Insufficient Knowledge about Cryptocurrency Hinders Adoption

Insufficient Knowledge about Cryptocurrency Hinders Adoption

December 23, 2018 Off By dan saada

A recent survey revealed that most of the Russians are already using digital coins to make online purchases and that others are as well willing to try this payment option. This information has been revealed in a recent survey. 

Several Russians prefer this method of payment in priority to other types of cashless payment methods.

On the eve of the Christmas Holidays, a poll was conducted in a group of 924 residents out of which it was seen that nearly 13% of Russians make use of cryptocurrencies to pay for their purchases on the internet.  Though the 13% does not sound like a lot of them into it, the research has provided with the details of a complete range of cashless payment methods.  This further demonstrates that there is more market to be captured by the different cryptocurrencies.

The research revealed that there are 18% of respondents who will be making use of peer-to-peer mobile payment systems.  About 38% of them were making their payments through Apps like Applepay, Forklog Android Pay, Samsung Pay, and Paypass.

There were a total of 48% of them who had a mobile bank account and 56% of them preferred an alternative nonbanking payment system. About 76% of them stated that they used the electronic wallets in order to pay for goods and services.  Several participants in the study were well-acquainted with the different digital payment methods, and they will, therefore, be able to easily switch over to using cryptocurrency based payments in the future.

Several of the respondents confirmed that they paid using debit and credit cards or by making use of direct bank transfers.  This is the case in most countries that have a well-developed traditional banking system.  Kaspersky Lab ordered the Poll. Several of the respondents admitted that they are feeling uneasy about making payments online.  They stated that they feel unsafe about their funds when they make online payments.

Cryptocurrencies provide for an alternative approach when it comes to securing financial assets because they eliminate third party intermediaries in the process and therefore provide for complete control over their money. For all practical reasons, cryptocurrency transactions are faster, convenient and cheap.  The anonymity factor is one of the top attractions provided by cryptocurrencies.

About 5 participants in a different survey stated that they are willing to make use of cryptocurrency payments, regardless of never having owned digital coins before.  This survey result was given after a survey conducted by Yandex Money in cooperation with Digital Technologies Department.  The survey was conducted in the city of Moscow, and the results were published in the past month.

Most of the reports identify insufficient knowledge and confusion regarding cryptocurrencies as the major obstacle to widespread adoption.

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