41% of people globally say they trust Bitcoin over local currencies

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Quote from: StarKay on November 26, 2021, 08:48:27 AM

I'm finding it difficult believing that 41% of the people globally have enough information on Bitcoin to trust it over their local currency, Bitcoin is still in it's early stage and many people actually have negative view of it in my country because they are not able to adequately secure their wallet/account and have fallen victim to scammers.
It is however popular among young people who are educated and trying to use it to make a living. Government agencies are also promoting falsehood on it to make people avoid using it.

Exactly, right? 41% of people globally are already knowledgeable about bitcoin or atleast they know that bitcoin exist is a bit a misleading fact. Because in my opinion, I think 10% is bit higher across the globe already. We're among the few lucky people that has been able to get to know bitcoin at this point that's we know that this survey isn't true at all. But I think it's also our job to correct the misinformation they hold against bitcoin or introduce them to bitcoin.
But I believe most of the people that atleast already know about bitcoin or cryptocurrencies are already in-favor of bitcoin over their local currencies because of the inflation and the decreasing value of their local fiats.

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Quote from: Nutrient on November 30, 2021, 02:12:26 AM

Considering the fact that not so many people out of the world population know about Bitcoin, the vote result is really on a high side. 40% is huge considering the analysis of how many people know and transact with cryptocurrency.

You cannot consider that as " Not so many People knows bitcoin" because the statistics shows it all that 40% of the world trusted bitcoin , so what more those who does not trust bitcoin but already knew the existence of this currency?
clearly that you don't understand the thread .

Quote from: MCVXYZ on November 29, 2021, 01:46:18 PM

respondents' age would be interesting

Agreed , but i believe that more of those are younger generations because they are the one who is very aggressive now in learning and profiting in this area(cryptocurrencies)

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Considering the fact that not so many people out of the world population know about Bitcoin, the vote result is really on a high side. 40% is huge considering the analysis of how many people know and transact with cryptocurrency.

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respondents' age would be interesting

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Quote from: qwertyup23 on November 22, 2021, 12:12:49 PM

Quote from: FatFork on November 19, 2021, 01:41:27 PM

Quote from: LeGaulois on November 19, 2021, 01:25:15 PM

Premise (a crowdsourced insights company) reported in a press release that 41% of respondents consider Bitcoin to be more reliable than their own local currencies. Shocked

Those numbers actually seem pretty high to me. Many people don't even know enough about Bitcoin and cryptocurrencies in general, much less about their security or reliability. We still have a long way to go before people are comfortable with the concept of decentralized currencies, something they have never experienced before.

Unfortunately, lots of people nowadays do not research about the nature and history of BTC before they invest. Like they blindly invest into something due to the hype on how it is portrayed on the media. Then when the price of it decreases (due to volatility), they will be the ones who will spread the news on how investing into BTC is a 'scam' as they will now proceed to spread false information as to such.

41% is indeed high for people to favor cryptocurrencies against their local currency. Given the fact that the value of the former is inflationary due to its limited supply, it has its fair share of negative consequences if it were to be considered as the 'main currency' of every country.

Not just that, given that they're lacking in knowledge how does this market works and they even didn't bother to have some of their own research. Sad to say but they're just trying to do or mimic someone whom they know that have been more comfortable in life because of bitcoin, and that's why they're also investing in bitcoin without knowing the pros and cons. And that is where they draw a line and spread false informations to others that might become an investor in this industry.
But as I've seen the digits about people who are in more favor in bitcoin than their own local currencies is astounding, I know we have a long way to go but this is great.

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Quote from: LeGaulois on November 19, 2021, 01:25:15 PM

The survey has interviewed 11 000 participants and is not closed yet. It started 2-3 months ago

26% of respondents said they would rather use Bitcoin than their local currency.

so in 11k only 2,860 people prefer to use bitcoin and 8,140 still using fiat, then its not that high numbers enough to show that bitcoin adoption will be fast, many people still not trusting digital currency because most countries are against on it and still prefer to use local currency, the challenges I can see why most people are not using bitcoin is fees, speed of transaction and gadgets needed like smartphones with internet just to send btc, our technology is still limited for mass adoption maybe in the future new ways to use and send btc will be developed in order to compete into local currency for its ease of use.

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Quote from: rizqoAD on November 27, 2021, 09:26:45 PM

In my opinion, the majority of people in the world do not want fiat currency anymore, its value continues to decline as a cause and every year it experiences inflation. In some countries people have no other choice but to use local money, but in other countries they have alternative money namely Bitcoin and cryptocurrencies. Of course Bitcoin is becoming very popular today and the transaction value is increasing every year, people in the world prefer Bitcoin as an investment or transaction between countries because it is easier and can be converted into any currency. So we as a world community want a currency that really provides benefits, not one that harms its users.

Unfortunately, not all countries will easily permit transactions with bitcoin. it's easier and safer. but we can see how the development of bitcoin which is used as a transaction tool so far is still very little.
mostly, are investment assets that are held on the exchange or in personal wallets.
only in certain countries that the use of bitcoin as a transaction tool is allowed that we will be able to measure the level of satisfaction.
and when one or two countries succeed in implementing this, I think most other countries will consider switching to more secure and transparent transactions.

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In my opinion, the majority of people in the world do not want fiat currency anymore, its value continues to decline as a cause and every year it experiences inflation. In some countries people have no other choice but to use local money, but in other countries they have alternative money namely Bitcoin and cryptocurrencies. Of course Bitcoin is becoming very popular today and the transaction value is increasing every year, people in the world prefer Bitcoin as an investment or transaction between countries because it is easier and can be converted into any currency. So we as a world community want a currency that really provides benefits, not one that harms its users.

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Quote from: lumierre on November 26, 2021, 08:58:32 AM

First of all, bitcoin is not subjected to inflation as it can't overpass the limit of 21.000.000

But it's subject to volatility but that's a good thing actually.

Quote from: lumierre on November 26, 2021, 08:58:32 AM

while many currencies, especially in countries with weak economies, face hyperinflation so people don't manage to spend money as fast as they devalue, so poor countries think about adoption Bitcoin as a national currency. Also Bitcoin is uncontrolled, so people have more freedom as their transactions can't be banned.

Because their paper money is just plain paper and most likely a thrash to them. Like in Venezuela, it's better to spend USD there and not their fiat currency. The stats may look good but that doesn't generalize the population of the world, there are still many people that are not aware of bitcoin. But still, a good stats and it seems people are starting to learn more about bitcoin and accepting it unlike a few years ago where it's been hated.

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Quote from: SquirrelJulietGarden on November 20, 2021, 06:11:38 PM

I think the result can be not correct because the overal adoption rate of Bitcoin is not too higher than 41%. So to say there are 41% of them have trust in Bitcoin is overestimation. It can be because of sample size and how they collect the survey. I understand from trust to really use Bitcoin is different and it is a point to support the 41% figure can be a correct number.

Anyway, it gives us a number and shows that people are increasing in their trust then adoption for Bitcoin. It will become another support for Bitcoin bull runs in the future. More demand, same supply, bull runs will be bigger.

Which is yet another reason why surveys like this are useless, even if we assume that is what people told to them and that the methodology is correct it is obvious that 41% of the population does not trust bitcoin more than fiat, otherwise the world adoption would be huge at this point and we would be able to use bitcoin everywhere.

We need to watch what people are actually doing and the current rate of adoption is probably between the ranges of 1% to 2% which shows that this survey is completely useless to try to determine how many people trust bitcoin more than fiat.

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First of all, bitcoin is not subjected to inflation as it can't overpass the limit of 21.000.000 while many currencies, especially in countries with weak economies, face hyperinflation so people don't manage to spend money as fast as they devalue, so poor countries think about adoption Bitcoin as a national currency. Also Bitcoin is uncontrolled, so people have more freedom as their transactions can't be banned.

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I'm finding it difficult believing that 41% of the people globally have enough information on Bitcoin to trust it over their local currency, Bitcoin is still in it's early stage and many people actually have negative view of it in my country because they are not able to adequately secure their wallet/account and have fallen victim to scammers.
It is however popular among young people who are educated and trying to use it to make a living. Government agencies are also promoting falsehood on it to make people avoid using it.

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Quote from: Etranger on November 23, 2021, 03:07:28 AM

Quote from: Welsh on November 19, 2021, 02:44:15 PM

Although, I understand this is probably a localised issue, but where I live most people seem to be quite hostile towards Bitcoin or just simply don't know enough about it. I would be interested in looking into exactly where this was conducted, what sort of background the respondents were from, since I find it hard to believe that almost half the population think Bitcoin is more trustworthy than local currencies.

I agree that the numbers will vary greatly, depending on the region of residence and economic realities in the country. For example, in my country, according to last survey, 50% do not trust cryptocurrencies, and for this reason do not own them. Another 28% do not own, because they think they lack technical equipment, although no super-equipment is required for this. 20% do not understand the turnover system. We can conclude that people generally do not own cryptocurrencies, because they do not understand them, but find other reasons to hide their ignorance. I'm not saying that they understand the local financial system well, but at least there they know that national currencies are provided by the state, so the degree of trust is higher, since there is still not enough information about cryptocurrencies for them.

I think that the result of those polls also significantly depends on the demographic details of the type of people who get asked. If you ask the younger people who are playing around with finance apps trading digital currencies already, the result will be significantly different compared to the answers you get from people of the elder generations. I would say by now the majority of people between 18 - 35 years of age are in favor of cryptocurrencies.

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Quote from: sherenikaw on November 23, 2021, 05:08:39 PM

many people do not know enough about bitcoin but hearing this i realized that now bitcoin is growing rapidly. maybe in some countries bitcoin has not become a famous thing and some countries also prohibit it but it does not hinder the development of bitcoin and is now much more advanced. with many people who are interested in bitcoin I hope it will also affect the price where the price can soar up in the market.

We know that adoption is growing every day, however, the 41% percentage is quite high in my opinion. I believe the participants of this survey is not really representative of the global population. But anyway, if this is true, this is quite high. And as we can see, crypto market is indeed gaining global interest. With personalities like Elon Musk and other popular figures mentioning crypto in their social media, people are getting interested to look at it and invest.

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many people do not know enough about bitcoin but hearing this i realized that now bitcoin is growing rapidly. maybe in some countries bitcoin has not become a famous thing and some countries also prohibit it but it does not hinder the development of bitcoin and is now much more advanced. with many people who are interested in bitcoin I hope it will also affect the price where the price can soar up in the market.

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Quote from: Welsh on November 19, 2021, 02:44:15 PM

Although, I understand this is probably a localised issue, but where I live most people seem to be quite hostile towards Bitcoin or just simply don't know enough about it. I would be interested in looking into exactly where this was conducted, what sort of background the respondents were from, since I find it hard to believe that almost half the population think Bitcoin is more trustworthy than local currencies.

I agree that the numbers will vary greatly, depending on the region of residence and economic realities in the country. For example, in my country, according to last survey, 50% do not trust cryptocurrencies, and for this reason do not own them. Another 28% do not own, because they think they lack technical equipment, although no super-equipment is required for this. 20% do not understand the turnover system. We can conclude that people generally do not own cryptocurrencies, because they do not understand them, but find other reasons to hide their ignorance. I'm not saying that they understand the local financial system well, but at least there they know that national currencies are provided by the state, so the degree of trust is higher, since there is still not enough information about cryptocurrencies for them.

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Quote from: stadus on November 22, 2021, 04:11:11 PM

41% is a huge number if you take the whole population.

I find the title of the thread a bit misleading, hehe. It could be "41% of 11 000 people globally say they trust Bitcoin over local currencies"...

The problem is not 11,000 people, but the fact that all those people are users of a single app, so it's not representative of the general population. Anyone who wants to claim something about the whole population can only do so if they make a randomized survey, otherwise it's just bad statistics or maybe even attempt at manipulation.

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Quote from: Minecache on November 22, 2021, 03:02:25 PM

Quote from: macson on November 22, 2021, 02:06:03 PM

41% of the total correspondents are those who hate stupidity and support change. the popularity of fiat is decreasing day by day and the popularity of bitcoin is increasing, this shows that very many are dissatisfied with the current financial system and desperately need a revolution. Cool

This percentage is really higher, I have doubt about it. I think it is not global statistics, maybe it is local statistics of a specific city or country. In under developing countries, people even don't know about digital currency like PayPal, WebMoney. Bitcoin is far away from their knowledge. As you may know, even after EL Salvador officially adopted Bitcoin, its people ignorantly opposed it. Because these people are very ignorant about Bitcoin.

Its a local survey so you could really expect that results would really be like this which is actually not surprising because there are various parts of the world even though adoption isnt really still high
but the awareness of its citizens is really high too which means whenever theres some conducted surveys then you would really expect for these kind of results but still it would really
vary on the government of a certain country whether they would really be adopting it despite of the decentralization that they've been trying to get rid of.
but still its good to look at these numbers though which signifies that it is really something good.

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41% is a huge number if you take the whole population.

I find the title of the thread a bit misleading, hehe. It could be "41% of 11 000 people globally say they trust Bitcoin over local currencies"...
It's like a clickbait and I did click it thinking we have this huge number already because I still believe that 5% is even a huge number entirely.

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Quote from: macson on November 22, 2021, 02:06:03 PM

41% of the total correspondents are those who hate stupidity and support change. the popularity of fiat is decreasing day by day and the popularity of bitcoin is increasing, this shows that very many are dissatisfied with the current financial system and desperately need a revolution. Cool

This percentage is really higher, I have doubt about it. I think it is not global statistics, maybe it is local statistics of a specific city or country. In under developing countries, people even don't know about digital currency like PayPal, WebMoney. Bitcoin is far away from their knowledge. As you may know, even after EL Salvador officially adopted Bitcoin, its people ignorantly opposed it. Because these people are very ignorant about Bitcoin.

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