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To know cryptocurrency is to like cryptocurrency: Study

Tony Zerucha

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Meter, a decentralized stablecoin linked to the global average competitive cost of electricity, today shared the results of a new study which discovered volatility is cryptocurrency’s most pressing issue hindering mass adoption. The study questioned 1,000 U.S. consumers who were familiar with cryptocurrency to learn about opinions and concerns around the technology.

A single global currency

  • Nearly two-thirds of respondents believe in the benefits of one;
  • More than half believe it would level the playing field;
  • 75 per cent believe it would eliminate currency inflation and manipulation; and
  • 65 per cent feel it would encourage trade growth.

Preferred payment methods

  • 86 per cent of respondents make less than half of their purchases with cash; and
  • More than 90 per cent would use a stable cryptocurrency most of the time.

Downsides

  • Close to 90 per cent worry about volatility;
  • 60 per cent of cryptocurrency owners said volatility is the most inconvenient factor when using cryptocurrency;
  • Almost half of those who don’t own cryptocurrency cite volatility as the main reason why; and
  • More than 75 per cent are more likely to buy cryptocurrencies if they are less volatile.

 Institutional distrust

  • 72 per cent would prefer a stable currency which could not be manipulated by banks;
  • Just over one-third are satisfied with the United States government; and
  • Less than 25 per cent believe it is ethical.

“Although cryptocurrencies have garnered much hype, none exist today that function as a true currency,” said Xiaohan Zhu, CEO of Meter. “For example, measuring values with Bitcoin is like using a ruler made from a rubber band, its value or length stretches and contracts based on supply and demand. The digital age calls for a stable unit of account that cannot be manipulated by any one party.”

Other results

  • More than half have used cryptocurrencies to purchase goods and services online;
  • 46 per cent had used cryptocurrency to purchase goods or services related to gaming, 35 per cent had purchased gift cards and 16 per cent had purchased food;
  • Red (53 per cent), blue (61 per cent) and swing states (57 per cent) are concerned about government ethics; and
  • 82 per cent of those who did not own any cryptocurrencies would like to own some in the future

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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