Another crypto-related survey has reminded of the importance of user-friendly solutions that would help to spend your cryptocoins, increasing both adoption and demand for these digital assets.
23% of the recently surveyed Brits said they were “open to purchasing crypto if widespread use was possible,” with one in five “willing to use cryptocurrency if it was integrated into real-life everyday technology such as smartphone applications, instead of using traditional banking apps.”
These were the findings of a new survey conducted by Paxful, the peer-to-peer crypto trading marketplace, according to a press release shared with Our. The release’s authors said 1,000 UK citizens between the ages of 18 and 56 were quizzed in the survey, with females making up 55% of respondents.
However, there are already multiple ways to spend cryptocurrencies on everyday purchases, including debit cards, apps, and other solutions, but it seems it still requires stronger marketing efforts and a better user experience to reach a wider audience.
In either case, the authors of the survey claimed that the survey’s findings that 20% of respondents in the UK own crypto in 2020 points to skyrocketing interest in bitcoin (BTC) and altcoins in Britain, particularly as a survey conducted by the regulatory Financial Conduct Authority only last year found that only 3% of respondents admitted to buying crypto.
Assuming that both surveys are truly representative of the wider population, Paxful said there has been a “17% Year-on-Year increase in crypto purchases in the UK, marking a major shift in both the learning curve and the desire of the British people to participate in the digital asset revolution.”
The marketplace pointed to a lack of faith in banks, uncertainty about Brexit and the coronavirus pandemic as motivating factors.
Paxful claimed its survey had found the following:
- 42% of the surveyed adults do not trust the UK banking system to work in the interest of society
- 49% of adults surveyed do not believe the UK banks faced severe enough penalties for their part in the 2008 financial crisis
- 31% of adults believe UK banks are playing a similar role in the current recession
The company did not elaborate on other responses and did not reply to our request for more data by the time of publication.
The UK economy has nosedived in the wake of the coronavirus pandemic, and England is currently in the middle of a second nationwide lockdown that has seen all non-essential businesses forced to close down, with staff furloughed across the country.
What is more, the Brexit transition period is edging nervously toward its end. After December 31 this year, the UK and the EU will sever all existing ties – with no sign of a post-Brexit trade deal yet in sight.
The UK crypto sector has already expressed no shortage of trepidation about what will happen after Brexit becomes a reality.
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