Monday, January 27, 2020

Euro Poll: Cryptocurrencies Won’t Die in 10 Years but Bitcoin Will Be Overtaken

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Hey, what do you think about cryptocurrencies, will they still be here 10 years from now? How about Bitcoin, what are the chances that it’ll be overtaken given that there are currently over 2,000 cryptocurrencies competing with it? Now that’s a question bitFlyer, a cryptocurrency exchange posed to 10,000 Europeans in 10 countries.

bitFlyer Conducts Survey for European Crypto Investors

bitFlyer in its recent survey of 10,000 Europeans in countries such as Norway, France, Netherlands, Denmark, Poland, and Spain has released the result of the polls. It had inquired from these individuals the potential for cryptocurrencies to still be here in a decade and Bitcoin to be overtaken by another by that time.

According to the result, 63% of respondents agreed that we’ll very much have cryptocurrencies around in a decade. However, only 49% were confident that Bitcoin, the most popular cryptocurrency by market cap will be overtaken by 2029. If that’s the case, then we’ll like to see the cryptocurrency that’ll gain supremacy.

People’s Perception About Cryptocurrency Based on Country

On the other hand, a closer look at the polls shows people’s perception by country. Norway came in top with a 73% vote that cryptocurrency won’t die while France came in last for its 55% vote. Other countries such as Italy, Netherlands, Poland, Spain, Denmark, Germany, Belgium, and the UK were represented by 68%, 67%, 67%, 66%, 63%, 63%, 59%, 57%, 55% respectively.

While these are all remarkable and shows investors confidence in the market despite its volatility, attention has been drawn to their uncertainty when it comes to Bitcoin. It may just be a 51% vote that it won’t be King, but it’s still worthy to note that its a significant part of the market made the vote.

Sentiments of the Market Influence’s People’s Opinion About Bitcoin

Their opinion, in this case, can be tied to the sentiments of the market and the negative report from some media outlets about the digital currency. Given that Bitcoin is the first cryptocurrency and has undergone more scrutiny more than any other asset, it does not come as a surprise. Most coins that have been launched were released in a bid to solve one limitation or the other which Bitcoin has such as its scalability.

bitFlyer’s COO who made comments in that direction said:

We, of course, believe that bitcoin is here to stay, and while we’re encouraged to see the large majority of Europeans think the same, this research shows there is much more to be done to demonstrate to consumers the benefits of and use cases across all cryptocurrencies more widely.

Nevertheless, there’s still a lot of time to see what the future holds for Bitcoin and altcoins. Whether there’ll be a better asset or not, it can be expected those that will still be around are the ones that have found significant use cases.

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