Way above half of the total respondents (79%) of an American National Consumer Survey conducted to test the level of awareness of digital currencies in the US have answered in the affirmative when the question of whether or not they are aware of the existence of the cryptocurrencies was posed to them. The survey which was conducted by a research firm known for nationwide online surveys, YouGov Omnibus.
Also, the research proved that millennials are positive that cryptocurrencies might be a thing of the mainstream which implies that it would perform the same functions as fiat currency. Almost half of them thinks the cryptocurrencies are better transaction mediums than the United States Dollars and would prefer using the former in place of the latter.
The Research Findings
The YouGov Omnibus survey has discovered that the rate of awareness in men is higher than that women as regards virtual currencies notably bitcoin. About twenty-seven percent of women are unfamiliar with the subject matter while a relatively low sixteen percent of men are not familiar with any type of cryptocurrencies.
Over one-third (36%) of individuals that participated in the survey expressed optimism in cryptocurrencies believing that it might become widely accepted for legal transactions in the next ten years. No other age group falls within this optimistic category than the millennial as about 44% of them share this sentiment followed by GenXers with 34% and baby boomers with 29%.
However, in the over one-third that has shown optimism in cryptocurrency, not all of them seem to be optimistic enough to use it for transactions in place of the United States Dollar. They amount to about 57% which is apparently the majority.
The category to determine the rate at which the respondent think the cryptocurrencies would be widely accepted, the millennials were evenly split on the grounds that 48% would prefer to use the cryptocurrencies instead of the United States Dollar while about 50% stays traditional with the fiat currency.
In a nutshell, people seem to be more aware of bitcoin’s existence than other virtual currencies. About 71% of the participants are aware of BTC which is followed by Ethereum, with about 13% which is not such a surprise as it steadily behind BTC in the crypto market. However, these particular statistics is only focused on the basic knowledge of the existence of this cryptocurrency which is opposed to having the experience of the operation of digital currency.
According to the report, it can be inferred that the cryptocurrency despite its few years of the invention has rapidly grown to currencies (though digital) which has the requisite capacity to stand side by side or even seem like an alternative to the United State Dollar, cryptocurrencies put an end to the USD monopoly.
The fact that some people hold the opinion that virtual currencies are used to transact in the underworld of illegal business has been one of the significant deterrents of many people from the crypto sector as they still hold on to this belief. Over a quarter of the total number of respondent in the online survey stated that they believe digital currencies is often a readily means of transaction in an illegal business, while only 17% respondents think they are more often used for legal business, about 19% feel it is used for both legal and illegal transactions.
Apparently, another angle to view the YouGov Omnibus research is to see that Americans still have unprecedented faith in the United States Dollar. Although cryptocurrency has presented itself as a viable competitor, it hasn’t been sufficient to displace the United States Dollar or to put an end to its monopoly. Perhaps in the future, cryptocurrency might stand a chance against the USD, but at the moment, it is miles behind it.