Cryptorefills Labs is where the data and the ideas that support our mission are collected, analyzed, researched and discussed before they are prototypes and become part of our product. Our Labs are open to our customers, partners, stakeholders and crypto community with the goal of promoting the adoption of blockchain based currencies in everyday life.
Our research is concentrated on investigating the adoption of blockchain based digital currencies (e.g. bitcoin) as money and as a means of payments.
Cryptocurrencies in Commerce
Consumer Adoption Report | 2023
This report aims to provide a global picture of what is the current state of user adoption of bitcoin and other cryptocurrency as a means of payments for goods and services. The report is based on surveys conducted on “cryptoshoppers” and Cryptorefills aggregated data. It provides quantitative and qualitative analysis of “cryptoshopper” demographics, of the adoption of cryptocurrencies for everyday purchases, including drivers and barriers as well as purchase behaviours and statistics.
The 2023 version is offered free in a light version and paid for the full version. The full version features 83 charts and graphs and a Cluster Analysis of Consumer Segments with detailed descriptions of the related preferences and needs of each segment.
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Articles and Research
Research
We are pleased to announce that our paper, “Towards deciphering the crypto-shopper: An analysis on knowledge and preferences of consumers using cryptocurrencies for purchases” by Massimiliano Silenzi, Umut Can Çabuk, Ömer Aydin and Enis Karaarslan, originally released as a Cryptorefills Labs preprint, has now been fully refined, peer-reviewed and accepted for publication in the Serbian Journal of Management (SJM).
Research
This study, conducted by Cryptorefills Labs, provides empirical evidence on why stablecoins like Tether (USDT) and USD Coin (USDC) are becoming the preferred choice for crypto shoppers over volatile cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Research
The importance of stablecoins and alternatives to Ethereum mainnet in driving consumer purchases with cryptocurrencies
Article
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In the media
The majority of stablecoin payments are dispersed fairly evenly across alternative networks like Polygon, TRON, Solana, and Avalanche as well as Ethereum layer-2s like Optimism and Arbitrum,” said Silenzi. “As a result, when it comes to stablecoin payment networks that are quick, inexpensive, and scalable, there isn’t yet a clear winner.”
For these users – freelancers paid in digital currencies, families sending cross-border remittances, or communities grappling with high inflation – crypto is a lifeline. It offers low fees, seamless global transfers, and a way to maintain purchasing power when local currencies are in flux.
The data seems to paint the picture of a user whose crypto adoption is forced by external economic issues, such as lack of access to banking services and other payment options, or the economic instability in their countries. According to the survey, crypto consumers in this group come from developing economies and tend to be self-employed. Many of them receive crypto as payment for their services — ranging from coding tasks to writing blog posts — and they spend crypto because of the necessity, with about half of the respondents unable to cash out their crypto holdings.
As another opportunity for retailers, cryptocurrency shoppers are a crowd with underserved demands in this field, with 40.5 per cent of respondents of CryptoRefills‘ research indicating the lack of merchants and brands that accept crypto as their top problem in 2022. That said, as part of a major global trend, most enterprises are looking forward to accepting crypto from their customers in the future.
Cryptorefills data for Statista
Our research partners
Cryptorefills Labs research partners support us in one or more areas of our research, for example helping us collect survey data or supporting us in announcing and promoting the results of our studies. If you are interested in becoming a Cryptorefills Labs research partner you can get in touch with us using the contact form.
3rd Party Research
The report provides a go-to payment resource of crypto terms and concepts for those interested to understand the basics of crypto payments and their long-term impact. Also, it shares practical examples of cryptocurrency-enabled ecommerce and banking services and presents the latest developments in the regulatory landscape.
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