Crypto rather than cash? Half of Americans would take their wages in cryptocurrency

NEW YORK – Cryptocurrency is no longer a “get-rich-quick” way, but most people think it’s here to stay. In fact, more than half of Americans say they would gladly accept their regular salary from working in crypto.

A survey of 2,000 adults reveals that 68% believe that crypto will become more widely accepted and mainstream in the next three to five years. Three out of five (61%) would even allow their employers to invest part of their salary in a cryptocurrency of their choice, similar to how employers invest in employee pension schemes.

Among those who already have pension plans in place, 68% can see the long-term benefits of crypto, saying they would be confident that it is part of their investment portfolio. Six out of 10 believe that investing in cryptocurrencies should be as widespread as traditional financing, which predicts a growing desire to participate in the decentralized financial system.

Commissioned by Coinbase and conducted by OnePoll, the survey shows that 22% of people now own some form of cryptocurrency – the biggest hits being Bitcoin (82%), Ethereum (65%) and Dogecoin (57%).

While 68% of all respondents question whether cryptocurrency is secure enough for everyday use, 66% feel secure enough in their knowledge of how to protect their currencies from hackers. Nearly four out of 10 (38%) have some basic knowledge of what cryptocurrency is, but not much more. Meanwhile, 45% say they have in-depth knowledge of crypto and how to use it. Only 16% of Americans have no idea what cryptocurrency is or what tokens are.

Accessibility to cryptocurrency is an issue

Overall, 73% want to understand crypto, but do not know where to start or fear it will be too confusing. 64 percent would be more involved in cryptocurrency if they found it easier to understand. Seven out of 10 (71%) had to repeatedly search for crypto-related terms, such as “decentralized finance”, “blockchain” and “non-fungible”, to find out what they mean.

“Many of the concerns we see about crypto-adoption stem from fears of the unknown – those who do not fully understand crypto are likely to refuse when they hear about things like phishing scams,” said Matt Muller, director for security operations at Coinbase. , in a report. “The truth is that a few important steps are enough to minimize vulnerability. I always recommend using a password manager and enabling two-factor authentication whenever possible. And remember, if it sounds too good to be true, it usually is. ! ”

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Is it too late to get into crypto?

For 71% of respondents, cryptocurrencies seem to have come out of nowhere without much context. This is why 59% feel that they have personally missed the mark by investing in cryptocurrency. Right now, two out of three respondents still think their money is safer in a traditional bank than in a crypto exchange. 61 percent think crypto is “too risky” for them to take it seriously.

But having a better understanding of how cryptography works would be enough to make 53% feel secure using it. When asked what would make them use cryptocurrency more often, 43% would need to know how to get it, 41% would need assurance that it is secure, and 34% would know how one best handles it.

“This research shows that concerns about cryptographic security are often due to a lack of understanding of how cryptography works,” Muller adds. “As awareness grows, many people are finding out how easy it is to use crypto securely and dive into the crypto economy and take full advantage of how crypto and blockchain can create financial freedom for all.”

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