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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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