Bitcoiners love accumulating sats as much as squirrels cherish their nuts. It's common knowledge that squirrels are not willing to let go of their nuts, but what about Bitcoiners and their sats? Are they willing to give up their funds in exchange for promos on products and services of their interest? And how much does a bull or bear market influence this?

These were some of the questions that  arose from the very moment we started shaping the Kumuly Pocket app, as our app aims to create a circular economy between merchants and Bitcoiners. We decided to conduct a survey to gather quantitative information to find out how open Bitcoiners are to the possibility of spending their sats on deals for products or services.

Before conducting the survey, we had the following hypotheses:

Hypothesis 1:

Less than 20% of the respondents would be willing to spend their sats on promos.

Hypothesis 2:

Individuals who receive BTC as payment for their work are more open to the possibility of spending it on products or services compared to those who solely buy BTC on exchanges or from a third party.

(We recorded a total of 29 participants in our survey)

Hypothesis 1

We asked the participants to imagine that four years ago, they acquired some BTC that today, has a value of $3000. We divided these respondents into three groups and assigned a different scenario to each group.

Scenario 1: The price has dropped by 25% in the last 4 years (Bear market)
Scenario 2: The price has remained stable in the last 4 years (Stable market)
Scenario 3: The price has risen by 25% in the last 4 years (Bull market)

After assigning a random scenario to each participant, we asked them the following question:
In the previously mentioned scenario, would you be willing to spend a portion of that $3000 in BTC on great deals for your favorite products or services?

Across all three scenarios, over 50% of the participants showed willingness to spend their sats on promos for products or services of interest. As a result, our initial hypothesis suggesting that less than 20% of respondents would do so has been invalidated.

The preferences of the survey participants

In this survey, we also wanted to find out which categories of products or services might not appeal to Bitcoiners when considering promos in exchange for their sats.

We asked the participants the following question:
In which categories would you consider spending a portion of that $3000 in BTC?

We also asked the surveyed participants:
How much of that $3000 would you be willing to spend on great deals for your favorite products and services?

We uncovered an interesting finding when we asked the participants:
Are there particular types of products or services you wish were more commonly available for Bitcoin payments?

“Bio food at local merchants”
“Fresh food” 
“food from small farm”

In short, organic food, hospitality, tourism, and electronics are categories that we will target as initial objectives in our roadmap.

Hypothesis 2

Our second hypothesis suggested that individuals receiving BTC as payment for their work would be more inclined to spend it on promos, compared to those obtaining BTC solely through purchases on exchanges or from a third party.

Would you be willing to spend a portion of that $3000 in BTC on great deals for your favorite products or services?

While our hypothesis holds true in this instance, we anticipated a more significant difference between the two groups. Nonetheless, these findings provide encouraging prospects for the viability of the Kumuly Pocket app.

Our participants surveyed

To keep this post concise, we'll share a relevant snippet of the data collected from our participants. (We recorded a total of 29 participants in our survey)

True Bitcoiners

A big part of our participants, based on the following questions and answers, demonstrated a mature understanding of Bitcoin usage, confirming the reliability of the data gathered in this survey.

Do you believe there is a second best after Bitcoin?

How well would you say you understand the traditional (fiat) monetary system?

How often do you send or receive BTC?

Are you saving in Bitcoin for the long term? (5-15 years)

What would you like to spend those BTC savings on?
”Just living off the stack, monthly expenses”
”Just living goods!”
”Everything I now spend fiat on.”
”Living in general”
”Life and kids”
”All daily household expenditures”
”Everything.”

While many survey respondents currently prefer not to use their sats for promotions, their future plans indicate a shift. In the near future, they intend to allocate their sats towards products and services related to housing and daily necessities. This shift suggests an emerging market for BTC usage, especially for essential household items and services, which could materialize sooner than anticipated.
Kumuly Pocket signifies our first step on a long path toward designing and enhancing an exceptional user experience for all involved in exchanging sats for goods and services. This learning process will undoubtedly equip us to provide technical solutions and refine UX, meeting the specific needs of Bitcoiners who are presently saving BTC for future spending. 🐿️