Crypto the mysterious technology: Stability and Fraud fears impeding Crypto Growth?
The blockchain technology has brought about disruptive changes across a spectrum of industries. Latest cutting-edge technologies with their high efficiency advanced features have given IT solutions a facelift, empowered businesses to optimize resources, deliver sterling results, and profoundly improve the quality of products and services rendered, inevitably enhancing customer satisfaction.
Notwithstanding these facts, when other technologies like digital payment solutions like QR Code scan and pay, contactless payments, voice payments, etc have undergone massive global adoption, something has stopped Crypto from making such huge strides.
So, what is stymieing crypto from reaching the zenith of its potential? Is it security concerns that impede Cryptocurrencies from greater adoption? Or is it the stability of cryptocurrency ecosystem?
There is scant doubt that cryptocurrency market is highly volatile and despite the best efforts from governmental and other regulatory bodies, it still remains questionable at best.
A new report from Coincover has explored these questions and maybe even dared to publish a few answers to the never-ending crypto queries.
The report evinces that the major factor behind Crypto not reaching its full potential is fear of two factors:
Not just customers, but investors too fear market volatility and cyber fraud, including hacking and data breaches.
The study conducted included 16000 people from across 9 countries to evaluate people’s concerns over cryptocurrency.
The findings were not surprising at all. Security risks and oscillating market fluctuations were cited as major factors preventing mass adoption.
More than 30% non-Crypto users responded that they had zilch trust in crypto exchanges. What is interesting is that a majority of the respondents believed that crypto can wrought more danger than Artificial Intelligence.
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Also, more than 20% respondents were highly skeptical about all major high-end technology with a big share of them stating unequivocally that they are never going to adopt crypto at all.
Amidst all this bleakness, there is a shimmer of hope in the report where it states that among the respondents, 17% of them already own some form of cryptocurrency and almost 30% of them are deliberating investing in crypto in a year or two.
And more than half of them admitted that they are “crypto-curious” and about 11% of them said with fair amount of conviction that they are keeping track of market changes.
All the data from the above report shows that there is much fear and the best way to eradicate fear is by educating about the potential and possibilities of crypto technology.
From the respondents’ views and concerns, it is abundantly clear that they are not fully aware of the technology. It is human psychology to fear the unknown. Crypto still remains a mysterious technology to the masses. So, the best way forward for crypto market is to start an awareness campaign.
Putting out maximum bonafide reports and facts about cryptocurrency is essential if it intends to be embraced by the general masses. This is crucial in overcoming the trust barriers. To breach the wall of mistrust between crypto and common man, creating awareness is imperative.
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