New Survey: 15% of Participants Who’ve Sent Money Abroad Have Used Cryptocurrencies

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A branch of western union financial services in Mons, Belgium on Sep. 16, 2018 - Image

The value of the crypto market has seen a massive decline this year.

The market was valued at over $800 billion at the start of 2018, but it is now valued at $127 billion after a series of declines.

While the market’s total capitalization might have suffered this year, there is one area that has certainly been a positive development for the crypto industry – its increasing adoption among the public.

Americans Are Now Using Cryptocurrencies to Send Funds

Declining crypto prices is not a good gauge when it comes to measuring the adoption of these digital coins by the general public.

According to a recent study by the blockchain startup Clovr, 15% of Americans now use cryptocurrencies to send money abroad.

The study, which is titled “Sending money back home: Worldwide methods people use to transfer funds,” surveyed 707 Americans who sent money abroad.

Aside from trying to find out what the money is used for, researches also focused on the method used to transfer the funds.

Survey participants were asked whether they send remittance via money transfer services such as Western Union, online payment services like PayPal, traditional bank wire transfer or by newer methods such as cryptocurrency.

While the cryptocurrency option to send money abroad is relatively new, it is now the fourth most used method used for cross-border remittances.

Money transfer services still reign supreme with 50.9 percent of the respondents saying they’ve used the method when sending money abroad.

It is followed closely by online service payments with 50% of respondents saying they’ve used this method for remittances while traditional bank transfers are the third most used method at 25.7%.

While the crypto option is still new, 15.8% of the survey participants say they’ve already used the method to send remittances abroad.

Top Destinations for Remittances

The study said that total remittance volume is around $147 billion annually.

The top four remittance destinations are China ($16.14 B), India ($11.72 B), the Philippines ($11.12 B), and Mexico ($10.02 B).

Based on the survey, 76.8% of the remittances sent was intended for the remitters’ families while 28.6% were for friends.

Meanwhile, the study also detailed the top items that the funds were being used for – 41.4% of the funds were for food, 28.7% were intended for purchasing household items while 25.2% of the funds were for housing.

New Survey: 15% of Participants Who’ve Sent Money Abroad Have Used Cryptocurrencies was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.