Its no news that we are at the starting point of what would be a completely transformed world. We may like it or not, but global shift has been happening for some time now. The “old ways” we do business is changing as we speak. The first field to see changes are the financial systems. The change will not happen so rapidly, they say. However, there are indications that Bitcoin will become mainstream in the next 10 years.
The Paxful Survey
Paxful is a peer to peer marketplace where people can trade with Bitcoin. They, reportedly, support more than 300 payment methods. Recently, Paxful conducted a survey to examine the experience people have with Bitcoin. Also, they questioned the attitude towards future developments in the fin markets.
The survey included 500 men and women in the US. All participants had previous working knowledge and experience in trading with Bitcoin. The survey showed some interesting, but not so unexpected results.
Namely, the survey tackled various topics. From owning cryptos or not, to the attitude towards wider adoption, the survey covered it all. The overview of the results shows positive thinking about Bitcoin. It also shows its advantages in comparison to traditional payments. Moreover, it stressed the belief that Bitcoin can fight corruption. However, there is still a long way to go to its dominance. Bitcoin will become mainstream, undoubtedly.
Americans to Lead the Way in Bitcoin Adoption
Interestingly, almost half of the respondents believed that there must be a triggering event that would cause greater shift from traditional financial system to the digital one. Whether the ongoing coronavirus pandemic is such an event, we will see very soon.
One thing is for sure – the Americans will lead the way in Bitcoin adoption. The survey showed the following:
- 64% of respondents think the USA will lead the way, followed by the UK with 39.80%. Southeast Asia ranked third with 32.20%.
- The survey respondents think that the main barrier to wider Bitcoin adoption is the lack of knowledge (53%), followed by the lack of resources (34.4%). On the other hand, we have seen universities introducing courses on blockchain technology and cryptocurrencies, across the USA.
- Majority of surveyed participants think that the main use case of Bitcoin is the micropayments, as well as real-life payments (64.4%), which is in line with other studies on this topic showing that people spend their cryptos on food and clothes usually.
- Even greater number of participants (69.20%) believe that Bitcoin will become mainstream in the next decade and the main means of payments in real-life.
- Half of the surveyed people (50.4%) think that Bitcoin’s main purpose will be to fight corruption.
- Bitcoin’s underlying technology – blockchain has also been in the scope of the survey. Amazingly, 56.60% of participants think that blockchain will be the means to influence governments, any kind of agreements, digital identities, data management, etc. Almost the same number of surveyed people (56.40%) believe that blockchain is transforming the world.
- The participants recognized the complexities of the current traditional wire transfers and lack of payment tools as the tipping point for Bitcoin global adoption (64.40%). The triggering event in the traditional fin systems and the need to store the value ranked second and third, respectively.
- According to respondents, mobile mining (57.4%), will drive the next wave of cryptocurrency adoption.
The Final Word on Bitcoin Adoption
Mr. Artur Schaback, Chief Operation Officer and Co-Founder of Paxful reportedly stated:
“…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.”
This sounds as an acknowledgment of the fact that Bitcoin has entered every pore of our daily lives and will continue to do so. Will the new products influence a global adoption in the next 10 years? We will see.
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