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Cryptocurrency is increasingly becoming a familiar term for consumers who are already accustomed to traditional fiat money. However, a new survey reveals that many people are interested in exploring cryptocurrency more and what opportunities it brings.
The recent survey, which circulated around Europe, was conducted by ING International and it showed that 82% of the people who responded had a basic idea about cryptocurrency.
This is because mainstream corporations like Facebook have used this opportunity to introduce their own digital currency, such as Libra; even the People’s Bank of China announced that it will soon launch its own cryptocurrency for consumers. Despite developments and growing awareness in the banking and business world, cryptocurrencies are still an unfamiliar concept for many people.
The survey shows that people still have limited knowledge regarding the working of cryptocurrency. Around 52% of people didn’t know if there was a central body that controls cryptocurrency. This shows that although people are familiar with the term “digital currency” they still have vague understanding about the details and how it really works. 33% of the people claim to have gotten their information from the news, 33% from online research and 13% from social media.
Respondents to the survey also seemed to have a positive feeling about the future of cryptocurrency and how it will be used in the future. People generally are welcoming of technological advancements and innovative ways of improving and transforming lifestyles, so it would come as no surprise that people have already seen cryptocurrency as a beneficial means of transaction and a promising investment.
On the other hand, products that are newly introduced are open for doubt by people who are not yet familiar with them; and that is a problem that cryptocurrency faces as well. Consumers who are already comfortable with traditional concept of money might find it hard to adapt to digital platforms. A long-term trust developed with their existing banks and other financial services might triumph their curiosity to something different.
Crypto Won’t Replace Cash (At Least Not Yet)
54% of the respondents disagreed that digital currency should replace cash. Any diversity in financial transactions will be short lived and might not replace the current system unless people are open to change on a larger scale. 40% of people agreed that banks should offer current accounts in cryptocurrency.
Cryptocurrency might not attract people who are more concerned about their everyday life but it’s promising for financial technicians who are interested in large international transactions without the arduous regulations and monitoring of establishments.
This is why cryptocurrencies are more popular among business communities who see the long-term benefits for themselves with these services rather than everyday citizens who are in no need of them.