Pros and cons of public opinion polls – Jason Robert Jaffe
Disadvantages of payment solutions are pushing people towards cryptocurrencies – research
Stellar and Wirex Survey Results Promise Further Mass Adoption for Cryptocurrencies
People’s digital assets may be pushed by the shortcomings of traditional payment solutions
Stablecoin awareness remains surprisingly low
According to Stellar and Wirex research, traditional international payment systems, inconvenient for users, can push people to adopt cryptocurrencies..
One of the drivers of the massive adoption of digital currencies may be the growing need for more efficient and user-friendly payment solutions. This is the conclusion made by Wirex and Stellar Development Foundation experts based on a joint study.
Weaknesses of the mainstream
Stellar and Wirex published the study The Future of Money: Cryptocurrency Adoption in 2021 on January 21st. The survey involved 3,834 clients of both companies from 89 countries.
According to the findings, the growing need for cross-border financial transactions and user dissatisfaction with existing mainstream solutions can stimulate massive adoption of cryptocurrencies..
Will cryptocurrency solutions be able to successfully compete with traditional payments? Share your opinion in the comments and join the discussion in our Telegram channel!
The survey also revealed some rather curious facts. So, it turned out that the main holders of the cryptocurrency were the age group from 45 to 54 years..
As Pavel Matveev, CEO of Wirex commented,
“The results of the study will help to better understand the main problems of consumers in the field of payments and to better understand what exactly users want to get from the digital economy.”.
The survey has shown that international transactions are increasingly entering everyday life. Three quarters of the respondents said that they had previously transferred money abroad. At the same time, the age of 56.9% of respondents from this group ranged from 18 to 24 years old. Researchers have suggested in this regard that the younger generation is more open to digital technology, so they are more likely to buy goods in other countries or work remotely for a foreign employer..
It is noteworthy that the majority of respondents considered the fees for such international money transfers to be too high. About half of the respondents consider even commissions of 1% to be high. Accordingly, the number of those who were dissatisfied with higher duties turned out to be even more significant..
According to the study authors, cryptocurrencies can solve this problem. 74.1% of the survey participants agreed with them. They felt that cryptocurrency payments represent a viable alternative to traditional solutions.
What is stablecoin?
Another interesting discovery was the attitude of the respondents towards stablecoins. Despite the growing awareness of people about Bitcoin, cryptocurrencies and blockchain technology in general, they still know very little about stablecoins..
As it turned out, 75% of the respondents had never come across this term at all. At the same time, the difference between generations was clearly manifested in this issue. About 34% of respondents in the 25-34 age group knew what a stablelock was. Meanwhile, among those over 65, the same indicator was only 17.9%.
Errors are inevitable
However, the authors of the study themselves admit that they do not claim to be the ultimate truth. They are aware that the survey was conducted with clients from the Stellar Development Foundation and Wirex databases..
Accordingly, they are already, in some ways, advanced cryptocurrency users. In addition, some users of the Wirex service could be such precisely because they make international payments.
The following figures also indicate a certain bias in the study. Thus, 86.1% of respondents reported that they consider it safe to use cryptocurrencies, and 82.8% own digital assets. Of course, this cannot be called a reliable indicator of the scale of mass adoption of cryptocurrencies..
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