The Future of Finance: 53% of Americans Believe Cryptocurrency Is the Way Forward
Finance’s future: Cryptocurrency is likely to soar to new heights, fueled by the fervent excitement of young individuals. However, the blockchain’s capacity has been exhausted. The survey findings cast doubt on the ability of present options to fulfill demand.
Over half of Americans believe bitcoin is the future of money. This is the conclusion of a recent poll done by OnePoll on behalf of StarkWare.
53% of respondents agreed with this assessment of the future. The 25 to 34 age group, on the other hand, was very persuaded, with 68 percent. 61 percent of 35 to 44-year-olds were believers.
17% of respondents said that they have invested in cryptocurrencies. The percentage increases to 28% among those aged 25 to 34.
Investors in cryptocurrencies are continuously monitoring and modifying their holdings. 82 percent of smartphone users have at least one cryptocurrency tracker. 50% report daily tinkering with their assets. 27 percent of cryptocurrency investors do so on a daily basis. 14% of respondents with active cryptocurrency holdings experience a chill. They waited a week before making any modifications.
Eli Ben-Sasson is a co-founder of StarkWare Industries, the organisation that commissioned the study. “This survey demonstrates how prevalent cryptocurrency has grown while also predicting how massive it will become in the near future. We find that young Americans, the generation that will eventually control the economy, are particularly interested in cryptocurrency. It’s important to note that they are investing in huge quantities and are overwhelmingly persuaded that crypto is the future.”
StarkWare commissioned the survey to raise awareness about the upcoming launch of the StarkNet platform. They claim that it intends to make it simple and affordable for developers to construct blockchain applications. “It is critical to integrate crypto into the general public’s daily lives. Until recently, the spread of crypto applications has been delayed due to a problem around blockchain’s capacity.”
Uri Kolodny is the Chief Executive Officer of StarkWare. “As we launch StarkNet, we wanted to conduct research to see how much the general population anticipates using cryptocurrency in the next years. The findings are both fascinating and worrisome. They demonstrate widespread excitement for cryptocurrency and demonstrate how the blockchain is buckling under the weight of current usage. Unless we improve our efficiency, blockchain will simply be unable to keep up with escalating demand.”
According to the startup, StarkNet is a platform for developers to construct crypto applications that will be completely decentralised.
“StarkNet employs a sophisticated math-based compression method that enables applications to be completely protected by the Ethereum blockchain while just a portion of their data is contributed to the chain. In blockchain lingo, this is referred to as a Layer 2. Transaction costs, which grow as blockchain use rises according to a supply-and-demand formula, are significantly decreased. These costs have hampered the development of crypto applications for a variety of common purposes.” Kolodny expects that cryptocurrency applications will soon be as prevalent as smartphone applications.
Concerning sustainability, the survey revealed considerable environmental concerns. 34% said that it is critical to reduce cryptocurrency’s carbon impact. The figures for the 25 to 34 and 35 to 44 age categories are 49% and 39%, respectively.
Regarding NFTs, 38% of respondents said that they would be “eager” to utilise them… If they were self-sustaining. 52% of respondents aged 35 to 44 expressed enthusiasm for the idea of sustainable NFTs.
“We anticipated to find worry about crypto’s per-transaction carbon footprint and eagerness for lowering it – but not to the magnitudes we saw,” Kolodny explains. We were pleasantly delighted to see that the public appears to grasp crypto’s environmental impact.”