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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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