Survey: Lack of knowledge prevents mass adoption of cryptocurrencies

A survey published by the Bitcoin (BTC) peer-to-peer platform Paxful found that Americans with a good knowledge of cryptocurrency believe that the biggest barrier to the adoption of cryptocurrencies by the general public is a lack of knowledge among the general population. The aim of the survey was to find out views on the longer-term outlook of the crypto. There were 500 men and women based in the United States who owned cryptocurrencies and had a competent understanding of crypto assets.

Is public understanding the biggest barrier to adoption of cryptocurrencies?

Almost 54% of respondents stated that limited knowledge of cryptocurrencies among the general public is the biggest obstacle to the widespread use of crypto assets.

34% of respondents said that the lack of resources, such as access to an Internet connection, computer or smartphone, is the biggest barrier to mass adoption, while 11% did not mention the main factor preventing the use of crypto assets.

The survey seems to contrast sharply with another Paxful study of the attitudes of millennials and Generation Z with respect to crypto. This previous survey was published about seven months ago.

The younger generation disagrees

A September 2019 study found that adults aged 18 to 42 with some knowledge of virtual currencies believed that a lack of understanding was the lowest barrier to acceptance with regulation in 14%, while more than 37% found a lack of trust as the biggest barrier to the wider adoption of cryptocurrencies.

However, both surveys found that most respondents consider crypto assets to be a valid alternative to the older banking system.

A new Paxful survey also found that two-thirds of U.S.-based citizens believe the United States is the dominant jurisdiction governing crypto markets by 2020, followed by the United Kingdom, Southeast Asia and Europe.

The public believes that the primary use of the crypto will involve payments

Two-thirds of U.S. respondents believe that primary use of cryptocurrencies will include payments. This reflects the findings of other recent studies.

A study conducted by The Economist and Crypto.com with more than 3,000 people in developed and emerging economies showed that in 34%, payments are seen by users as the dominant tool for crypto assets. 35% of Crypto.com users also cited payments as the best case of using cryptocurrencies. This shows the consistency between the views of crypt users and consumers.

Another recent survey by Visual Objects found that cryptocurrencies are used primarily to buy food and clothing.

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