A study by Premise, a crowdsourcing insight platform, has released findings on the perception of digital currencies and blockchain technology in the world today. Interestingly, the data established that many people trust Bitcoin (BTC) more than their local currencies.
The study by Premise has been running from August 30 and included around 11,000 participants drawn from 76 countries. The data came from thousands of paid smartphone users through the Premise App. It was one of their fastest and biggest pollings.
Premise through a press release revealed that 41% of the respondents find Bitcoin more trustworthy than their local currency, with 33% of the respondents believing Bitcoin is more secure due to the decentralised nature of blockchain technology.
The study also highlighted the place of Bitcoin as a payment option. In the survey, 23% of respondents had received and cashed out BTC payments on the Premise platform with
46% paid in BTC converting to local currencies and 41% of them holding their Bitcoin. 13% said they use BTC as a medium of exchange for goods and services.
At the same time, more than 26% of the respondents prefer using Bitcoin over their local currency. This shows how digital currencies have gained acceptance while some economies have struggled to stay afloat.
What does the study tell us about the future of digital currencies?
The researchers while releasing the report mentioned that Bitcoin might have an upper hand due to the high number of unbanked people. However, it also shows just how much the world population is willing to embrace decentralised finance.
So far, Bitcoin has become an integral part of the world economy. Even though launched to be an alternative payment option to fiat currency, it now functions more like an asset.
Bitcoin has become the new trading asset at a time when most traditional assets like gold have not been performing as well. Bitcoin, in turn, has been touted as the ideal replacement for gold as a hedge against inflation. Some countries are also looking to replace their US dollar reserves with Bitcoin.
The widespread use of Bitcoin also continues to grow with El Salvador becoming the first country to declare it as legal tender. Other countries like Pakistan and Qatar are also researching its viability as a national tender.
Institutional investors that were earlier skeptical about digital assets are now embracing them in droves. For example, one of the leading Australian superannuation trusts, Rest Super, is set to become the first Australian retirement fund to invest in cryptocurrencies. Other institutional investors are also willing to do the same.
Premise has promised to keep on running the study to determine the difference between fiat currencies and digital currencies. If the current trend is anything to go by then more people will be embracing digital currencies in the future.