Perceived issues when using crypto for online purchases 2022, by age and income group
Among those surveyed by CryptoRefills, a company which sells vouchers and gift cards in exchange for cryptocurrencies, high transaction fees, especially, were the most prevalent issue in 2021. By 2022, the company stated, this issue had been overtaken by the unavailability of crypto payments on certain websites or for specific products. The source argues this was a sign of "the limited subset [of crypto commerce] within the overall retail sector". Consumers in late 2021 hoped to use crypto as a payment method on travel, whereas the industry that focused most on these payments was luxury goods. Ever since cryptocurrencies like Bitcoin became known to many as a "digital alternative to money", a discussion rages on whether such digital coins could be a viable way to pay for online shopping. Some argue crypto is not designed for such applications as a Bitcoin transaction, for example, can take up to 40 minutes to complete.
The main issues consumers face when using crypto for e-commerce is the lack of stores and products that accepts them, as well as high transaction fees.