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.

Coin Metrics: Over 94% of Daily BSV Transactions ‘Generated by a Weather App’

Siamak Masnavi

According to the latest research by blockchain analytics/research boutique Coin Metrics, as of July 14, over 94% of Bitcoin SV's daily transactions are reportedly being generated by "a weather app."

Coin Metrics' findings were published on Tuesday (July 16) in issue #8 of their weekly newsletter "State of the Network".

This shocking discovery was made while Coin Metrics was doing research on the on-chain activity of Bitcoin (BTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV). 

Although Coin Metrics found that BSV's "overall transaction count has been growing," they noticed that the majority of these transactions include the OP_RETURN opcode.

According to the Bitcoin Wiki, OP_RETURN is "a script opcode used to mark a transaction output as invalid" and "any outputs with OP_RETURN are provably unspendable."

This means that this opcode can be used to store data on the blockchain. However, as the Bitcoin Wiki points out, many Bitcoiners "believe that use of OP_RETURN is irresponsible in part because Bitcoin was intended to provide a record for financial transactions, not a record for arbitrary data," and it's "less costly and far more efficient to store non-currency data elsewhere."

In the case of the Bitcoin SV blockchain, it appears that BSV transactions are "increasingly including OP_RETURNS", and that, since May, the majority of OP_RETURNs are coming from a web-based weather app, "WeatherSV", which records to and retrieves from the Bitcoin SV blockchain weather information.

The WeatherSV website says that it is demonstrating "the ability to index and retrieve climate data immutably stored on a distributed ledger."

Furthermore, Coin Metrics found that the majority of BSV’s overall transactions are being generated by WeatherSV, in fact over 94% (as of July 14):

Coin Metrics Chart - 16 July 2019.png

According to data from CryptoCompare, at press time, BSV is trading at $11.31, down 11.04% in the past 24-hour period:

BSV-USD Chart - 17 July 2019.png

Featured Image Credit: Photo via BSV Chart Courtesy of Coin Metrics.