Nearly 20% of asked Americans bought crypto, but most of the surveyed people are familiar with bitcoin (BTC) only – and know nothing of altcoins, a recent survey concluded.
Commissioned by Coinflip, a major US-based Bitcoin ATM operator, the survey included 1,005 respondents, whose responses suggested that 18.4% of Americans have either purchased or invested in digital currencies (cryptocurrencies).
Additionally, the Southern part of the country seems to be more tilted towards cryptocurrencies – with 50% of the total respondents from the South saying they prefer to transact using cryptocurrencies.
Daniel Polotsky, co-founder and CEO of CoinFlip, is quoted in the press release as saying:
“There’s a lot of sensationalism around cryptocurrencies, but the truth is that they are gaining popularity among Americans who are looking for convenient, alternative financial services. In many cases, they are being used by people who are effectively shut out of the mainstream banking system because of its hefty service charges and fees.”
Furthermore, the study showed that 81% of the respondents are familiar with cryptocurrencies, but about 55% have heard only of Bitcoin and nothing of altcoins.
As an emailed press release detailed, 14.5% of Americans are considered “hardcore” crypto users with knowledge of three or more cryptocurrencies other than Bitcoin.
It also revealed that 43.9% of cryptocurrencies are purchased from an exchange, while bitcoin ATMs and in-person transactions at 28.2% accounted for the second most prevalent ways people purchase crypto.
The survey results suggested that, despite the increasing adoption of cryptocurrencies, US citizens want to have a choice in how they spend their money and as such, cash usage is still common in the U.S economy. “Over 40 percent of respondents said they could not imagine completely replacing paper money with electronic payment systems,” said the press release.
“Americans have spoken and they are saying they want choice in how they spend their money. It may suit some banks and big tech companies to push the narrative that nobody is using cash, but it is very much alive and well in our economy.”
Lastly, the results revealed “significant disillusionment with commercial banks in general” – less than half of the respondents, or 43%, said they trust them. Debit and credit cards are the most popular electronic methods of payment, and options like Apple Pay and PayPal are growing in popularity as well.
The question of cryptocurrency adoption both by individuals and institutions in different countries is such that persists in the cryptoverse. As the coronavirus pandemic toppled most economies around the world, citizens of certain nations whose monetary policies are perceived by the masses not to be so favorable began embracing crypto alternatives.
In Africa for example, this situation played out in Nigeria as Effort Onoboh, a bitcoin investor confirmed. He told Our that stiffened regulations, as well as the devaluation of the Naira, is among the recent stirring crypto embrace among Nigerians.
Meanwhile, the coronavirus pandemic has particularly helped point out the inherent promises of digital currencies. A study conducted in March by bitFlyer Europe revealed that 66% of the 10,000 people polled said that cryptocurrencies will still exist in 2030. Per the exchange, this indicates that confidence continues to grow in cryptocurrencies, despite the crippling effect of coronavirus on the global economic landscape.