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2gether: how people spend cryptocurrencies
2gether: how people spend cryptocurrencies
Crypto

2gether: how people spend cryptocurrencies

By Marco Cavicchioli - 22 Jan 2020

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Some data released by 2gether regarding the use of crypto assets reveals how people spend cryptocurrencies on the online platform. 

The most frequent cryptocurrency payments on 2gether are made in restaurants and hotels, with 32.71% of payments made on the platform in this specific sector. 

It is a definite supremacy, given that the second category of purchases, supermarkets and grocery stores, stands at 19.13%. 

These data are definitely curious, especially considering that the following categories are communications (11.91%), transport (11.85%), entertainment and cultural sector (8.30%), finance and investment (6.77%) and health (4.16%). 

Electronics and clothing do not appear to be at the top, while the preferred categories seem to be related to travel and tourism. 

An average user on 2gether spends about 112€ per month using cryptocurrencies, of which 63% is paid in fiat currency, while only 37% is actually paid in cryptocurrency without conversion into fiat. 

This last percentage, although it may appear to be low, it isn’t so at all, because it proves that 37% of the recipients accept cryptocurrencies instead of cashing in fiat currency, even when the possibility is there. 

As for the choice of the cryptocurrency used to make payments, Bitcoin is obviously leading the way, but only with 52%, despite its market capitalization amounting to about 66% of the total of all cryptocurrencies in the world. 

This confirms that BTC is often used primarily as an investment, or store of value, while the most used as a means of payment is ETH, which accounts for almost 40% of transactions on 2gether. 

These are followed by XRP with 2% and BCH with 1.6%. 

The data also reveal that the majority of users belong to the 36 to 45 age group with 31%, followed by the 26 to 35 age group with 25%. 

The curious thing is that some other data have revealed that millennials are the age group with the highest number of holders. This difference suggests that millennials probably either own less individually or are more interested in using the assets as an investment or store of value, whereas it is the age group just above that is more willing to spend cryptocurrencies. 

In the third position, as far as the users of 2gether are concerned, there is the age group between 46 and 55 with 19%, followed by the age group between 18 and 25 with 16%. 

With regard to gender, men dominate with 77%, while women are only 23%

Here, too, the figures differ from those of, for example, cryptocurrency investors, of whom only 12% would be female. 

The fact that the usage statistics appear to be different from those of holders, or investors, suggests that they are generally different profiles, not at all overlapping. 

In other words, it is possible that many people who invest in cryptocurrencies do not spend them, while those who use them as a means of payment correspond to different profiles than those of investors. 

Finally, as far as the work activity is concerned, the most represented category among cryptocurrency users on 2gether are those who work in accounting and economics, and lawyers, but only with 15.4%. 

In second position there are students, with 11.20%, while from the third to the sixth the gaps are very small and concern transporters and logistics workers, businessmen, unemployed and retired people, and those who work in IT. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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