Bitcoin And Crypto Must Overcome Major Trust Issues To Be Completely Successful
Despite the significant fall that the crypto market saw back in March, the crypto industry is moving forward.
Bitcoin continued to gain more interest, and a lot of people see the digital asset as a safe haven, or flight to safety.
The other day, Bitcoin was able to surpass the important level of $7,500, and analysts claim that the next important step is hitting $8,000.
As you know by now, Bitcoin’s halving is just around the corner – the important event is scheduled for this May.
The mainstream crypto adoption has been one of the main goals that the crypto industry has set and there have been lots of important movements made in this direction.
Now, we’re witnessing a digitalization of the world, and more expert voices are saying that this will be the perfect time for Bitcoin and crypto to shine.
More public confidence is needed
There’s a new survey from The Economist Intelligence Unit reveals that there’s much work to do before the public gains confidence in BTC and other crypto.
The survey revealed that 64% of the 3,048 respondents are using digital payments such as online banking, mobile payments, and crypto to pay for more than half of their purchases.
The results show that cryptos are the least preferred payment method these days.
Only 5% of the respondents reported that they always use crypto for purchases and 10% said that they use the coins often.
Credit cards are the most popular payment method as wex[cted and online banking comes next, cash, and then crypto.
It seems that people are more confident in using government or central-bank digital currencies (CBDC).
According to the data revealed by the online publication the Daily Hodl, 54% said that these assets are trustworthy, and 14% that they’re not.
The report also addressed a few factors that are making mass adoption of crypto so hard.
“Familiarity with cryptocurrencies as the first digital currency are high, yet matters of trust, use options, and understanding persist.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.