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What Americans Know And Think About Digital Currencies

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Ever since cryptocurrencies exploded back in 2017, the entire world has come to know their name. While different countries have been dealing with the new trend in different ways, particularly during the difficulties which the space experienced in 2019, one big question is how far away the mass adoption might be?

There is no way to tell, at this point. However, the question remains, and it also inspired a series of other questions, the most popular of which is — what do consumers think about crypto?

More specifically, what do US consumers think about digital currencies? Do they know about cryptocurrencies and the struggle that the crypto space has been going through?

In an attempt to find answers to these questions, it was discovered that a large number of Americans does not know what to think about the crypto trend. There is a lot of confusion when it comes to crypto, or even what cryptocurrencies are. Surprisingly enough, it appears that the US citizens are still ready to become crypto owners, even if they do not understand it.

Around 56% of questioned Americans reported that they know something about cryptos, be it little or a lot. The remaining 44%, however, admitted to knowing nothing about digital coins.

Around 23% of men stated that they know a lot about cryptocurrencies, while only 7% of women said the same. But, when questioned about digital currencies and what they are, the results confirmed that a lot of Americans have a false image of crypto.

Is cryptocurrency a currency? Are Americans ready for it?

As we know, the industry defines cryptos as currency. However, Americans appear to be less certain about it. Only 38% of questioned individuals described it as a currency, while 26% admitted to having no idea what crypto might be. 19% defined it as an investment, while 17% views it as a commodity.

But, as mentioned, even though they tend to be confused about cryptos, the US citizens are not afraid of it, and 24% of them reported that they either own some amount of crypto now, or they did in the past. Even more surprising is the fact that 35% stated that they plan to become crypto owners in the future, likely within the next five years.

According to Alison McCauley, the author of “Unblocked: How Blockchains Will Change Your Business and (What to Do about It),” Americans might be ready to for accepting money that functions as software.

They are certainly not shy when it comes to new technologies, especially when it comes to money and the way it is handled. Some US citizens even expect to receive the ability to start making payments in ways that have yet to be invented. Whether or not this will even include cryptocurrency still remains to be seen. Maybe it will, or maybe crypto will have to evolve into a new form to satisfy the demand.

However, the question regarding what consumers think seems to be answered. While they enjoy new technologies, they are also extremely interested in having the ability to make easy payments and get new features and extra benefits, all of which comes with the adoption of cryptocurrencies. This might mean that the ground is ready for mass adoption in the US, which, in turn, might mean that cryptocurrencies going mainstream might not be that far into the future.

For now, cryptos have their own battles to win, but if they do, they will certainly be much better accepted than it was expected.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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