Cryptocurrency or the underlying blockchain technology can hardly be considered to be in its nascent stage. It’s been over a decade since it’s the advent and since then both have disrupted major sectors, with a promise of reforming the traditional processes. At present the top industry players are busy developing respective blockchain and crypto projects, to spearhead the digital revelation to its next stage. With so much interest from all sectors, why is crypto still falling behind in respect of mainstream adoption?
A recent survey has revealed that most with the knowledge about blockchain and cryptocurrency believe that the main hurdle in the past of mass adoption of both is the lack of knowledge on the subjects among the general populace.
The Hurdle of Ignorance to Crypto Adoption
The survey was conducted with a group of 500 people with knowledge on crypto assets, to assess the long-term outlook. About 54 percent of the people who participated in the survey believed that the biggest hurdle in the way for mass adoption of cryptocurrency is the ignorance among the general population about the subject. They stressed that for the crypto to evolve, the mass needs to be educated and made aware of the core concept.
Around 34 percent of the survey participants noted that mass adoption is getting stifled due to lack of resources such as internet access, smartphone, computers, etc.
11 percent of the participants were unable to cite any major cause that according to them is keeping the majority from adopting cryptocurrencies.
What Millenials and GenZ Think of Crypto
This recent survey draws stark differences from a previous one that was mostly focused on the stand of Millenials and Generation-Z on cryptocurrencies and blockchain technology. The previous one revealed that adults within the age bracket of 18 and 42, who know digital assets and DLT, did not regard a lack of knowledge to be the main hurdle in the path of mainstream crypto adoption.
While 14 percent of the participants in the older survey blamed it on regulatory compliances, 37 percent were of the view that lack of trust among the masses was the biggest problem for crypto.
However, one common factor that struck similar chords in both surveys was, that the participants felt cryptocurrency to be a valid alternative to the traditional banking system. They ranked the dominance of countries in the order of the USA, followed by UK, South-East Asia, and Europe (2020).
Crypto for Payments
The survey has further cited that the majority believe that cryptocurrency’s primary use case will be in payments and transactions. This kind of correlates with all the recent studies conducted on the mass adoption of cryptocurrency.
A study was conducted by The Economist regarding the use case of crypto in developed and developing countries. The survey revealed that 34 percent of the 3000 participants believed that payments will be the basic and most accepted use case of digital assets in the days to come.
Another survey found that most people use cryptocurrencies to by basic needs like food and clothing, as opposed to the myth that it is used for illegal purposes.
In light of recent studies and researches conducted by several organizations and government bodies, one fact remains constant that mass adoption needs the masses or the general population to understand cryptocurrency, as there happens to be a lot of misconceptions even after a decade. Companies that are working with crypto and blockchain need to invest significantly in spreading awareness about the technologies and debunking the myths that have been circulating for so long.
Cryptocurrency is a significant aspect of fintech evolution. It is paving the way for future payments and other financial processes, just like the internet did for globalization.