Cryptocurrencies on the Street reported that every Briton has spent around £473 on cryptocurrencies, according to VoucherCodes data provided to Theinquirer on Sept. 23.
The amount spent on digital assets was calculated by multiplying the amount the average Briton spent on cryptocurrencies by the latest World Bank population figures for the region.
Popular cryptocurrencies in Britain. Voucher Codes
However, the country still registers a gender imbalance in cryptocurrency ownership, with 41% of men owning digital assets and their average spending is £767. Similarly, the imbalance is fixed in spending using digital assets, with only 27% of women investing in their cryptocurrency wallet, averaging £214.
Using cryptocurrencies in payments
In addition, there has been increased use of cryptocurrencies in the purchase of essential goods using cryptocurrencies with greater inclusion of digital assets in retail payments.
Interestingly, clothing accounts for 13%, the same as home, while vacations account for 11%.
Popular cryptocurrency purchases. Coupon Codes
At the same time, the researchers pointed to the lack of retailers accepting crypto payments as a major bottleneck.
“However, it is clear that there is still a lot of work to be done in order for the British to get the most out of this technology. While it is encouraging to see some starting to buy goods with their digital currency, the number of retailers accepting cryptocurrencies as a payment method is still low. For adoption to become mainstream, more retailers need to use cryptocurrency,” said cryptography expert Dr. Garrick Heeleman.
In addition, the study revealed discrepancies in understanding how cryptocurrencies work, with 11% of Britons showing that they are very knowledgeable about the industry, while 19% have a reasonable understanding.
The researchers also noted that interest in cryptocurrencies is likely to grow in the future, with the average person intending to invest around £593. It is noteworthy that the younger generation sees the future in cryptocurrencies.
Despite the growing use of cryptocurrencies in the UK, the region faces regulatory uncertainty. However, lawmakers in the country are pushing to make the region a global crypto hub with proper regulations.
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