NEW YORK – Cryptocurrency is no longer a “get-rich-quick” way, but most people think it’s here to stay. In fact, more than half of Americans say they would gladly take their regular paycheck from working in crypto.
A survey of 2,000 adults reveals that 68% believe crypto will become more widely accepted and mainstream in the next three to five years. Three in five (61%) would even allow their employers to invest part of their salary in a cryptocurrency of their choice, similar to how employers invest in employee pension plans.
Among those who already have retirement plans in place, 68% can spot the long-term benefits of crypto, saying they would be comfortable with it being part of their investment portfolio. retirement. Six in 10 believe investing in cryptocurrencies should be as widespread as traditional finance, predicting a growing desire to participate in the decentralized financial system.
Commissioned by Coinbase and conducted by OnePoll, the study finds that 22% of people now own some type of cryptocurrency – the biggest hitters being Bitcoin (82%), Ethereum (65%) and Dogecoin (57%).
While 68% of all respondents question whether cryptocurrency is secure enough for daily use, 66% feel confident enough in their knowledge of how to protect their currencies from hackers. Almost four in 10 (38%) have some basic knowledge of what cryptocurrency is, but not much more. Meanwhile, 45% say they have in-depth knowledge of crypto and how to use it. Only 16% of Americans have no idea what cryptocurrency is or what tokens are.
Accessibility to cryptocurrency is a problem
Overall, 73% want to understand crypto but don’t know where to start or fear it will be too confusing. Sixty-four percent would be more involved with cryptocurrency if they found it easier to understand. Seven in 10 (71%) had to repeatedly search for crypto-related terms, such as “decentralized finance,” “blockchain,” and “non-fungible,” to figure out what they mean.
“A lot of the concerns we see around crypto adoption stem from fear of the unknown – those who don’t fully understand crypto are likely to balk when they hear about things like phishing scams” , says Matt Muller, director of security operations at Coinbase. , in a report. “The truth is that a few key steps are enough to minimize vulnerability. I always recommend using a password manager and enabling two-factor authentication whenever possible. And remember, if it sounds too good to be true, it usually is!”
Is it too late to get into crypto?
For 71% of respondents, cryptocurrencies seem to have come out of nowhere, without much context. This is why 59% feel they have personally missed the mark by investing in cryptocurrency. Right now, two out of three respondents still think their money is safer in a traditional bank than in a crypto exchange. Sixty-one percent think crypto is “too risky” for them to take it seriously.
However, having a better understanding of how cryptography works would be enough for 53% to feel secure about using it. When asked what would make them use cryptocurrency more often, 43% would need to know how to get it, 41% would need reassurance that it is safe, and 34% would know how to best manage it.
“This research shows that concerns about cryptographic security are often due to a lack of understanding of how cryptography works,” Muller adds. “As awareness grows, many are finding how easy it is to use crypto safely and dive into the crypto economy, taking full advantage of how crypto and blockchain can creating financial freedom for everyone.”
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Crypto Rather Than Cash? Half of Americans Would Take Their Wages in Cryptocurrency
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