The GoMining survey shows that 55% of Bitcoiners never use it for real-world payments

Most respondents emphasized that merchants do not have the infrastructure to support crypto payments for everyday transactions.

Bitcoin’s narrative as a unit of exchange is not growing as quickly as many proponents would like. In a recent survey conducted by crypto mining platform GoMining, more than 5,700 Bitcoin holders shared their experiences using crypto for everyday payments.

The result showed that 55% of respondents rarely or never use crypto for daily transactions in the real world. Granted, they claim to believe in cryptocurrency adoption and the privacy it provides. Still, they gave five reasons for their choice.

A disadvantage in the infrastructure

The main reason why many respondents do not use their crypto holdings to cover daily payments is the lack of adequate infrastructure to do so.

More than 49% of respondents (2,663) emphasized that most merchants do not accept crypto as a payment method. GoMining CEO Mark Zalan emphasized this point, telling CryptoPotato that “people don’t build a new habit if they have to look for places that accept it.”

Another 44.7% (2,400) of respondents cited high costs as a barrier, while 26.8% (1,440) cited long transaction processing times as a challenge. Blockchain networks, such as Bitcoin, that use a proof-of-work (PoW) consensus algorithm often struggle with network speed and transaction fees. As a result, users may find themselves paying more fees than with traditional payment methods.

Stablecoins: a better option?

More than 43% of respondents (2,330) cited price volatility as the reason they did not use crypto for daily payments. Granted, most cryptocurrencies, like BTC, are known for their non-stop volatility. As a result, many have flocked to stablecoins for payments. The CEO of GoMining acknowledged and emphasized this in his comments:

“The [transaction] confirmations must be prompt and the customer must know what to expect from receipts or dispute resolution. That’s why stablecoin settlement and card-like systems are attracting so much attention; they reduce friction for traders while keeping the flow familiar. [. . .] Rewards can help people try it initially, but they only last if the cost is low and you can actually use it anywhere.”

Finally, 36.2% (1,942) of respondents pointed to potential scams as the reason they did not embrace crypto for everyday payments.

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When asked whether Zalan thinks crypto should be used more for payments, he says no. Instead, he noted that trying to force that is part of the market confusion.

“Bitcoin can play a payments role, often as a settlement and reserve layer that enables faster rails above it. However, there are countless other tokens that are better viewed as utility for networks, as tools for governance, or even as risks, not as money,” he added.