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According to a survey conducted by the peer-to-peer Bitcoin marketplace – Paxful, people are seeing digital assets as an alternative to the traditional and “faulty” financial system.

Research indicates that cryptocurrencies are a growing asset, and nearly 50% of respondents believe that a hysterical event in the traditional financial system will cause users to choose Bitcoin as an alternative. . The most common Bitcoin use cases, according to the survey, include real payments (69.2%) and anti-inflation and corruption (50.4%).

Cryptocurrency awareness soars amid global pandemic

Talking to prime xbt, Artur Scahabck, chief operating officer and co-founder of Paxful said:

“It’s interesting how many people believe mainstream use will be within the next six to 10 years. In contrast, during the same period (6 to 10 years) survey respondents thought the crypto bubble would burst. And I very much hope the first scenario will happen. So in my opinion, we should focus on making more products suitable for real life needs, which will promote widespread use among the public.”

Amid the COVID-19 pandemic, Paxful believes that both cryptocurrencies and the traditional financial system are in the process of being tested. This fact partly explains why the price of Bitcoin is gradually increasing, as it has become a safe-haven asset.

Scahabck emphasized that understanding of cryptocurrencies is more advanced than ever:

“I remember when I first started, no one knew about Bitcoin or even remembered what the word “Bitcoin” was. However, from the survey conducted this year and last year, the results indicate that more and more people are hearing about cryptocurrencies and are associating with them according to different concepts, currency or technology. We still have a long way to go, but I’m excited to see more products that will drive mainstream adoption.”

Although it is still facing many difficulties when it comes to adoption, the survey also highlights that 53.8% of respondents believe that lack of knowledge is a factor restraining the spread of cryptocurrency adoption.

Explore more: BTC price: analyst predicts a low open at $6,300

The Upcoming Challenge of Cryptocurrency Adoption

According to the report, the main factors that survey respondents believe will help accelerate adoption are: mobile mining, altcoin revival, institutional investment, and adoption of blockchain technology. enterprise’s blockchain.

Paxful’s CEO comments on future challenges:

“The fundamental challenge still lies in crypto literacy. We know that a lot of people know about cryptocurrencies, but I think most of them know about wrong motives like bac and multi-level scams. There is still fear from the majority of people due to this information. This is our biggest challenge as an industry as a whole.”