35% of People Think Cryptocurrencies Are a Fad

Around 29 percent claim to have “some knowledge” on what they are. The survey also points to an equally important issue: there is still a major information gap between the public and the blockchain sector. Around a fifth of people (18 percent) who bought cryptocurrencies said that they stopped dealing with them because it was “too complicated.” 31 percent said that cryptocurrencies need to be less volatile to be used as intended. A sizeable amount of people believed cryptocurrencies to be merely a ‘fad.’ Around 35 percent of respondents held this view. According to Vitaly Mzokov, Head of Commercialization at Kaspersky, the information gap is preventing interest in cryptocurrencies from growing. “The vulnerable nature of the technology” is holding it back, he said. “Giving your hard-earned cash to something you don’t fully understand, or trust, is a hurdle.” Still, there’s some room for optimism. Around 20 percent of respondents who had never bought cryptocurrencies said they would like to use them in the future. Altogether, the survey results demonstrate that the industry is still a confusing one for most of the public. The survey points to two main issues with the cryptocurrency industry today:

1. the information gap
2. the lack of trust

Firstly, the public is hesitant to invest in the space largely due to being ignorant about it. Many, it seems, give up due to it being too complex. This can only be addressed by creating intuitive platforms and user interfaces. Moreover, there must be organizations dedicated to educating the public on cryptocurrencies. As of now, consumers are bombarded with projects with no real insight into their key differences. To make matters worse, most of the public only hears about cryptocurrencies when they’re booming in price — which implicitly associates them with high-risk. Risk brings us to the second issue highlighted in the survey: the lack of trust. The Kaspersky survey also found that, out of those who own cryptocurrencies, around 15 percent had been subject to cryptocurrency fraud. A sizeable amount (19 percent) also were subject to an exchange hack in some capacity. These numbers are daunting and point to serious issues of trust. These must be addressed if the market is to be taken seriously by the public at large. Do you find the survey’s findings believable? Let us know your thoughts in the comments below.