The researchers say it is hard to believe that consumers prefer a cryptocurrency like BTC or ETH to the US dollar. Forty-six percent of the credit card holders surveyed aim to use their crypto credit cards to make daily purchases.
New York-based company CouponFollow surveyed 1,016 credit card holders about credit card rewards. The consultation showed that they are abandoning traditional credit cards in favor of credit cards with crypto rewards.
Forty-six percent of crypto credit card holders aim to make purchases with their crypto credit cards daily. In addition, 80% of the respondents believe that Bitcoin will replace traditional credit cards.
Most Consumers Prefer Crypto Credit Card Rewards in Bitcoin
The researchers that conducted the survey find it hard to believe that consumers would prefer a currency other than the US dollar. The most sought-after cryptocurrency prize coins among the respondents in the study were Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). That is easy to understand as they are among the most valuable crypto assets.
Many would also accept varying types of crypto rewards from their credit card companies as the digital currency space expands. They include non-fungible tokens (NFTs), crypto assets on a blockchain with unique identification codes, and distinguishable metadata. Ninety-five percent of the crypto credit card holders participating in the study would like to receive NFTs as a reward.
The survey reveals that most of the best crypto rewards credit cards provide digital cashback when dining out, shopping, or buying concert tickets. The most popular crypto credit card among the Americans interviewed are those offering various types of cryptocurrency rewards. Those cards allowing users to earn up to 5% in crypto rewards came in second place.
A Popular Idea among Crypto Credit Card Holders
The idea of moving into a crypto reward card is popular among the credit card holders surveyed. Forty-six percent of the respondents plan to make all purchases with their crypto credit card. Therefore, it is good that many of those users plan to spend their crypto rewards wisely. Sixty percent of the respondents aim to reinvest their crypto rewards balance in cryptocurrencies.
Crypto credit card holders suffer from drawbacks, as they may have to pay higher fees and interests than paying with regular cards. Therefore, they should research before choosing that kind of payment tool.
Cryptocurrency holders increasingly require payment tools to access their funds and spend them. Those investors traditionally chose to buy more coins, keep their holding in the long term, or do speculative trading.
Users can make purchases with crypto rewards cards, like with any traditional credit card. Besides, each time they use them, they may receive rewards in Bitcoin and other cryptocurrencies.
Bitcoin is trading at around USD 19.8350 and has accumulated a 4.8% loss over the last 24 hours. While its daily trading volume is above USD 21.48 billion, its market capitalization is about USD 378.69 billion, according to CoinGecko.
By Alexander Salazar
