Topic: 41% of people globally say they trust Bitcoin over local currencies - page 4. (Read 619 times)

To be honest, this fact generally saddens me. It turns out that people believe in their local currencies less than in bitcoin. Although they understand that local currencies are backed by at least something.

This is what I believe either because the last time I check those that always hold their BTC for long are mostly from the Crab to Humpback Whale while the Shrimp always sell at some point due to financial or important issues. But, I check the site that provides the information they seem to use an Ai-driven decision engine to get their result. However, it still does not confirm their report was based on their Ai or self-absorption.

I wonder where they did this research. It was for sure online on some technical website and not randomly over the phone like those surveys are usually done. I am certain, they wouldnt get such a high percentage that way because 40 % dont even know what crypto is, yet alone they would trust it over fiat.

This type of surveys usually means nothing and may be far from the reality. It depends on many factors and sample size of the survey. Also it depends on what segment of the society you are targeting. If a similar survey runs here in bitcointalk, more than 90% of respondents will say bitcoin is better than local currencies and they don't need banks for their finances.

So yes, it's good to see positive responses as always. But don't make the mistake in thinking that it represents the entire world. It's an opinion from the targeted audience where blockchain awareness is increasing.

It seems a lot more people know about Bitcoin given what the pandemic has done to the global economy. They can face the economic reality of their bank accounts being siphoned with out of control inflation rates because governments needed to shut down their economy and prop up their currencies in response. If someone knows about doge, they have to know about Bitcoin, so perhaps that's the silver lining of the "meme coin" phenomenon is it got people involved in crypto.

Yep premise is similar with micro task and obviously third world countries behind this survey. Even there's no data to back up this statement, but it's not logical if people who already got paid $10-$15 still looking for micro task.

The reason why they trust Bitcoin over their own currency is high inflation rate and corruption, while Bitcoin isn't.

However it's funny to see the respondents were using the app to get paid but they didn't cash out the Bitcoin since they didn't trust it, clear enough they didn't even know what Bitcoin is.

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It's true, but you don't have to made a survey for all peoples in this world... at least 100-200 participants in each country are enough.

The numbers look to good to be true and they are illogical.

First indicator is bitcoin price; if 41% of people were really trusting bitcoin more than their local currency they would have bought bitcoin which means price should have been at least one or two million dollar instead of still struggling around $60k.

Second is the price volatility itself; people who want to use a currency for payment need moderately stable price. Bitcoin is still volatile. If the question was about bitcoin's long term potential, oversees payment, censorship resistance, ... then it made sense but when the comparison is between fiat and bitcoin for payment it doesn't make sense YET.

Percentage might look interesting but the number of respondents or to those who do take the survey isnt really that near off with the entire population which we could not really take this seriously
but basing off with those words or sentiments do came from those respondents about using up Bitcoin instead of their local fiat which is really a good thing to hear on because people
are eventually making out realizations when it  comes into its real use case which i could say that they do have some option to take and also they shouldnt
think that fiat would be replaced soon because this is something which is impossible to happen.

I don't actually believe in surveys as it could be biased sometimes, and always we need to know the reputation of those who made a survey.

The world's total population in the world is 7.9 billion, so 11 000 participants are not even 1% of the entire population.
https://www.worldometers.info/world-population/

However, it's still good to know that many people are interested and I believe the adoption will continue to grow as awareness are already spread globally.

I could not agree with this opinion. More than 70% of Americans use Bitcoin directly and the rest are directly or indirectly involved in Bitcoin shares. Most American Celebs has commented positively on Bitcoin and Bitcoin is the most talked about in American Congress. If you pay a little attention, you may find that the US-based exchanges are the most used exchanges. The US-based exchanges like Bittrex, Coinbase, and Bitfinex are ahead of each other in terms of volume. I think there are very few Americans who do not yet know about Bitcoin, and it is very popular among the younger generation now.

It would be nice to know the demographics of the respondents of the survey. Respondents from third-world countries are more likely to answer favoring cryptocurrencies as they see it as a money-making opportunity, and not a currency which they can use securely and freely. Most likely, the respondents came from outside wealthy countries, because most people from such countries still has trust on their local currency, and would likely go out of their own way to use it even if cryptocurrencies are readily available for them to use.

I would agree the sample is questionable.  I'm not sure I believe that 41% of people know what Bitcoin is.  Certainly 41% of the people I know aren't familiar enough with it to consider using it at all, let alone replacing their local currency with it.  If the poll said that 41% of people had heard of Bitcoin, I would maybe agree that's possible (although I think still unlikely).  When I'm out and about, I hear more people talking about doge and shiba than Bitcoin.  It feels to me like Bitcoin is becoming this mysterious thing that only Wall Street funds actually own. 

the number of people in this survey is still very small and I think people comment but without analyzing the consequences, bitcoin is a very good cryptocurrency, but bitcoin cannot replace the local currency, people's wages must be paid in Fiat and in banks so that people can be deducted from insurance, taxes and various other things, so it is clear that people have no choice in relying on the local currency whereas with bitcoin and this volatility people have lost out if they received wages in bitcoin

There are a number of issues with this figure that makes me believe it is not reliable.

They are only polling people with a smartphone, and they are only polling people with their smartphone app (these are two separate issues). Neither of these are going to be representative of the general population.

They say the survey is ongoing, but they released some of the results ahead of time. This has the potential to affect future responses.

Typically, when conducting a survey, the person conducting the survey will calculate how many responses they need in order to get an accurate representation of the general population and will stop once they receive that many responses. 11k+ responses seems like a lot to me.

I think conducting the survey via their app (likely paying them to do so) will likely oversample responses from poorer countries. The dollar for example is widely accepted throughout the world, even in places where it is not the official currency. This is because the dollar is trusted more than the local currency. In some places, if you are traveling from the US, you almost don't even need to exchange your dollars for the local currency -- you can pay for everything in dollars, and sometimes end up getting a better price for doing so (although in these types of places, many vendors are willing to negotiate on price for everyone).

My thoughts exactly. According to the article, thousands of smartphone users participated in the survey and the data was gathered through the Premise app. Their CEO said: "Premise is committed to providing financial opportunities to the unbanked and to those generally excluded from traditional financial services." This fact alone shows that the results of the survey are not objective, since these are individuals who are in some way excluded from traditional financial services, or "unbanked".

Maybe, that's the difference though. We are comparing this data with America, UK, and other developed countries. However, if this data was collected in less developed countries then I can see the data being skewed because of that. After all, local currencies in developing countries are generally less stable, and there are more people that are poverty stricken, which therefore might mean they were already looking for alternatives, and happened to stumble upon Bitcoin. 

I would have to agree though, comparing this data to my observations locally, it's massively over inflated.

Regardless of the source of the numbers mentioned here in the picture, I'm not sure about these numbers because these numbers seem way higher than reality to me, still, there are many people who don't even know about bitcoin even in America if the situation is like that in a country like America then there is even worst situation in the other countries and other are still many people they don't know bitcoin or they partly know about bitcoin as a currency, then how can we ask them if they really trust something they don't even understand completely.  

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 do believe we are getting better in terms of perceived legitimacy, but I didn't think we were here quite yet. Also, I would have thought security, and trustworthy would have had similar results, as really you can't have one without the other, so that piece of data is a little confusing to me.

I would say 40 to 50 percent of the population has heard about Bitcoin, and know roughly what it is, I wouldn't expect even half of that number to consider it more trustworthy, otherwise wouldn't they be using it? At the very least as a reserve currency.

Yes, As far I know near around 100 million people around the world are known about cryptocurrency properly. Regular Crypto users are far less than that number.
Till now more than 25% of American citizens don't know what is cryptocurrency and how to use it!!
So, Such a huge(41%) respondent is really great, that means most of the people didn't use cryptocurrency but they hear about it and know the functionalities of blockchain technology that's why they support Bitcoin over their local currencies.
I believe that by 2025 there will be a revolution in the use of currency in the world and Bitcoin will be more developed and adopted by govt phase.

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.