Americans with a working knowledge of cryptocurrencies have shown a growing interest in blockchain technology and crypto.
According to a survey by the global Bitcoin marketplace, Paxful , this demographic increasingly views digital assets as an alternative to the “flawed” and traditional financial system .
Published on April 23, the study claims that cryptocurrencies as an asset are maturing , and close to 50% of respondents believe that a trigger event in the traditional financial system will help people shift their focus to Bitcoin ( BTC ) as an alternative. .
The most common use cases for Bitcoin, according to the survey, include payments in real life (69.2%) and to combat inflation and corruption (50.4%) .
Crypto space awareness increases amid global pandemic
Speaking to Cointelegraph, Artur Scahabck, Paxful chief operating officer and co-founder, said:
“It was interesting to see that many believe that mass adoption will be in the next 6 to 10 years. On the contrary, at the same time (6 to 10 years) respondents also believe that the cryptocurrency bubble is going to burst. I am hopeful in the first scenario, so I think that as an industry, we should work to create more products that are used for real-life use cases and that can help accelerate widespread adoption. ”
Amid the global COVID-19 pandemic , Paxful believes that both the cryptocurrency and the traditional financial system are being tested , partly explaining why the price of BTC is rising as it becomes a safe haven asset.
Scahabck noted that there is undoubtedly more awareness about crypto space now compared to before:
“I remember when we started, no one knew about Bitcoin or can even remember the word 'Bitcoin'. But, based on the results of the survey conducted this year and last, it showed that more people have heard of cryptocurrencies and now the They associate different concepts like money or technology. We are still a long way off, but I am looking forward to seeing more products that help mainstream adoption. ”
Regarding the obstacles adoption faces , the survey also highlights that 53.8% of respondents believe that lack of knowledge is holding back the spread of cryptocurrency adoption .
Challenges for the future of cryptocurrency adoption
According to the report, the main factors respondents believe will help increase adoption are mobile mining, the resurgence of altcoins, institutional investment, and business use of blockchain technology .
Paxful COO commented on the challenges ahead:
“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 scams at various levels. There is still widespread fear because of this. As an industry, this is our biggest challenge. ”
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