One of the main differences between cryptocurrencies and other payment methods is that there is no need to involve a third party, i.e. a financial institution, for settlement. For consumers, cryptocurrencies offer the possibility of fast, cheap payments between people and businesses without the need for intermediaries (other than internet service providers) and without the need for each party to provide their personal data or information about the source of their funds. That doesn't mean transactions can't be traced while authorities investigate. When necessary, the location of transactions can be traced by reference to an electronic public register, which is equivalent to a general ledger. From a business perspective, cryptocurrencies represent a low-cost way of conducting financial transactions as they come with low-risk, instant settlement compared to chargebacks due to disputes or fraudulent credit card transactions.

According to the PwC survey, 81% of respondents use this currency for online shopping, while a further 17% prefer its anonymity. Cryptocurrencies are also used for payments for other purposes, such as playing online games (17%) and paying off credit card debt (14%).

Due to the low liquidity of cryptocurrencies, there are significant fees between converting fiat currency into cryptocurrencies and vice versa. Additionally, the high volatility (variability) of unit cryptocurrency prices relative to other currencies creates significant risks for consumers and businesses, so in most cases these currencies are still not preferred for long-term "cash" positions.