According to a study, receiving payments in digital assets is gaining popularity in Canada.
Receiving payment in cryptocurrency is gaining traction in Canada. According to a recent Capterra survey of 1,000 Canadian respondents, 67% of respondents are interested in receiving payment in cryptocurrency over the next five years.
Additionally, the surveyors discovered that one in every four respondents owns cryptocurrency, with 58 percent beginning their crypto journey during the pandemic lockdowns, when they had more time to conduct research and educate themselves about digital assets. 37% of respondents indicated that they intend to purchase cryptocurrency in the near future.
The researchers discovered that among respondents who used cryptocurrency, Bitcoin (BTC) and Ether (ETH) remain the most popular. Apart from Bitcoin and Ethereum, the most widely used cryptocurrencies are Dogecoin (DOGE), Litecoin (LTC), and Cardano (ADA).
Additionally, the survey results indicated that younger demographics are more likely to use cryptocurrency. 34% of cryptocurrency owners are between the ages of 18 and 22, while 41% are between the ages of 23 and 35.
While many are in favour of cryptocurrency use, others are more hesitant. The study identified impediments to non-crypto users utilising digital assets. According to the survey, 64% are deterred by a lack of crypto knowledge, 44% expressed fear of crypto disappearing, and 40% cited market fluctuations.
Tessa Anaya, the study’s analyst, stated that while interest is increasing, the future remains uncertain. “While concepts such as a blockchain-based economy and the implementation of Web3 are gaining traction, the reality is that the future of cryptocurrency in Canada remains uncertain,” she stated.
Meanwhile, research conducted across nine regions, including the United States and Canada, indicates that small and mid-sized enterprises are considering accepting cryptocurrency payments.
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