Paxful research finds that disenchantment with the traditional financial system will drive people to Bitcoin
Paxful released the results of a survey of Americans who have a working knowledge of cryptocurrencies. The results suggest that Bitcoin adoption will be driven by investors looking for alternatives to traditional finance. The survey was designed to better understand what the future holds for digital assets.
In addition to simply measuring how many people own and use cryptocurrencies, the study investigates what people think could lead to adoption. It highlights a continuing belief in a positive future for digital currencies and also touches on Bitcoin’s ability to address the gaps that have become increasingly apparent in the traditional financial system.
The effects of a global pandemic have further exacerbated these failures and may have opened up more space for the growing crypto industry. More than 60% of respondents believe that cryptocurrencies will fully infiltrate finance in the next decade.
Respondents indicated that daily payments (69%) and fighting inflation and corruption (50%) are the main use cases for Bitcoin.
Most respondents considered that payments made with cryptocurrencies offer a better alternative to expensive and complex wire transfers. According to survey responses, the places most likely to lead a payment revolution are the USA (64%), the United Kingdom (39%), Europe (30%), Southeast Asia (32%) and Africa (22%).
Paxful CEO Ray Youssef spoke about the results:
“We have always believed that cryptocurrencies and blockchain had the power to break down the barriers that prevented financial inequalities in emerging markets. We are now seeing these same practices and beliefs emerge among the world’s superpowers and we are excited to be part of what we hope will be the beginning of a new and improved financial system. “
A more comprehensive analysis of Asian and African representations can be found in the recent study of The Economist Intelligence Unit, which found highly favored digital payments among developing countries.
Still, the lack of knowledge seems to be the biggest barrier to further Bitcoin adoption.
Study participants suggest that mobile mining and a rush of altcoins may help to overcome this barrier.
In conclusion, users are eager to explore new alternatives in the way they handle money.
This attitude was probably accelerated due to the current financial climate. For space entrepreneurs, the ground zero for further adoption appears to be educational resources, payments and responding to the needs of emerging markets.