Americans with a working knowledge of cryptocurrencies have been showing a ascension interest in blockchain engineering and cryptos.

According to a survey conducted by the global peer-to-peer Bitcoin marketplace Paxful, this demographic increasingly views digital assets as an alternative to the "defective" and traditional fiscal system.

Released on April 23, the study states that cryptocurrencies every bit an nugget are maturing, and close to 50% of respondents believe that a triggering event in the traditional financial arrangement volition assist people shift their focus to Bitcoin (BTC) as an alternative.

The most common use cases for Bitcoin, according to the survey, include real-life payments (69.ii%) and to gainsay inflation and abuse (50.4%).

Crypto awareness increasing in the midst of the global pandemic

Speaking with Cointelegraph, Artur Schaback, principal operation officeholder and co-founder of Paxful, said:

"It was interesting to see that many believe that mainstream adoption will be in the next 6 to 10 years. Opposite to that, past the same amount of time (6 to 10 years) respondents as well believe that the crypto bubble will burst. I am hopeful for the first scenario, so I think, every bit an industry, nosotros should work towards creating more than products that volition be used for real-life use cases that tin help accelerate mainstream adoption."

Amid the global COVID-xix pandemic, Paxful believes that both the cryptocurrency and the traditional finance system are being tested, which partly explains why the BTC price is ascension equally it becomes a safe haven asset.

Schaback highlighted that there is undoubtedly more awareness about crypto now compared to before:

"I remember when we first started, no one knew about Bitcoin or can even recalled the word 'Bitcoin'. But, from the survey results conducted this yr and the last, it showed that more people have heard of crypto and are now associating information technology to unlike concepts like money or technology. Nosotros're still a long style there, but I'one thousand eager to see more than products that help towards mainstream adoption."

Regarding the obstacles that adoption faces, the survey also highlights that 53.eight% of respondents believe that the lack of cognition is holding dorsum the spread of crypto adoption.

Challenges for the future of crypto adoption

According to the study, the primary factors respondents believe will help increase adoption are mobile mining, altcoin resurgence, institutional investing, and the enterprise employ of blockchain technology.

Paxful's COO commented on the challenges alee:

"It'due south yet the knowledge about cryptocurrency itself. We know that more people have heard nigh it, but I recall for the wrong reasons like gambling and multi-level scams. At that place is even so fright from the mainstream audience because of these. As an manufacture, this is our biggest claiming."