The study by Stellar and Wirex shows a real need for crypto-currencies.
Surveys conducted by the Stellar Development Foundation and Wirex suggest that crypto-money is becoming more common.
The lack of international payment options is likely to encourage people to Crypto Code consider other options.
Awareness of stablecoins is surprisingly low, even among those who are already familiar with blockchain-based payments.
The Trust Project is an international consortium of media organisations based on transparency standards.
New research by Wirex and the Stellar Development Foundation suggests that international transactions, which are currently difficult to carry out, could lead people to digital currencies.
A growing need for international payments and dissatisfaction with traditional options are likely to encourage the adoption of Bitcoin and crypto-money in general.
User surveys conducted by both companies have led to some surprising revelations. For example, the largest group of respondents claiming to have crypto-money was between 45 and 54 years of age.
Stellar & Wirex: Gaps in international payments offer an opportunity for crypto-money
A report published on 21 January by the Stellar Development Fund and Wirex suggests that awareness and adoption of crypto-money is growing. „The Future of Money: The Adoption of Cryptography in 2021“ surveyed 3,834 Stellar and Wirex users in 89 countries.
Wirex CEO Pavel Matveev commented on the research:
„… It is exciting to be part of a brand new research on the use and adoption of crypto-money, which will help us to better understand consumers‘ weaknesses with payments and to determine what users expect from a digital economy“.
The research suggests that international payments are becoming increasingly common. Three-quarters of respondents said they have already sent money abroad.
Of those who had previously made international payments, 56.9% were between 18 and 24 years old. The authors of the report explain that younger respondents have a greater digital prowess ‚and were therefore more likely to have bought a product abroad or received payment for a freelance contract.
Despite adapting to the process, most respondents said they had paid too much in international transaction fees. About half of the respondents said they considered the 1% fee to be excessive. Naturally, the number increased for high percentage fees.
This, according to the authors, suggests a painful point that crypto-money could alleviate. The 74.1% of respondents who consider payments in crypto-money as a viable alternative to traditional means support this notion.
Interestingly, the research also suggests that there are fewer age barriers to the adoption of blockchain payment solutions than some people assume.
What is a stablecoin?
Another interesting revelation concerns stablecoins. Despite growing awareness of cryptocurrency and blockchain technology, knowledge of stablecoins remains low. A huge 75% of all respondents had never even heard the term.
Younger respondents were more informed than their older counterparts here. About 34% of the 25-34 year olds knew what a stablecoin was compared to 17.9% of the over 65 year olds.