reach $20,000 in 2020: Bloomberg Report

Michael LaVere
  • Bloomberg's June 2020 Crypto Outlook report predicts bitcoin reaching the previous all-time high of $20,000 in 2020. 
  • The report claims bitcoin is consolidating for a bull run and gaining an advantage over the rest of the crypto market. 

A new Bloomberg report claims that bitcoin will approach its record all-time high of $20,000 amidst the fallout from COVID-19 and other market accelerators. 

According to Bloomberg’s June 2020 Crypto Outlook report, bitcoin has been gaining support around the $10,000 price point since the halving. Senior commodity strategist Mike McGlone writes that something would have to go “really wrong” for BTC not to continue appreciating throughout the remainder of the year.  

The report reads, 

The same forces buoying gold support bitcoin, yet the supply of the crypto is more constrained. Adoption, by default, is the primary Bitcoin metric, and our indicators remain positive.

Bloomberg claims that bitcoin is consolidating for a bull run and has gained an advantage over the broader crypto market. The report highlights bitcoin’s limited supply relative to most altcoins, which investors will find increasingly attractive in light of central-bank monetary easing measures. 

The report also predicts that bitcoin will return to its all-time high of $20,000 by the end of the year, with the crypto-asset mirroring chart features seen during the last block reward halving in 2016. 

In addition to bitcoin, Bloomberg claims that the COVID-19 pandemic has been a potential accelerator for Facebook’s libra and a potential Fed-backed digital currency. The report argues the recent outbreak has highlighted “vulnerabilities” in the world’s cash-based system built on outdated technology and could give new life to Facebook’s libra project. 

Featured Image Credit: Photo via Pixabay.com