Cryptocurrencies -- which store their transactions on the blockchain -- can be used to buy anything from beauty, gaming, services, even foodstuffs like chocolate.
Apps that enable you to post socially on the blockchain are exploding in popularity. But who is actually using crypto in their day to day shopping habits?
Cryptocurrencies can be used practically anywhere. They can be pre-loaded onto a pre-paid credit card and used anywhere the credit card is accepted to buy whatever you want.
A study from Madrid, Spain-based collaborative financial platform, 2gether looked at crypto user spending habits. It gathered data from over 10,000 users from April to December across 19 countries in the Eurozone to see how crypto users are going cashless heading into the new decade.
The majority of crypto users (56%) are aged between 26 and 45 years old. Over three out of four (77%) of these users are male and tend to be white collar professionals.
The most common professions among users are lawyers, accountants, and economists (15.64%), followed by students (11.20%), and senior executives and businessmen (8.82%).
The survey showed that the average monthly spending in Euro per user was 132.65 Euros, whereas in cryptocurrency it was 112,45 Euros. 2gether saw that 37% of payments using the app used cryptocurrencies compared to 63% who used cash.
Bitcoin is the currency most used to make payments at 51.80%, followed by Ethereum at 39.38%. Other currencies lag behind. Cryptocurrency Ripple is used to make 2.16% of payments and Bitcoin Cash 1.62%. Interestingly Ethereum has a higher payment use than Bitcoin if the volume of the payments are compared with the market capitalisation of both coins.
Cryptocurrency users are foodies. Users spend their cryptocurrency on food, restaurants, and hotels (32.71%), followed by supermarkets and grocery stores (19.13%), and communications (11.91%).
This contrasts with users who spend Euros instead of crypto. Most cash is spent on house supplies, with spending on restaurants and food is in fourth position .
Ramon Ferraz, CEO of 2gether said: "Our goal is to enable the mass adoption of cryptocurrency and enable users to spend crypto in their everyday life, and this data we've compiled takes us one step closer to making our goal a reality in 2020."
Knowing how consumers behave online and spend their cryptocurrencies is beneficial to firms such as 2gether.
As crypto hits the mainstream with users, the ability for users to withdraw hard cash from ATMs using their crypto card is crucial.
Bridging the gap between crypto users and the mainstream market will make things a lot simpler for users, and foster wider adoption.
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The most frequently purchased items are coffee, baby wipes, clothes, and other necessities.