The primary driver of Bitcoin adoption in Spain is the possibility of generating profits despite the risks. Twenty-seven percent of the respondents have bought cryptocurrencies, whose popularity increased during the COVID-19 pandemic.

It is relevant to know the factors driving the adoption of cryptocurrencies to understand how they contribute to the well-being of people. A survey provides details about why people use Bitcoin (BTC) and other cryptocurrencies in the Spanish territory.

Capterra, a Spanish website specializing in company-software consulting, conducted and published the abovementioned study. Nine hundred ninety-seven people residing in Spain, of legal age and already familiar with the concept of cryptocurrencies participated in the survey.

More than half of the respondents (51%) said that the main reason for buying cryptocurrencies is to generate profits despite the risks.

The belief in a decentralized system with no institution regulating it is the second reason. Forty-seven percent (47%) of the participants in the survey favored that option.

Another 38% stressed that the use of cryptocurrencies allows integrating into an alternative and innovative environment. Meanwhile, almost the same percentage of people (37%) remarked that they could help avoid the traditional banking system.

The use of Bitcoin and other cryptocurrencies to conduct private transactions was important for 32% of individuals. The last thing that 27% of those surveyed mentioned was the possibility of making cheap international transactions.

Reasons Why Some People Do Not Use Bitcoin in Spain

The respondents that still do not use cryptocurrencies mentioned four reasons why they do not buy Bitcoin. These are lack of knowledge (54%), risks due to volatility (43%), security concerns (35%), and their possible disappearance or illegality (31%).

Part of the audience that still does not use cryptocurrencies indicated the main factors contributing to greater adoption. They mentioned government regulation (45%) and a greater understanding of the concept (43%), respectively.

Reasons Why People Use Bitcoin in Latin America

Looking at what is happening on the other side of the Atlantic helps better understand the data Capterra provides. Latin Americans use Bitcoin mainly as a hedge against the inflation they experience in the region. For that reason, it stands as one of the best options to safeguard the value of savings.

However, there is also inflation in both the United States and Europe. For example, living in Spain on the euro becomes increasingly expensive due to the printing of money by states.

Bitcoin also emerges as a long-term investment among young people in the United States. It is a resource to undergo inflationary periods without losing much money. Besides, the search consists of taking advantage of a possible increase in the price in the not-so short term.

Other Relevant Data About Bitcoin in Spain

The most popular currencies among the respondents of that survey did not cause any surprise. Bitcoin, Ether (ETH) and Cardano (ADA) were among the top 3. Meanwhile, Dogecoin (DOGE), Litecoin (LITE), Solana (SOL) and Bitcoin Cash (BCH) closely followed them.

Twenty-seven percent said they have bought cryptocurrencies, 44% intend to do it, and 29% have not done it and do not plan to do it. Interest in those digital assets grew during the COVID-19 pandemic, according to the report.

Among those buying it, 43% are between 23 and 35 years old, while almost the same percentage (42%) are between 36 and 55 years old.

By Alexander Salazar

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