Americans with knowledge of cryptocurrencies have shown growing interest in blockchain technology and crypto.
To A survey of the global Bitcoin market Paxful, this demographic group Digital assets are increasingly seen as an alternative to the “faulty” and traditional financial system.
Posted on April 23, Study claims cryptocurrencies are maturing as an assetand about 50% of Respondents believe that this is a triggering event in the traditional financial system It will help people change their approach to Bitcoin (BTC) as an alternative.
According to the survey, the most common use cases for Bitcoin are payments in real life (69.2%) and to fight inflation and corruption (50.4%)..
Awareness of the crypto space is increasing given the global pandemic
Artur Scahabck, chief operating officer and co-founder of Paxful, said to Cointelegraph:
“It was interesting to see that many believe that the mass adoption will take place in the next 6 to 10 years. On the contrary, at the same time (6 to 10 years) the respondents also believe that the cryptocurrency bubble will burst. I am hopeful at first Scenario, I think we as an industry should work to develop more products that are used for real-world use cases and that can help to accelerate widespread acceptance. “
Amid the global pandemic of COVID-19, Paxful believes that both cryptocurrency and the traditional financial system are being testedThis partially explains why the price of BTC is rising as it becomes a safe haven.
Scahabck noted that there is no doubt that there is now more awareness of the crypto space compared to before:
“I remember when we started nobody knew anything about Bitcoin or even remember the word ‘Bitcoin’, but based on the results of the survey conducted this and last year, it showed that more people were using cryptocurrencies have heard and now you combine different concepts like money or technology. We are still a long way from that, but I look forward to seeing more products that contribute to general acceptance. “
Regarding the obstacles to adoptionThe survey also shows that 53.8% of respondents believe this Lack of knowledge inhibits the spread of cryptocurrency adoption.
Challenges for the future of cryptocurrency adoption
According to the report, the main factors are that Respondents believe they will help increase adoption through mobile mining, the resurgence of altcoins, institutional investments, and the commercial use of blockchain technology..
Paxful COO commented on the upcoming challenges:
“It’s still knowledge about cryptocurrencies themselves. We know that more people have heard of them, but I think for the wrong reasons like gambling and fraud at different levels. Because of this, fear is still widespread. This is ours biggest challenge. “
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