The ways we make transactions have undergone a lot of change in the past few years. As we’re hitting the halfway point of 2024, we can already notice that the financial landscape this year is also evolving.
The showdown between cryptocurrencies and eWallets continues and we’re seeing some shifts in user preferences. The best way to demonstrate this is to compare some of the key crypto vs eWallets states in 2024.
User Base
Both cryptocurrencies and eWallets have become more available to people on the web in recent years. Of course, this means both of them have seen their user bases increase.
In 2024, there are over 3.8 billion eWallet users worldwide while 560 million people across the world use cryptocurrencies. This is natural because using eWallets doesn’t require extensive knowledge and is easier to use in everyday transactions. Cryptocurrencies are still somewhat of a niche market, although their role in the financial landscape is increasing rapidly.
Both are used for various purposes such as online shopping, bill payments, and more. You can play in online casinos with cash app options and transfer your money instantly. If you use only cryptocurrencies, you can play at an anonymous casino and never reveal your identity.
So, in terms of user bases, eWallets are still leading due to their ease of use and wider acceptance. However, it’s important to note that cryptocurrencies are steadily gaining ground. This is especially the case in fields that value anonymity, such as iGaming. Both will see their user bases expand in the second half of 2024 and this trend will continue in the following years.
User Demographic
In 2024, a large number of people use cryptocurrencies and eWallets to make transactions. However, stats show that it’s mostly younger people who are interested in Bitcoin and other popular options. Those belonging to Generation X and baby boomers, however, prefer eWallet.
Stats for 2024 show that millennials are the generation that uses cryptocurrencies the most and comprise about 55% of the total user base. Gen Z makes up around 25% of the user base and is known for adopting new technologies and jumping on new trends. Baby boomers account for only 5% though.
eWallets have a broader appeal across different age groups. Although younger people still make up a significant portion. Gen X accounts for around 25% while baby boomers have a presence of around 10%.
When comparing crypto and eWallets in terms of demographics, it’s easy to understand why eWallets have a broader appeal. They’re easier to use and often come with user-friendly interfaces which is what Gen X and baby boomers value.
While some huge shifts in demographics are unlikely in the future, we may actually get to see older people experimenting with cryptocurrencies as they become more mainstream.
Daily Transactions
Another important aspect to take into account when comparing crypto and eWallets is daily transactions. Although they don’t work entirely the same, we can compare these numbers to get a better perspective of their usage and adoption rates.
Bitcoin, the pioneer of cryptocurrencies, sees approximately 500,000 transactions per day. However, this number varies and goes even higher during periods of high market activity. But that’s not the most we see from cryptocurrencies. Another big player, Ethereum has 1.155 million transactions processed each day. Considering that crypto, although popular, is still in its early days, these numbers are impressive.
Digital wallets, on the other hand, have a more widespread use and have more daily transactions. PayPay processes a staggering 41 million transactions on a daily basis.
What does the future hold?
While looking at the numbers for 2024 gives us insight into the current state of the crypto vs eWallets showdown, it’s also interesting to look at what the future holds for both.
eWallets are seen as something that will completely change the payment system. Juniper Research expects that 60% of the global population will use these wallets by 2026. The biggest driver for this increase is going to be better customer adoption and improved customer relationships. Also, people will adjust even more to eCommerce and eRetail shopping, creating the perfect environment for the increased use of eWallets.
When it comes to cryptocurrencies, we’ve all seen so many exciting predictions. According to stats provided by BCG, the number of cryptocurrency users will reach 1 billion by 2030. This will be facilitated by crypto regulation advancements in Southern Asia as the region currently accounts for 2-3% of global crypto trading value.
Conclusion
Although eWallets have larger user bases and see more daily transactions, cryptocurrencies are steadily gaining ground, especially in some fields. Looking ahead, both are poised for exponential growth. And as both continue to evolve, their impact on global finance and commerce will only increase, potentially shaping the future of digital transactions.
