Two Emerging Consumer Groups
Distinguished by country of residence, occupation, and income, two emerging worlds make up those who are motivated to shop online using cryptocurrencies.
The first group of crypto-consumers is those forced by external economic woes, such that they have little or no access to any banking services or payments transfer options, or their countries are beset by economic instabilities caused by poverty and conflict. Most in this group are coming from developing economies, self-employed at that, and earn crypto as payment for their virtual assistance services. They either spend their crypto out of necessity or have no means to cash them out.
Also belonging to this group are migrants who regularly send their hard-earned income from their adoptive country to their countries of origin. They find crypto as the best favorable alternative as legacy money transfers offer expensive transaction fees to go along with slow processes. The ability of crypto to conduct fast and cheap payments transfer is one of the reasons why migrants comprise the largest group of crypto-consumers worldwide by 4.75 more than the overall percentage.
Crypto-consumers that comprise the second group originate from developed countries who are far taking risks by dabbling with the latest technologies. Their genuine commitment to innovation is such that no amount of issues involving crypto shopping can scare them away, as the survey reveals.