Friday, December 3

Why do the Spanish use bitcoin and cryptocurrencies?

Key facts:
  • The possibility of generating profits is the main driver of bitcoin adoption in Spain.

  • 27% of those consulted have already bought cryptocurrencies, whose popularity increased during the pandemic.

Knowing what are the points that push the adoption of cryptocurrencies in a country or a region is key to understanding how they can contribute to the well-being of its inhabitants. A survey conducted in Spain details why people use bitcoin (BTC) and other cryptocurrencies in the country.

The investigation was carried out and published by Capterra, a Spanish page that specializes in consulting on software for companies. 997 people participated in the survey, all residents in Spain, of legal age and already familiar with the concept of cryptocurrencies.

According to the data provided by the research, more than half of the people consulted (51%) stated that the main reason for buying cryptocurrencies is profit generation despite the risks that are run.

The second compelling reason was the belief in a decentralized system, without any institution to regulate it. 47% of the participants favored this option.

Meanwhile, another 38% also highlighted that it is a way of integrating into an alternative and innovative field, while almost the same percentage of people (37%) remarked that in this way the traditional banking system can be avoided.

Among the last two reasons for the use of bitcoin, the privacy that this and other cryptocurrencies allow to make transactions was important for 32% of individuals. And the last thing that was named was the possibility of making cheap international transactions; 27% of those surveyed answered in this regard.

More than half of those surveyed allocate 5% to 10% or 10% to 20% of their savings to bitcoin and cryptocurrencies. Source: Capterra.

And why is bitcoin NOT used in Spain?

Conversely, those who still do not own cryptocurrencies stated four main reasons to support this decision. These are lack of knowledge (54%), risks due to volatility (43%), concern for security (35%), and, finally, that they disappear or declare them illegal (31%).

For there to be greater adoption by this audience that still does not use cryptocurrencies, the main factors that could influence are government regulation and a greater understanding of the concept, according to 45% and 43% of the public surveyed, respectively. Other people named adoption at the local currency level in business.

Why is bitcoin used in Latin America?

To better understand the data Capterra needs, it helps to take a look at what’s happening on the other side of the Atlantic as well. In Latin America, bitcoin appears mainly as a safe haven against inflation that the countries of the region live. Thus, it is positioned as one of the best options to safeguard the value of savings.

Despite this, it should be clarified that both in the United States and in Europe there is also inflation. In fact, in September 2021 CriptoNoticias detailed how living in Spain using the euro (the official currency) becomes increasingly expensive due to the printing of money by the States.

Nevertheless, Among the young population of the United States, bitcoin also emerges as a long-term investment. In that case, beyond being a resource to go through inflationary periods without losses (or at least so that they are lower), the search has to do with taking advantage of a possible increase in the price of the cryptocurrency in the future, and not so much with the short term.

Other data about bitcoin in Spain

The most popular currencies in this survey showed no surprises: bitcoin, ether (ETH) and cardano (ADA) were in the top 3. They were closely followed by dogecoin (DOGE), litecoin (LITE), solana (SOL) and bitcoin cash ( BCH).

Bitcoin is by far the preferred cryptocurrency of the more than 900 respondents in Spain. Source: Capterra.

Of those surveyed, one 27% claimed to have already bought cryptocurrencies, 44% intend to do so and 29% did not do it and do not plan to do so in the future. Interest in these digital assets grew during the Covid-19 pandemic, the report also details.

Among those who did buy, 43% are between 23 and 35 years old, while almost the same number, 42%, are between 36 and 55 years old.

How are these people informed about cryptocurrencies and technology? Mainly through specialized websites (35%), general news sites (35%), YouTube (34%), Twitter (22%) and other social networks such as Facebook, Instagram (18%) and Telegram (14%) .

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