RATE Group | How Psychology Affects Consumers’ Use of Cryptocurrency
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How Psychology Affects Consumers’ Use of Cryptocurrency

30 Oct How Psychology Affects Consumers’ Use of Cryptocurrency

Posted at 01:07h in Cryptocurrency News by

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Along with a steep decline in the value of the most popular cryptocurrencies like Bitcoin, Litecoin, and ether, the hype surrounding them has died down considerably in recent months. Yet cryptocurrency remains the most innovative and potentially transformative form of digital money. It has the potential to move us towards an entirely cashless existence as consumers in the not-too-distant future.

Andre Francois/ Unsplash

Source: Andre Francois/ Unsplash

But what about the present? To what extent have consumers adopted cryptocurrency as money, not as a speculative investment?  What is its value to consumers? And how are the early adopters using it?

The blockchain technology behind cryptocurrency has been widely discussed and explained. So have the various risks associated with owning cryptocurrency.  These topics are beyond the scope of this post. Here, I want to specifically consider the influence of cryptocurrency on consumer behavior as of late 2018.

As a form of money, cryptocurrency has…

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