ING Bank: People with less knowledge about cryptocurrencies tend to believe in them more
People who know less about cryptocurrencies than others are more likely to believe in their bright future, new research from the Dutch bank ING shows.
On Wednesday, the bank presented the results of a survey of 1,000 residents of each of the 15 countries included in the study, mostly European. It was possible to find out that the general level of knowledge about cryptocurrencies is still quite low.
74% of those surveyed agreed that cryptocurrencies are a form of digital money. At the same time, 73% said that they are controlled by centralized education, or could not answer. 51% believe that cryptocurrencies can be used to pay in stores.
“Of the 13% of Europeans who correctly identified only one of five statements as true or false and on this basis classified as people with a low level of knowledge, the majority have high (43%) or medium (37%) expectations regarding the future of cryptocurrencies,” they write the authors, adding that the same situation is observed among those who demonstrated an average level of knowledge. “Those with a higher level of knowledge were, however, more skeptical about the use of cryptocurrencies in the future – this indicates that interested people do not necessarily believe in cryptocurrencies.”.
ING analysts note that many still shy away from cryptocurrencies, not understanding how blockchain works or the idea of mining intangible values that have to be stored in a digital wallet..
Residents of Turkey showed the highest level of expectations from cryptocurrencies (62%), followed by Romania and Poland. Least of all believe in cryptocurrencies in Luxembourg and Austria, according to ING survey.
32% said they see cryptocurrencies as a tool for making online payments in the future. 35% expect the cryptocurrency market to grow over the coming year.
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