Paxful has recently conducted a survey on cryptocurrencies that reveals that many Americans believe in their future and that of blockchain technology.
This was an online survey of a representative sample of 500 people in the US between the ages of 18 and 55 who said they know what cryptocurrencies are.
In particular, 9 questions were asked, including one dedicated to sentiment towards blockchain technology.
According to more than half of the respondents (56%), blockchain will transform the world and could introduce its innovative power in practically all processes, especially those concerning digital identity, data management, contracts, governance automation, and more.
Only 40% believe that the hype in this respect is excessive, and only 34% think that there are still unresolved problems that are slowing its adoption.
The responses become less clear, for example, with regard to the timing of mass adoption of bitcoin, as 38% believe it will take place between 6 and 10 years, while 23% believe it will take place in two to five years. 17% go as far as to think that it will take between 11 and 15 years.
However, they are less uncertain about future uses, as 69% believe that bitcoin will be used for mainstream payments, 50% believe that it will be used to combat inflation and corruption, while only 31% believe that it will not be useful in any way.
Another interesting aspect is that of entry barriers: half of the respondents believe that the main obstacle is lack of knowledge, while 34% think that there is a lack of resources to make the use of these new technologies available to everyone.
The general picture that emerges from the survey is that there is a widespread belief that the future for digital currencies can be positive, so much so that almost 50% of respondents believe that a triggering event in the traditional financial system will lead ordinary people to become interested in Bitcoin.
According to the interviewees, the next wave of mass adoption of cryptocurrencies will be led by 57% via mobile mining, 49% institutional investment, 47% altcoin revival and 40% corporate use of blockchain technology.
Paxful CEO Ray Youssef said:
“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”.