The cryptocurrency market may have undergone a flat run in the course of 2018 until today with the prices of Bitcoin which did not pass the barrier from $ 10,000 from the start of March, but new research published by ING shows that adoption rates are increasing rapidly.
The ING international survey on Mobile Banking: the crack of the code on the cryptocurrency report, published in June 2018, interviewed 14,828 respondents in 15 different countries, assessing the public sentiment regarding cryptocurrencies as a payment method, investing in cryptocurrencies and the their current participation in the cryptocurrency market.
The data collected by ING in the survey show a significant increase in the use of cryptocurrencies: 66 percent of all respondents heard about cryptocurrencies, with 35 percent agreeing that cryptocurrencies represent the future of online shopping.
The cryptocu The rates of ownership shown by the report, however, are undoubtedly the most interesting result of the study: 9% of all respondents said they currently have cryptocurrencies, with 25% declaring they want to buy cryptocurrency in future.
Crypto Capitalizes on the lack of trust in central banks
The ING-oriented cryptocurrency survey questioned respondents on a variety of cryptographic arguments, evaluating the awareness and ownership of cryptocurrency. The data published in the ING report reveal that most people in 11 of the 13 European countries are aware of cryptocurrencies, with Australia leading the way to 79% of cryptic awareness, followed by Poland to 77%
It is interesting to note that men are more likely to be aware of cryptocurrencies compared to women, but age is not a strong indicator of cryptocurrency awareness. The ING survey reveals that while individuals between the ages of 25 and 44 are marginally more likely to have heard of cryptocurrency, over 60% of respondents over the age of 65 remain aware of cryptocurrencies.
The property of cryptocurrency, however, appears to be directly related to a lack of confidence in incumbent financial systems. Turkey and Romania have the highest percentage of cryptocurrency owners, with 18% and 12% respectively.
For all the people who think that Crypto has had his advertising campaign. Mass adoption has yet to come! pic.twitter.com/IItMrPs7TI
– ₿ Didi Taihuttu ₿ (@Diditaihuttu) 29 August 2018
ING correlates high rates of cryptocurrency adoption in Turkey and Romania with intrinsic injury of the online survey that attracts young professionals with greater exposure to media and technology, but recent economic problems in both countries have contributed to a greater interest in cryptocurrencies.
The recent Turkish economic crisis saw the Lira plunge to its lowest value in 17 years, with a decline of almost 25% of the most significant drop in value since the Turkish economic crisis of 2001
Similarly, inflation in Romania has recently reached a multi-annual high in March 2018. Romania faces high levels of underbanked and unbanked individuals, with over 42% of Romanian adults who do not have access to the service basic banking.
The lack of banking services and low levels of trust in traditional banking institutions has led to high levels of cryptocurrency adoption in both countries. People in both Romania and Turkey have the most positive outlook on the future of cryptocurrencies: almost 50% of respondents in both countries identify cryptocurrencies as the "future of investments" and anticipate a dramatic increase in cryptocurrency values in the coming year .  The creator of Litecoin calls for the replacement of Crypto Fiat
The ING survey data are reflected by the recent statements of the founder of Litecoin, Charlie Lee, on the future of the & # 39; adoption of the cryptocurrency. In a recent interview with DataDash, Lee emphasized the importance of promoting and adopting cryptocurrencies as a payment method rather than as a speculative investment vehicle.
Cryptocurrencies, says Lee, hold the power to "revolutionize finance" and replace fiat but the early stages of the cryptocurrency ecosystem have led to a paradigm in which market participation " plus the purchase and sale and holding of the currency more than the use ".
Use of cryptocurrencies like Litecoin and Bitcoin in countries where fiat is behaving badly, according to Lee – who specifically underlined the ongoing Venezuelan currency crisis – is essential to speed up adoption.
Co ver Photograph by Joshua Earle on Unsplash
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