As the world becomes more connected through the Internet, we see new avenues for the exchange of goods, services and ideas across disparate and distant borders. Today, evolving socio-economic structures and financial systems fostered through online require a new global currency to create a healthy decentralized financial system and provide worldwide financial inclusion.
Recently, we conducted a study of 1,000 U.S. consumers who were familiar with cryptocurrency to learn about their opinions and concerns around the technology. What did we find? Volatility is cryptocurrency’s largest roadblock to mass adoption.
Cryptocurrencies were created with the vision of being decentralized, streamlined units of value that can be used worldwide without manipulation. Although cryptocurrencies have gotten a lot of hype, none exist today that function as a true currency.
Due to advancements in technology, society has shifted its spending tendencies and the majority of people are using cash less and less. In fact, 86 percent of respondents make less than half of their purchases with cash. With an overwhelming majority primarily using electronic forms of payment, it’s no wonder using a cryptocurrency doesn’t seem so far-fetched: over 90 percent of respondents would use a cryptocurrency that is stable and accepted as a form of payment almost everywhere.
However, enthusiasts and skeptics alike agree volatility is the biggest issue surrounding cryptocurrency — almost 90 percent worry about volatility. Of those who own cryptocurrencies, 60 percent cited volatility as the most inconvenient aspect of using cryptocurrency.
Of the respondents who did not own any cryptocurrencies, almost half specified volatility as the primary the reason they had not invested. More than three-quarters would be more likely to purchase cryptocurrencies if they were less volatile.
Other interesting facts include:
- More than half have used them to purchase goods and services online
- 46 percent had used cryptocurrency to purchase goods or services related to gaming, 35 percent had purchased gift cards and 16 percent had purchased food
- Surprisingly, Red (53 percent), Blue (61 percent) and swing states (57 percent) all felt tepid in their belief of the U.S. government’s ethicality
- 82 percent of those who did not own any cryptocurrencies would like to own some in the future
To learn more about the results of our survey, please go to meter.io/download-survey/.
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