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Digital currency experiencing a popularity boom

  • Published date08 June 2021

A recent survey published by Skrill demonstrates that the popularity of digital currency is on a progressive upward trend with no signs of decline.

Asking the important questions

If Skrill’s survey is anything to go by, cryptocurrency may emerge as the legal trade of the future. The survey revealed that 38% of respondents stated that they had either invested in or purchased cryptocurrency. Further to that, 84% of participants were aware of at least one cryptocurrency, while 64% knew of Bitcoin.

Senior vice president of Paysafe, Rossen Yordanov, said, “Cryptocurrency adoption has rapidly increased to heights nobody could have imagined even two years ago.

Yordanov continued, saying, “We’re seeing that crypto is no longer a niche phenomenon, and our research provides further evidence of that, but there’s a significant opportunity to grow awareness about its potential for payments and transfers”.

He explained that the company is “working hard to make it easier for people everywhere to buy and sell cryptocurrencies with Skrill and Neteller.”

Beyond Bitcoin

The survey also includes analysis of user knowledge on all existing cryptocurrencies and the results indicate that Ethereum Classic, Dash, and Stellar were recognized by over 10% of respondents, but ownership rates remain low at 5% or less.

Atom, Tezos, EOS, Chainlink, OMG, Ox, and Kyber Network were recognized by 8% of respondents with nobody claiming ownership of any of them.

Crypto, a Financial Asset

With cryptocurrencies emerging as a comparatively new financial asset, the levels of consumer knowledge and understanding of them are unsurprising.

47% agreed that they lacked the necessary knowledge regarding crypto to use it for transactions or investment, exposing a critical education gap.

While 38% of those surveyed felt that cryptocurrencies present too high a risk for investment, 28% viewed them as a good future investment for the future and this group also stated that they are more knowledgeable about cryptocurrencies than the same time a year prior. 26% of the surveyed said they were now more likely to invest with crypto than a year ago, due to increased knowledge.

All the data suggests that the rise of crypto will continue unabated, but with life being as changeable as it is, what the future holds is anyone’s guess.

Cryptocurrencies

Author Lisa Michaels

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Lisa started off as a croupier at her local casino. However she found her niche in writing and has subsequently used her real-world gambling experiences to help produce and review the many online slots that are released monthly. Lisa also contributes to keeping you up to date with Canadian newsworthy stories.

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