Published: June 5, 2019
Use of Bitcoin as a payment method still in its infancy for Canadian consumers.
June 6, 2019 -- Payments Canada and CorbinPartners Inc today published The Bitcoin Sentiment Tracker, new research that explores Canadians’ perceptions and attitudes towards Bitcoin, one of the world’s most popular digital currencies.
The research indicates that consumer intrigue and investment potential are the key factors spurring the acquisition of Bitcoin to date, but consumer use of Bitcoin as a payment method is still in its infancy. While the future potential of the digital currency is hotly debated, it is widely established today, evidenced by its budding network of trading exchanges, reported acceptance at more than 100,000 businesses worldwide, and adoption of its blockchain based technology by an increasing number of multinational corporations
Key highlights from the Bitcoin Sentiment Tracker include:
- Consumer interest has spurred adoption. Almost four in ten Bitcoin users (39%) purchased Bitcoin the first time just to give it a try. A third of Bitcoin users did so primarily for investment purposes.
- Price volatility has opposing effects. Almost three in ten who acquired Bitcoin for investment purposes (29%) found price volatility to be a main advantage of Bitcoin as compared to traditional currency. Almost four in ten non-users (39%) cite price volatility as a primary reason for not owning it.
- Bitcoin users are primarily satisfied with their experience, with a third identifying ease of use (34%) and cross-border transactions (33%) as main advantages compared to traditional currency.
- A significant percentage of Bitcoin users are dissatisfied with the number of businesses that accept Bitcoin payments. Almost four in ten Bitcoin users indicated they were somewhat or very dissatisfied with this factor.
- On the flip side, the majority of businesses that are transacting in Bitcoin would recommend other businesses owners adopt it as a payment source and cited lack of consumer adoption as the cause of low transaction volumes.
- Further growth in use will need to be fueled by awareness and education. Six in ten Bitcoin users (60%) plan to use Bitcoin again in the next 12 months. Fewer than one in ten non-users (9%) plan to purchase or transact Bitcoin over the same timeframe.
With more than a thousand reported digital currencies in use, this technological advancement is beginning to drive a paradigm shift in how consumers and businesses view everyday monetary exchange. Among them, Bitcoin is the most widely established at present.
The Bitcoin Sentiment Tracker is an inaugural tracking study of Canadians who hold and/or transact Bitcoin, as well as those who haven’t adopted this form of currency to date. The findings of the report uncover valuable information to help better understand the current and potential advancement of Bitcoin in Canada.
Approximately 1,200 respondents across Canada took part in the survey, including 223 who currently hold and/or transact in Bitcoin and 1,003 non-Bitcoin users who are profiled as potential users.