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CreditCoin: 44% of U.S. Residents Find it a Herculean Task Purchasing Cryptocurrency

Reading Time: 2 minutes by on August 4, 2018 Altcoins, Bitcoin, Business, Ethereum, Finance, News
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The result of the latest survey by CreditCoin released this summer has shown that a vast array of prospective digital currency investors do not own cryptoassets because they find the purchasing process quite complicated.

Roughly 40 Percent Millennials in U.S. Own Cryptos

According to the CreditCoin survey of 1,000 consumers in the United States who are familiar with bitcoin and digital currencies, nearly forty percent of millennials reported owning cryptos, with about 26 percent females having virtual currency portfolios.

Notably, the older demographic was not entirely left behind, as 24 percent of Gen X and 15 percent of Baby Boomers all said they have holdings in either bitcoin or altcoins.

CreditCoin Infographic
(Source: PR Newswire)

For those who don’t have crypto assets, 44 percent of the respondents stated that their biggest challenge was the complex nature of buying cryptos, while 64 percent of Millennials are concerned about security compared to 55 percent of Gen X and 54 percent of Baby Boomers.

CreditCoin to the Rescue

Launched in June 2018, CreditCoin is focused on making it easier for people to buy bitcoin and altcoins with credit or debit cards.

Though the platform claims to make use of a proprietary algorithm for sourcing cryptos at the lowest cost for users, customers are still charged service and processing fees. CreditCoin charges customers $7.50 as service fee and a debit card processing fee of 7.50 percent.

“Cryptocurrency is undeniably here to stay so we created CreditCoin to make it possible for everyone to participate without being required to know anything about eWallets or connecting their bank account to an exchange,” said CreditCoin spokesperson Jennifer Hansen.

At a time when many banks are no longer facilitating crypto-related transactions especially with credit cards, CreditCoin requires users to verify from their banks if there are hidden charges before trying to use the service. At current, CreditCoin users can only purchase bitcoin (BTC), litecoin (LTC), and ether (ETH) on the platform, but support for other coins may soon be added shortly.

For crypto holders looking to exchange their cryptoassets for cash, it’s impossible to do so on CreditCoin as the platform does have that functionality. Also, another major limitation is that the intermediary is not yet available worldwide.

Other Interesting Findings

The CreditCoin survey also revealed that about 80 percent of those who buy bitcoin and other cryptocurrencies do so for investment purposes and about three-quarters of consumers are looking forward to being able to pay with cryptocurrency in brick-and-mortar stores.

In related news, as reported by BTCManager on July 17, 2018, the Abra cryptocurrency-based remittance platform allows users to buy bitcoin with credit or debit cards instantly.

Abra also makes it possible for users to send bitcoin or ether all over the globe, with Abra tellers.

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