Paxful survey: Disenchantment with the traditional financial system will drive people to Bitcoin

By Selena On Apr 23, 2020

According to a survey from Paxful, Americans with a working knowledge of cryptocurrencies have been showing a rising interest in blockchain technology and cryptos. This proves this demographic increasingly views digital assets as an alternative to the “defective” and traditional financial system.

Awareness of cryptocurrencies increased between the global Coronavirus pandemic

This is a survey released on March 23, 2020, showing that cryptocurrency is considered an asset are maturing. In particular, nearly 50% of voluntary believe that a triggering event in the traditional financial system will help people shift their focus to Bitcoin as an alternative.

The effects of a global pandemic have further exacerbated these flaws and may have made more room for the burgeoning crypto industry. More than 60% of respondents believe that cryptocurrencies will have fully infiltrated finance within the next decade. Respondents indicated that everyday payments (69%) and combating inflation and corruption (50%) are Bitcoin’s top use cases.

Source: Paxful

Artur Scahabck, CEO and co-founder of Paxful, said:

“It was interesting to see that many believe that mainstream adoption will be in the next 6 to 10 years. Contrary to that, by the same amount of time (6 to 10 years), ownership also believes that the crypto bubble will burst. I am hopeful for the first scenario, so I think, as an industry, we should work towards creating more products that will be used for real-life use cases that can help accelerate mainstream adoption.”

During the global COVID-19 pandemic, Paxful believed that both cryptocurrencies and traditional financial systems were being tested, which partly explains why BTC prices increased when it became a safe haven asset.

Scahabck emphasized:

“I remember when we first started, no one knew about Bitcoin or can even recall the word‘ Bitcoin. ‘ But, from the survey results conducted this year and the last, it showed that more people have heard of crypto and are now associating it to different concepts like money or technology. We canton still a long way there, but I’m eager to see more products that help towards mainstream adoption.”

Regarding the obstacles facing adoption, the survey also highlighted that 53.8% of respondents believe that ignorance is curbing the spread of cryptocurrency adoption.

According to the Paxful survey, the key factors that respondents believe will help increase adoption are mobile mining, altcoin revival, institutional and corporate investment using blockchain technology.

Paxful survey: The future of Bitcoin adoption

The survey was designed to better understand what the future might hold for digital assets. Beyond simply measuring how many people own and use cryptocurrencies, the study probes what people think might drive adoption.

It highlights a continued belief in a positive future for digital currencies and also touches on Bitcoin’s ability to address the flaws that have become increasingly apparent in the traditional financial system.

According to survey responses, the countries most fit to lead a payments revolution are the USA (64%), the UK (39%), Europe (30%), South East Asia (32%), and Africa (22%).

Paxful CEO Ray Youssef said of the results that:

“We have always believed that cryptocurrency and blockchain had the power to break down the barriers that prevented financial inequalities in emerging markets. We are now seeing those same practices and beliefs come to life among world superpowers and are excited to be a part of what will hopefully be the beginning of a new and improved financial system.”

Source: Paxful

Still, a lack of knowledge appears to be the greatest barrier to further Bitcoin adoption. Participants in the study suggest that mobile mining and an altcoin run could help overcome this barrier.

Scahabck concluded:

“That’s still the knowledge about the cryptocurrency itself. We know that more people have heard about it, but I think for the wrong reasons like gambling and multi-level scams. There is still fear of the mainstream audience because of these. As an industry, this is our biggest challenge.”

Read more: