Bitcoin is More Popular Than Traditional Banks

[Agios]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

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[jackg]

I think I found an article relating to this: https://www.somagnews.com/trust-bitcoin-passes-trust-big-banks/

People have a lot of problems with banks to start with though, especially mellenials and gen z (house prices in the UK for example are a lot more than the average salary cam afford with a mortgage).

Bitcoin also has more development behind it as of recent and is a way to store wealth without interference from others as much as possible. Also trust in banks always reduces when a crash occurs and may not have bounced back since the 2008 financial crisis.

[Darker45]

Interesting! Would you care to attach the link of the said survey result?

I can only speak of my own observation around my own country. And I can tell with almost 100% certainty that even the word Bitcoin has not even reached the ears of 51% of the millennials here.

If it did, I guess most of them have no idea of what Bitcoin really is. If they have the slightest idea, they don't know that Bitcoin is primarily created to disrupt the financial or monetary status quo so that they won't be able to answer which between Bitcoin and the traditional banks is worth trusting.

[mk4]

Though more and more people are trusting Bitcoin(from what you've stated), how did you come up with the conclusion from your title that "Bitcoin is More Popular Than Traditional Banks" though? I'm pretty sure traditional banks are more "popular" and are a lot more widely used than bitcoin.

[AB de Royse777]

Without having a bank card or bank account life is not much easy in any corner of the world. I have most of my assets in bitcoin but still I need a bank to run my business and other essential financing.

In Bitcoin, we are still too young but I believe it's not much longer that we will have most of the financial transactions will be done using Bitcoin. I have a dream of paying my employees using Bitcoin but not in the near future.

[Maus0728]

Interesting! Would you care to attach the link of the said survey result?

In addition from the link given by @jackg: Millennials Trust Bitcoin Cryptocurrency More Than Banks, Survey Found
It is obvious that these people who trust the use of bitcoin more than banks are millennials who does not have an access to banking system. Of course, who would not be surprised by the benefits and welfare given by bitcoin that traditional banks don't have. I wonder if these are really the countries that have undergone the survey.

[cryptoaddictchie]

I can only speak of my own observation around my own country. And I can tell with almost 100% certainty that even the word Bitcoin has not even reached the ears of 51% of the millennials here.

Agree. Millennials are more inclined to online trend such as mobile legend, tiktok and etc.

OP are you referring to this site. https://thetokenist.io/news? Can you share the link or source that they did qoute the popularity of BTC over banks.

_{In my opinion, we are in the era where tech is improving that includes bitcoin technology, yes it can outrun the banks in terms of popularity but that would attributed as investment/speculative commodity. Banks are traditionally used by all countries which are trusted due to its centralization and government accredited. Well decentralized is good but we cant say all our into it.} Maybe for now, we cant say what will be few years from now.

[davis196]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Bitcoin is NOT a bank.Comparing Bitcoin to banks is like comparing apples with bananas.Bitcoin loans aren't very popular and I don't see any cryptocurrency exchange platform offering banking services.
There are sertain rules about properly doing a survey and I don't have any details about how the Tokenist surveys was done.If you own a cryptocurrency website and you ask your visitors(most of them are crypto supporters as well) about their views regarding Bitcoin and cryptocurrencies,most of them are going to be pretty positive about Bitcoin and crypto.It's common sense.
It's pretty normal that millenials and younger generations are more open to new technologies,like Bitcoin.

[slaman29]

I really don't like surveys like these. Who do you think they surveyed? Z generation kids who have Bitcoin and TRX and Doge and gamble in casinos? Or Boomer parents and grandparents who responsibly pay bills with dollars and not bitcoin?

I like Bitcoin but these surveys are terrible in creating more divide. And pointless.

@cryptoaddictchie: totally agree with you.

[btc78]

Interesting! Would you care to attach the link of the said survey result?

I think the answer is just above you mate and here it goes.

I think I found an article relating to this: https://www.somagnews.com/trust-bitcoin-passes-trust-big-banks/

I can only speak of my own observation around my own country. And I can tell with almost 100% certainty that even the word Bitcoin has not even reached the ears of 51% of the millennials here.

Maybe the countries mentioned are already adopting crypto or at least more advance compared to countries like yours or even mine.

If it did, I guess most of them have no idea of what Bitcoin really is. If they have the slightest idea, they don't know that Bitcoin is primarily created to disrupt the financial or monetary status quo so that they won't be able to answer which between Bitcoin and the traditional banks is worth trusting.

This point we can help them understand mate,we are the one that Crypto needs to spread the use and advantage of Bitcoin to the eyes and mind of the millennials

[cosmofly]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

I think bitcoin and banking are completely different things and shouldn't be compared. because banks provide money to the economy and pay interest to savers. that would be passive income but it will be quite a bit. As for bitcoin, it is a high-risk investment that cannot be compared. Besides, the price of bitcoin fluctuates very high and currently there are many people who buy bitcoin at $ 19k and have not yet been sold.

[stompix]

The title should be "Mllenialls trust bitcoin more than banks".

Popularity is something else, if people would really trust bitcoin more than banks we would have more than 7,639,257 addresses with a balance over 100$ in the chain, that's 3 times below the number of banks accounts in the UK alone.

Second, this is the result :



So 51% of Millenials trust bitcoin more and 49% trust the big banks more. With

Our margin of error for total respondents is +/- 2-6%.

Second, as per their methodology,

Surveys were conducted via Google Surveys (results available here) as well as an email campaign sent out to The Tokenist readership. Google Survey results came from 4,111 applicants and The Tokenist represented 741 readers.

Seriously? You ask the readers of a crypto news blog and you think the results would be relevant?But it gets better:

Survey 2 was taken from The Tokenist’s email list. A total of 741 participants surveyed out of 12,431 replied with only 75.2 % responding to the full questionnaire. Entry participants were entered into a draw to win .3 BTC for completion of said survey.

And even with that target audience and paying them in BTC they only managed a victory of 51% to 49% over banks?  

[Wexnident]

Here's the exact survey by the Tokenist which can also be found in the link given by @Maus0728
https://thetokenist.io/bitcoin-survey-2017-vs-2020/

Long read, but pretty much just asks general questions of Bitcoin vs Banks and the results of which is better today and for the future. The survey was done via Google Survey so that's why there was probably a lot more pro on BTC since I believe most of them are in the know of the advancements that are happening in the world.

[Jating]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

The word here is "Trust", of course many will because  as we have said, if you own bitcoin, you have total control of it. As compare to traditional banks wherein there are cases that you need to wait for 3 business days to be able to clear your money.

But we can't argue that banking system is still needed, even millennials, specially flashing those credit cards, Lol. And then again, this is just a 'survey', margin of error is still present and not to be taken seriously.

[mnporter2001]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

I personally still prefer bitcoin over banks. because sending them money at low interest rates is like being dealing with inflation. I prefer to invest in bitcoin even though it is risky but when you win you will win big. Bitcoin is really a form of venture capital and I do not encourage everyone to trade or hold BTC, it will lose a lot of money in the beginning.

[RajaJudi]

I think that's from big countries with open-minded citizens who have the ability to understand/ use the Internet and actually have the right knowledge about Bitcoin. In the smaller countries, where Bitcoin has been going with the scams, people wouldn't believe it. Try some country in the ASIA, there were lots of scam with Bitcoin involved. There was so much that every time they think or hear about Bitcoin, they immediately say no and run away. They are not educated about Bitcoin enough to actually believe it.

[Reid]

But bitcoin ain't a bank.
It is a currency.
The survey made the wrong comparison.
It should be BTC against USD or its own currency and digital currencies.

Bitcoin doesn't give an annual interest like banks. Yes, the price of it is moving now and you could make profits out of it but that means selling your bitcoin with a different currency.

[Haunebu]

4852? That is probably not even 0.1% of the world population. Be realistic op. I am a big fan of BTC and cryptocurrencies, but the truth is that it hasn't gone mainstream yet.

A small percentage of the world population is currently using it and the numbers are slowly growing over time. Currently, BTC is popular primarily as an investment asset when compared to being used as a currency.

We need to try harder to reverse this in the future in order to help it go mainstream. The volatility needs to go down along with the fees and transaction times in order to make it a feasible payment method in the long term.

This is how majority of the world population could prefer cryptocurrencies over FIAT in the future in my opinion.

[The Cryptovator]

Not true, be honest here, can you live without banking system lately? If so it will be too complicated for you. It doesn't mean we don't love bitcoin, still bitcoin popular for us. I don't know if in the future bitcoin will accepted by worldwide and could become more popular than bank but there is lots of prevention to happen that. Probably it was a online survey and likely those peoples participated there  most of them are bitcoin lovers. It doesn't mean worldwide population love bitcoin. For me I can say even 2% of total population of my country's don't know about bitcoin but 100% population know about traditional banking system I believe. So I can't say bitcoin is more popular than traditional banking system in my country. And I believe same goes to worldwide population.

[Findingnemo]

Younger generation aware of bitcoin, that is a piece of good news to take from this report but we can't say bitcoin is more popular in this world because transaction of fiat is huge compared to daily volume of cryptos and more of the crypto volume comes from trading not from transactions so we are not yet ready to compete with the bank.

[Oasisman]

The title is misleading, the survey might be biased.
Millennials would choose Bitcoin over traditional banks, because they knew how this latest financial technology works than those less techy people in the mid 50's.
Anyway, No matter how many times you'll compare Bitcoin to traditional banking system or USD, it can never replace by Bitcoin ( at least for the next 20 years).
Nevertheless, Bitcoin has still a long way to go If we're looking at a competitive perspective with banks.

[acroman08]

4852 in over 17 countries? 4852 people can't even be considered as a 0.1% percent of the population in most country. for me, the survey shows really show how popular but bitcoin is but that the younger generations are more open-minded than the older generation and they are not scared to accept and explore new technologies.

OP are you referring to this site. https://thetokenist.io/news? Can you share the link or source that they did qoute the popularity of BTC over banks.

I searched around and found this https://thetokenist.io/bitcoin-survey-2017-vs-2020/

[Betwrong]

Being a big fan of Bitcoin myself, I think we will never reach the point when it will be right to say "Bitcoin is More Popular Than Traditional Banks". If 10% of the world population will be using BTC, that will be a great victory(and I'm sure we'll be there in several years), but it will take more than 20 years from now for Bitcoin to become even more popular.

Also, regarding Bitcoin replacing banks completely, it will hardly happen ever. Banks are being used not only for keeping your money there, but also for taking loans. You can't take a loan from Bitcoin.

[roberthays]

I'm not surprised by this especially as, with Bitcoin and other digital currency, you have control over your assets. Banks are outdated and digital currency is here to disrupt the industry.

[kryptqnick]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

I think this is too good to be true. I'm not saying the survey is fake, but I strongly suspect it's not representative of the society. If the worldwide support of Bitcoin were so high, the number of users would be not around 2% of the population but billions of people. It's very easy to manipulate such data or make methodological mistakes due to the lack of knowledge how it's supposed to be done. So what this survey says is that among 5k respondents that happened to be included in the survey, the results were such and such. It's not so much about a number of people but about how these people were chosen. Chances are, these were people that read The Tokenist, and these are not your average people.

[LogitechMouse]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

This is why I don't trust any surveys AT ALL.

They are just asking 4,852 out of so many people around the world and they will just assume that all of the people are just as the same as to the respondents. I don't need to say anything since this SURVEY is just 4852 respondents and I don't think that the subject title is suitable for this since it really isn't .

[madhavsinghrajput]

We can say that the popularity of bitcoin has increased in last few years.People started to know about bitcoin and they also speak about it.But to say that bitcoin is more popular than bank is not right.Bitcoin has started to grow but banks are the premier financial institution.Firstly comparing bitcoin and banks is not possible as both are different but if we compare bitcoin with other Fiat than also bitcoin is behind.

[bitbunnny]

I would like to see some concrete data to support that. Also, is this on global level or limited to some particular country? I guess, at the end, this is just provisional claim.
We have to be honest and admit that acceptance of Bitcoin is still very low and don't mary people in general use Bitcoin. Maybe they don't like banks much but they still need to use fiat money and banking services, that is the fsctact, so let's not full ourselves.

[CoinFoxs]

Yes it's true that people are showing their faith in Bitcoins but I think it's not appropriate to say that they are trusting bitcoins over large banks. For now, not many people are familiar with cryptocurrency and they are making their transactions using conventional banking system so bitcoins and banks should not be compared. It is for sure that young generation is more into cryptocurrency but if you talk about senior citizens they would surely prefer banks over bitcoins.

[Taskford]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

I don't see any reality from it although bitcoin is popular on us since we know how it works and others, but the reality there is we cannot actually compare nor come close to the traditional bank since bitcoin still not known by globally the usage of it in real life still limited and you cannot find any legit institution offering a secure place to store your bitcoin with interest so maybe let's just stick on reality, But I'm kinda had a feeling that if good things will continuously come we will see it surpass the traditional banking.

[Shohag123]

You can’t say directly that Bitcoin is more popular than Bank.In modern life we can't even think our life without Bank.But there are countless of people who even don't know or never heard of Bitcoin.

Actually i prefer Bitcoin but because of some reason many people don't trust bitcoin.Because we hear many news about hacking of bitcoin and it always frightens us.And in many country bitcoin is illegal and they thought it is a very bad thing.So at first We should grow more awareness and we should legalize bitcoin in all country.

Then in near future,bitcoin may surpass bank  and it will be more popular than ever.

[iTradeChips]

The survey is encouraging to the point that people especially those who deal with Bitcoin and cryptocurrencies will be more motivated in their dealings with the said technology. It is not a secret that there are many people are organizing all over the world to make Bitcoin and cryptocurrencies more known and have more investors and more participants. Eventually let us give it 10 years or so before it will take off.

[ChiBitCTy]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Well this simply isn't true, unfortunately. This is a really small sample size first off, secondly most people still trust banks and have no clue what actually goes on inside the banking system.  I wish people would educate themselves more but they simply don't.

[pawanjain]

I am sure that the numbers aren't accurate. The survey would have been conducted on a small scale since large surveys require huge time and effort.
If you do a little research and find out the actual number of people who took this survey then that would be some piece of information.
But even that would be an incomplete information since that would be limited to a certain area.
Bitcoin is operated globally on a large scale and in order to retrieve a near accurate ratio, a combined effort of research and survey would be must.

[plvbob0070]

It's a positive statistic for cryptocurrency but I wonder how they picked their respondents to participate in that survey. I also don't think that almost 5,000 participants are already enough to assume that bitcoin is already more popular than traditional banks. Perhaps in a certain group or age of people, but not totally for everyone. It's pretty obvious that the younger generation will appreciate bitcoin and cryptocurrency than the older generation because they are more aware of digital advancements. There's no point in arguing with that since they are more capable of adapting with technology.

But I think it would be better to widen the number of participants if they want to represent 17 countries. Even in academic research that percentage compared to the population of those countries are not enough to make an accurate conclusion.

[famososMuertos]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

It is always good in addition to naming the source a reference link to the data provided.

Apart from the data provided in the OP, they have nothing to do with the title of the thread, because in practice trust has nothing to do with popularity. Second, the institutions, that is, in this case, the banks are physical entities, there is no accurate comparison here, rather it seems like a play on words.

4852 is a very small sample to indicate an overall trend, there is no reliable correlation of the data in order to obtain statistical results that allow us to establish the level of confidence that a value such as 29% or 51% can represent.

[LeGaulois]

I would like to see some concrete data to support that....

It is always good in addition to naming the source a reference link to the data provided.

Here is the complete survey result for those looking for more details (@OP didn't post anything) Very long page to read by the way
https://thetokenist.io/bitcoin-survey-2017-vs-2020/

Participants are from 17 countries (not any particular) and come from a survey network mainly and their email list. @OP forgot to say the confidence in Bitcoin dropped for some age groups (senior people for example).

(IIRC, this survey network rewards people to take their surveys so people answer the questions the way to make the network happy to be sure to get the money and to not be rejected in the middle of the survey)

[Mpamaegbu]

Those of us in the community wish it were so that Bitcoin has more popularity. However, that isn't so if we must stick to the truth. In Africa (where am from) there are millions of people who haven't even heard of Bitcoin let alone know how it works or what it does. But these millions know what a traditional bank is. My mum is an example of such who aren't in the know, except that she hears me talk about it once in a while. Frankly speaking, there shouldn't be a competition between the bank and Bitcoin for it to succeed. All we need is mass adoption of Bitcoin and not rivalry.

[Artemis3]

But bitcoin ain't a bank.
It is a currency.
The survey made the wrong comparison.
It should be BTC against USD or its own currency and digital currencies.

Bitcoin doesn't give an annual interest like banks. Yes, the price of it is moving now and you could make profits out of it but that means selling your bitcoin with a different currency.

This is correct, but Bitcoin is also enabling people to bypass banks. People were led to believe that banks are a necessary evil, but they are not. Of course, with fiat money, any amount you keep by yourself is losing value, they do this on purpose. In their biased view, the "punishment" is meant to make you invest or spend it by force, and with this they justify their dogma that no money cannot keep its value, our of feat that, the horror, people would save it instead; thus stagnate their model. Which explain their insane fear of deflation.

Enter the Austrian school of economy, which a century ago was telling people they should use gold, not fiat. They warned the dangers while in the roaring 20ies, pretty much predicted the crash of 29... If the money doesn't lose value, people don't need to spend it all. In fact, people only need to spend what actually needs to be spent. This leads to saving it, but not in a bank; but by yourself.

The modern bank, with its legalized Ponzi scheme known as fractional reserve, seems to "magically" keep some of the value of fiat, by offering interest for those fool enough to trust their money to them. In turn, its not like they just lent your money to others, they also introduce at least 9 times the amount of that money (out of thin air) into the system, which is even worse than printing (but close).

To break the scam the banks need to change, but they won't, so the next best is, to not use them. But your fiat is losing value, so either you change it into some asset, or, a money that doesn't lose value over time, like bitcoin. Note that the Austrians meant actual gold, not "gold backed" currency, that's garbage. All pegged coins (so called "stable" coins nowdays) live on a promise easy to break by the small group that controls it when things turn bad. The USD for example where Trump prints as much as he wants like it doesn't matter, and scam coin Tether doing 30% fractional reserve according to their promise (good luck auditing that, and they have already broken that promise at least once).

And then there is the whole privacy invasion issue, and the requisites. Many of you are probably biased, think opening a bank account couldn't be easier, but that's not the case in all countries. There are places where you are forced to provide so many things you might have an easier time getting your elected official to actually deliver on their election promise than a bank letting you give them your hard earned money. You need proof of address, proof of nationality, a good amount of money and often, having accounts in other banks already (which makes opening your first starting account kind of tricky).

You know it is fine to get rid of them, and I'm no millennial, but i hate banks. Cheques were still in wide use until recently, a few years ago before hyperinflation finally moved in. Those things, took days to cash, and were highly prone for scam, you had to ask the bank on telephone to find out if the person had the money wrote in the paper before taking it as a form of payment, and then you had to rush to the bank to cash it out (usually in a way too long line) so that the money was still there...

Yet some people have the nerve to complain of a 1 day confirmation on super secure Bitcoin instant transaction...

The only problem with actual gold, is that being physical, you have to protect it and yourself of thievery, and of course it gets heavy. But Bitcoin is better.

[DarkDays]

Popularity is rarely aligned with usage.

Although most people support the utopian ideals of Bitcoin, far fewer people actually use. Conversely, practically everybody in developed countries uses their bank account, whereas even the unbanked don't use Bitcoin simply because they lack access to the internet, computers or a stable source of power.

I would bet that there are no countries in the world where Bitcoin user numbers exceed central bank users, probably less than 2% of people use Bitcoin, compared to around 80% for banks.

Mansions are also popular, but few people have them.

[cryptsatshian]

Ya, i buy it whenever i can, it is just the matter of time when the fiat system fails. You can see all those QE, helicopter money around the world and social conflicts rising. Gap between Rich and Poor etc.

[Shasha80]

I do not agree that bitcoin is more popular than traditional banks, in fact now there are more bank users compared bitcoin. But I strongly
agree if millennials trust bitcoin more than traditional banks, then bitcoin requires at least 50 years again to be more popular than traditional
banks in my opinion. Then regarding the survey conducted by cyber media tokens, I think the results  are invalid. Because of the 4,852
respondents who took the survey, I believe most of them are in the cryptocurrency community, so clearly the results will show bitcoin is more
popular than traditional banks.

[adzino]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

So the conclusion came based on only 4,852 respondents? I guess the user base which responded weren't quite diverse.
I would say more people know about banks and how they work when compared to bitcoin. It is going to be a total lie when you say bitcoin is more popular than traditional banking. If bitcoin was indeed more popular, everyone would know about and everyone would use it. They would prefer bitcoin  over fiat. After all, there is no one stopping them from using it.

[nicecrypto]

I think the survey can not be seen as authentic base on this result alone, if you really want to know if btc is more popular than the traditional bank then go out and ask the ordinary people outside their opinion about bank and btc, you will be surprise many of them don't know anything about btc, but almost everyone knows bank.

[pixie85]

And even with that target audience and paying them in BTC they only managed a victory of 51% to 49% over banks?  

Not all people who register to read about Bitcoin would trust it over banks. The sad truth is many people in the space just want to make fiat money trading bitcoin and dump it when they're done with it.

There's a long way from trusting Bitcoin over banks to Bitcoin becoming more popular than banks.

I trust Bitcoin more but I still get my wage sent to the bank and use the bank to pay my bills and buy groceries every day.

[Oilacris]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Oldies will surely stick out in traditional fiat system and would trust up banks for the rest of their life excluding to those who are tech aware or crypto's existence.

We are on the digital era now and it wont be surprising that millenials or younger generation would really be fully aware on whats the true usage and benefit of using bitcoin.

Its good to hear or to see those rising numbers when it comes to popularity and trust towards it.

[joinfree]

There has surely been a significant growth in the exposure of bitcoin to the world but I still think transacting with traditional banks is still popular than bitcoin. However, the future is likely to change as people get to know more about bitcoin and its growth as well as its rate of returns on investment.

[Kelvinid]

No, Banks are still popular in all ages than Bitcoin. Though most new ages know about Bitcoin and cryptocurrency and that just they only know, many of them aren't using that anyway rather than keeping their money to banks. Bitcoin still building its reputation, unlike the banks that has been for many years.  Bitcoin still a lot of things to prove in order to divert the mind of the people and trusted this the same thing as they trust the banks. If this will happen, this also the time that Bitcoin will outplay Banks, and many people will use Bitcoin.

[Twinkledoe]

There has surely been a significant growth in the exposure of bitcoin to the world but I still think transacting with traditional banks is still popular than bitcoin. However, the future is likely to change as people get to know more about bitcoin and its growth as well as its rate of returns on investment.

The percentage of crypto users is still small compared to global population. So yeah, I guess, there's something wrong with the stats or the study is not well represented. I don't think many people have full trust with the usage of bitcoin than making a transaction with banks. We still need more data to make a good conclusion regarding this topic.

[gundala]

In fact, bitcoin does offer a lot of things that can't be found in traditional banks. However, I think we cannot be separated from traditional banks completely, moreover, it has to do with legality and adoption in our respective countries. The survey results at least provide a positive picture of the presence of bitcoin, especially for millennials who are very close to technological developments. But, of course, we cannot completely ignore traditional banks.

[KrisAlex18]

Don't get offended, I think you should change the title into "People are now interested in bitcoin than traditional banks" because when we talk about popular then I think banks should be the ones because it lives for so many years compared to the bitcoin. It would differ the meaning because of being popular. If you changed it into interest, it will look like the people are now into bitcoin than banks which is really true because bitcoin becomes so prominent all over the world because it has so many benefits to all of us.
 

I think I found an article relating to this: https://www.somagnews.com/trust-bitcoin-passes-trust-big-banks/

Great hunt, the OP should include the source link he had used for this thread, putting the link is really important, it would avoid you from being plagiarism.

[Bitstar_coin]

We can not argue that btc has gain more recognition over time but saying it has more popularity over the traditional Bank base on that survey is not entirely true, I don't know the procedure for conducting that survey but I do know it does not represent the actual results of both btc and banks popularity,
without conducting any survey, our daily activities could already give the answer we are looking for, banks without any argument are still more popular and more used than btc, but this does not mean that btc has not gain traction in utility and increased awareness as well, for now, I think the verdict goes to banks.

[Anonylz]

Bitcoin is a popular and trusted coin of the current cryptocurrency. People like to keep their savings in banks but people have been losing confidence in banks since the global recession started. That is why many people are keen on investing in bitcoin Can be lifted. Gradually people are interested in investing in Bitcoin keeping in mind the risks of the bank and it is gaining popularity day by day.

Are you sure that people are keeping their money in btc instead of the traditional banks! If this is the case then nobody will be selling btc, nobody would worry when the price is down that  force some people to sell out of fear of the unknown,
Have you ever wonder why people cash out when btc price is nose diving and to what currency? I think we all want to hold on to the belief that btc is the safe heaven to preserve wealth and better than our traditional banks, but how many people actually practice what they preach! Saying it won't make it happen, putting it into practice will.

As much as we would want it to be true but unfortunately it isn't, btc is getting popular yes, but not nearly as popular as our traditional banks even till this moment, I don't really trust the outcome of this survey, even the behavior of crypto community will tell you many people still rely on traditional banks heavily, btc is on the process but there is still a long way.

On a side note, have you ever wonder why people are advice to invest what they can afford to lose? When someone says "am going all in on btc, putting all my life savings" did you see the type of advice fellow crypto enthusiasts give! People hardly say yes you are making the right decision,    has it occur to you why they say such? Think.

[Taskford]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Well this simply isn't true, unfortunately. This is a really small sample size first off, secondly most people still trust banks and have no clue what actually goes on inside the banking system.  I wish people would educate themselves more but they simply don't.

Most of the people are educated on traditional system that's why it's easy for them to trust it since this is running good for more longer years and this new system introduced is quite risky specially it is advertise on some medias about involvement of frauds so we cannot blame people to mistrust people and honestly even if I am a bitcoin user still I go with the banking system for now since here I can sleep with cool since my money is safe from volatility.

[GDragon]

I would bet that there are no countries in the world where Bitcoin user numbers exceed central bank users, probably less than 2% of people use Bitcoin, compared to around 80% for banks.

Mansions are also popular, but few people have them.

Agree with this. A nice article by the way, I see it as btc slowly being known. However, I don't really believe it is more popular in traditional banks. It is really far from that. This is what I observe in my country. A few only know btc, and if they know it they won't really use it or invest in it. Maybe they just heard about it but not even know the technology behind it. They just heard about how great it is from those btc storytellers who only tells how fantastic btc is but forgot to tell the risk in it.

People are still into traditional banks because that is still the currency required by employers and etc. Even a fresh grad getting his first job will need to have an account to a traditional bank for the payroll and if they don't have it, the company will provide for it. Some may say they trust btc but you know that they are still chained to traditional banks because that is what we still used in the society.

[Sanugarid]

I really don't like surveys like these. Who do you think they surveyed? Z generation kids who have Bitcoin and TRX and Doge and gamble in casinos? Or Boomer parents and grandparents who responsibly pay bills with dollars and not bitcoin?

Surveys like this does not mean any thing really, the results will depend on the variables, factors from the variable and type of variable. If you get to surveyed youngins, 2000s people then most probably they will favor in bitcoin. Try to ask people whose age ranges from 30 to 40, I bet some of them do not know bitcoin and so they will just prefer banks. Bitcoin is still small from now, banks even are doing counter move to it by establishing digital payments.

I like Bitcoin but these surveys are terrible in creating more divide. And pointless.

It's very futile to talk about surveys from the simple fact that the core of the market is speculation, and any time people's view about the market may change.

[dongosquad]

Actually true. Bitcoin is known worldwide unlike the banks in my country that is only known in the country. The  reason being decentralized. Another thing is that bitcoin is a currency which is also making wave. most currencies are know more than the banks normally

How popular is bitcoin though, we still need a bank. There are several things related to legality that we cannot force using bitcoin. In general, bitcoin adoption is still very limited. IMO, bitcoin and banks are both popular. Both provide comfort and convenience in several aspects that we can reach to maximize the effectiveness of financial, transaction, buying and selling, etc. No need to worry about this, just use both of them according to your needs, maximize both of them to make our lives easier

[Swordsoffreedom]

Bitcoin is popular and it has its own beneficial character but it is not more popular and used currency than banking system or fiat money. because we know that the number of users of bank is much higher than the user of BTC. If you say that the current generation trusts BTC more than banks then I'll agree with you. on the other hand, Bitcoin and bank is different. because if you deposit money in bank, you will get a certain interest, here the profit is fixed and seeds money will remain unchanged. If you invest on BTC you may make 2x or 3x profit by doing trading but there is a risk too, because the price of BTC fluently ups and down. For this reason, we cannot compare BTC with bank.

[shata]

Bitcoin becomes popular after mainstream price bull-run on year 2017.

In fact a lot of bank related services had provided already by these crypto projects.

Study shows that Bitcoin could perhaps the best performing asset in the near future but how did it compete with traditional banks?

The idea of banking is related to savings.

Savings mean allocating part of an income to provide family's future endeavor.

Banking is the financial institution of whom people put their trust.

By verifiying your identity in the bank, you can use the benefits of being part of this traditional institution: many cards like debit and credits, deposits, withdrawals and many more...The point!

Bitcoin on the other hand, lifts the thorn of unbanked people who wants to live life without using third party to monitor savings.

Features of bitcoin compare to the nature of savings fund on banks which  expect interest yield have higher probability of profits.

Bitcoin is potential for trading, p2p, transparency and anonimity and at the same time hodling.

Banks only served financial savings and earn interest while bitcoin possess future potential.

Note: We cannot compare banks with bitcoin quite literally, but as to its functionalities and accessibility, bitcoin has a lot of potentials.

[ghost424]

That is actually true in some countries AND it really affects traditional banks. Some banks are really being creative to achieve a form that is somewhat near Bitcoin and that is virtualization of banks. They are releasing updates that they can use banks online now and that is actually good.

Knowing Bitcoin can be accessed through the Internet and using it to pay for something is really good and hassle free instead of going to traditional banks and withdrawing cash. I hope that the development never cease to stop and be a help to every generations.

[hahay]

I personally am not sure to say about the popularity of bitcoin beating traditional banks, because if bitcoin has become really popular I am sure there have been many uses of bitcoin in real life for any transactions, but the fact is not even so and I think millennials prefer to use digital fiat for any digital transaction that exists today. But whatever the data and surveys, I just believe that the popularity of bitcoin is continuing to increase, but it hasn't overtaken the popularity of traditional banks because I think that to beat the traditional banks still requires more time.

[LbtalkL]

Of course it is, because if you think carefully there are banks that are just exclusive one country because of that some traditional banks does not get news out of the country frequently while we are getting bitcoin news across different countries because bitcoin has no based, it has no central office, server or something, it is everywhere. Bitcoin has a lot of advantages over banks.

[daneal stev]

I have come across this poll and many other surveys inside some of the sites and that these surveys are correct and this is exactly what happens as a lot of people become dependent on bitcoin much more than relying on traditional paper banks and I think that this credit will continue during the coming years as dependence on cryptocurrencies will become More than 80% because it is more comfortable in transferring money, completing transactions and many other things

[Leviathan.007]

It's getting populated between people time after time. But, I disagree with you saying Bitcoin is more populated traditional banks. There is a long way to go for Bitcoin and the crypto currencies. Considering there are still many people they won't have any idea about the Bitcoin technology and there are also many people they can't trust Bitcoin as a real currency. In the other hand, Technology growth rate and the Bitcoin's growth rate is real high and it's better even higher. That's why I think, just after a few years we will see Bitcoin as officially the most populated currency in the world.

[Betwrong]

~
Here is the complete survey result for those looking for more details (@OP didn't post anything) Very long page to read by the way
https://thetokenist.io/bitcoin-survey-2017-vs-2020/

Participants are from 17 countries (not any particular) and come from a survey network mainly and their email list. @OP forgot to say the confidence in Bitcoin dropped for some age groups (senior people for example).

(IIRC, this survey network rewards people to take their surveys so people answer the questions the way to make the network happy to be sure to get the money and to not be rejected in the middle of the survey)

Interesting results, definitely worth a look! Undoubtedly an enjoyable read for Bitcoin enthusiasts. Maybe at some point in the future(I sure hope so) the following will be true for the general public:

Over 45% of respondents would prefer to own Bitcoin over stocks, real estate and gold ...

60% of respondents felt that Bitcoin is a positive innovation in financial technology ...

47% of respondents trust Bitcoin over big banks ...

But for now I think we are far from it. After examining the methodology of the survey we can see that the respondents were not picked up randomly, but rather were the people more or less familiar with crypto and BTC, in particular. I think if a broader audience were interviewed, we'd see completely different results, much less pleasing ones. I'd be glad if I was wrong.

[hatshepsut93]

Of course the article is sensationalized and probably to some degree misleading, but overall it shouldn't be surprising that young people trust Bitcoin more, as it's a combination of being more open towards new technologies and distrust towards banks as the events of 2008 crisis deeply affected the younger generations. But despite that, Bitcoin adoption even among millenials isn't high, which likely means that the distrust towards banks hasn't reached some sort of critical level yet.

[NavI_027]

Bitcoin is still growing it is not popular as traditional Bank...

Indeed, not yet so popular so far. But I believe it will be more popular in the future as our generation gets better and better. The technology becomes higher and far from the traditional living .

Anyway, I give the benefit of the doubt on the survey conducted which is mentioned by OP, but I think using the word "more popular" is the right term. Much appropriate to say "more trusted" (I just based on the conclusion).

[GDragon]

~
Here is the complete survey result for those looking for more details (@OP didn't post anything) Very long page to read by the way
https://thetokenist.io/bitcoin-survey-2017-vs-2020/

Participants are from 17 countries (not any particular) and come from a survey network mainly and their email list. @OP forgot to say the confidence in Bitcoin dropped for some age groups (senior people for example).

(IIRC, this survey network rewards people to take their surveys so people answer the questions the way to make the network happy to be sure to get the money and to not be rejected in the middle of the survey)

Interesting results, definitely worth a look! Undoubtedly an enjoyable read for Bitcoin enthusiasts. Maybe at some point in the future(I sure hope so) the following will be true for the general public:

Over 45% of respondents would prefer to own Bitcoin over stocks, real estate and gold ...

60% of respondents felt that Bitcoin is a positive innovation in financial technology ...

47% of respondents trust Bitcoin over big banks ...

But for now I think we are far from it. After examining the methodology of the survey we can see that the respondents were not picked up randomly, but rather were the people more or less familiar with crypto and BTC, in particular. I think if a broader audience were interviewed, we'd see completely different results, much less pleasing ones. I'd be glad if I was wrong.

It probably is much less pleasing ones, cause if it isn't, maybe we don't really need that survey in the first place, or we will be not this surprised with the result of this. And honestly, we all know how other people see btc. We can feel it from our friends and etc, it has this image of being used illegally, or something connected to scamming and so on. We are really that far in making it known as a currency to other people. And honestly even us who are into this technology are still much comfortable using traditional banks as of now, because the society I live in still prefers traditional banks. We won't live by btc only as of now.

[witcher_sense]

Bitcoin is more popular than traditional banks. "Popular" from Latin "populus" which means "people". Bitcoin was created to serve people who don't have access to banks or don't wish to use them. Banks are not for people anymore, they have become just business selling financial products to elite, privileged persons. Bitcoin is different, it is not a company, it is not a corporation, it is not a business offering products based on out-of-thin-air money. With bitcoin people are getting their financial sovereignty back. With bitcoin underbanked and unbanked people can access financial system. Bitcoin is more popular, because it can be used by everyone, not just elite.

[CryptopreneurBrainboss]

Probably you're using the global awareness of bitcoin to compare with each local bank in a geographical area because I see no reason why one would think, bitcoin is popular than the local banks. They have more customers than bitcoin, they're widely used for daily transaction etc. Bitcoin awareness is getting widen as the days goes by and it's online awareness is increasing drastically but when compared with the local banks, I believe it still has a long way to go.

If you're basing your comparison on the level of online presence both institution has then it would be understandable since most local banks don't have online presence as they're more interested in fulfiling the locals needs.

[michellee]

Bitcoin is still growing it is not popular as traditional Bank... All most all are using banking system but so many doesn't know about Bitcoin still.. I wish it becomes popular as bank in future but at present traditional banks are popular.

I am sure with the adoption that is happening in every country, that can help bitcoin to become popular as the traditional banks. But to go to that way, we need to introduce bitcoin to many people so that they will know the existence of bitcoin among them. And the important thing is they can know that bitcoin has the option to be used, which is they can use bitcoin as the payment method, and bitcoin can be used for the investment in the long term. I am sure people will have an interest in bitcoin if we can teach them, and they can search for themselves.

[Lasky366]

Pretty interesting topic. I think people wants thing even more easier or they might want to control their money whatever they want since bitcoin is dcentralize & its process is more speedy than our traditional banking system so that's why might get more popular than tradionality.Even though  personally I still prefer Traditional banks.

[Negotiation]

Bitcoin is a very popular currency and once one uses it properly one will never think of giving up using Bitcoin Bitcoin is very popular in the case of crypto but Fiat currency is more prevalent in the case of banks. Bitcoin can never be replaced without Fiat However, if Bitcoin like the Fiat currency is supported by the government then banks will start circulating Bitcoin currency and it will gradually become popular in the world.

[Betwrong]

~
Here is the complete survey result for those looking for more details (@OP didn't post anything) Very long page to read by the way
https://thetokenist.io/bitcoin-survey-2017-vs-2020/

Participants are from 17 countries (not any particular) and come from a survey network mainly and their email list. @OP forgot to say the confidence in Bitcoin dropped for some age groups (senior people for example).

(IIRC, this survey network rewards people to take their surveys so people answer the questions the way to make the network happy to be sure to get the money and to not be rejected in the middle of the survey)

Interesting results, definitely worth a look! Undoubtedly an enjoyable read for Bitcoin enthusiasts. Maybe at some point in the future(I sure hope so) the following will be true for the general public:

Over 45% of respondents would prefer to own Bitcoin over stocks, real estate and gold ...

60% of respondents felt that Bitcoin is a positive innovation in financial technology ...

47% of respondents trust Bitcoin over big banks ...

But for now I think we are far from it. After examining the methodology of the survey we can see that the respondents were not picked up randomly, but rather were the people more or less familiar with crypto and BTC, in particular. I think if a broader audience were interviewed, we'd see completely different results, much less pleasing ones. I'd be glad if I was wrong.

It probably is much less pleasing ones, cause if it isn't, maybe we don't really need that survey in the first place, or we will be not this surprised with the result of this. And honestly, we all know how other people see btc. We can feel it from our friends and etc, it has this image of being used illegally, or something connected to scamming and so on. We are really that far in making it known as a currency to other people. And honestly even us who are into this technology are still much comfortable using traditional banks as of now, because the society I live in still prefers traditional banks. We won't live by btc only as of now.

Yep. Most people I talk to, think Bitcoin is a pyramid scheme. I can't blame them much cos indeed it looks like one for those who are out of the loop. Notice that many ICO scammers promote their sh*tcoins using exactly the same words ppl use describing Bitcoin. So, yeah, it's a tough call for a layman.

[jhonjhon]

I can say that Traditional banks still popular just because the majority of people are still using FIAT money. However, the growing market and adoption to crypto will somewhat a threat in the future but of course, it wasn't an instant work, it takes years and the giving a chance for the banking system to adopt the system and use blockchain technology. But even though it comes to this moment, I'd never think that it will be the reason to eliminate banks, they will still exist.

[Sanugarid]

Bitcoin is more popular than traditional banks. "Popular" from Latin "populus" which means "people". Bitcoin was created to serve people who don't have access to banks or don't wish to use them. Banks are not for people anymore, they have become just business selling financial products to elite, privileged persons.

How do we measure the popularity of a certain thing? If we say that bitcoin is more popular than traditional then we should have a incredibly higher price for bitcoin. Banks, different banks have different number of users, in 2017 a study shows that there are 1.2 billion people that has a bank account, so what about bitcoin? how can we know the number of users in bitcoin if we are pseudonymous? you can't just count the addresses in the entirety of blockchain.

Bitcoin is different, it is not a company, it is not a corporation, it is not a business offering products based on out-of-thin-air money. With bitcoin people are getting their financial sovereignty back. With bitcoin underbanked and unbanked people can access financial system. Bitcoin is more popular, because it can be used by everyone, not just elite.

Bitcoin isn't as popular as banks, did you know that most of the Americans still don't know what the bitcoin is? I see where you are rooting to, you just being surrounded with crypto that's why you say that it is more popular.

[Slow death]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years.

who did the survey was not an independent identity and the numbers of people who participated in the survey Is a small number of people... so I am not excited about the result of the research

The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

In order to have a bank account it is necessary to deliver documents and banks must be accountable to governments and this means that if someone commits any crime easily the government can ask the bank to freeze that person's bank account. This is a disadvantage of the banks, but it also has an advantage, for example in the case of the person's death the bank contacts the beneficiary indicated by the owner of the bank account who died

In the case of bitcoin people are free, they don't have to be afraid of some government taking their bitcoin, but what if the person dies? how are bitcoins? this is the disadvantage of bitcoin

My opinion:

Rather than people making a comparison between bitcoin and banks, Why people don't use both and stop this comparison?

[Excell110]

To be frank, I think before Bitcoin becomes more popular and widely accepted, a little more push is needed because right now in my country, a lot of people have never heard about Bitcoin, like t alone knowing what it is.
 They are missing out on all its benefits as they keep depending on the inefficient banking system.
 Cryptocurrencies at large will become the next generation currency, but more work needs to be done in communicating its benefits.

[bearexin]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

That’s the same thing with me right now, I’m starting to lose interest in traditional banks, digital banks are becoming the thing for me. Although in the world we are in now, I can’t stop making use of traditional banks, because there are always areas where they are very important to me. But, I have been putting a lot of money into digital banks as of lately and I have also been making use of Bitcoin and investing in it, including altcoins. I just make use of all of them. And one thing I like about digital banking and cryptocurrency is that I don’t have to worry about annoying charges.

The level of freedom people could enjoy with bitcoin must be the core reason it is getting more attention which might lead to make bitcoin more familiar than traditional banks among young generation of people. In next 10 to 20 years, I am sure all youngsters around 20 to 30 age group might have forgot about making use of traditional banks as they are effectively using bitcoins; just a speculation.

[Benefactor]

Yes it is true that bitcoin is more popular than conventional banks. And its popularity will continue to grow day by day. Conventional banks have their own set of rules that will force you to comply. On the upside, you don't have to worry too much about bitcoin. In the case of Bitcoin transactions, the hassle is much less. On the other hand, there are some formalities that you have to do to make money transactions in conventional banks. In all respects, Bitcoin is easier to use than conventional banks, so Bitcoin is more popular.

[dentolas]

Can't say it was unexpected... I think banks have always been jugling around with people finances and become places of shady businesses... my idea is that general people have a bad oppinion about banks, and as people start to become more aware of bitcoin and it's possibilities, a definitive shift might happen...
although I find it difficult for people to trust their savings to bitcoin, mostly due to the uncertainty of regulations and volatility

[bitcoinst]

Banks are the dominant financial system, they are hundreds of years old. Money rules the whole world, and banks print money.
These are the most popular structures in the world. With all the desire, bitcoin has had too little time since its creation for the emergence of full knowledge about it and its functions.
There can be no talk of complete trust until they began to use bitcoin everywhere using it not for speculation, but for replacing money.

[FlightyPouch]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Millennials will be the future users of bitcoin, and I think it is great for them to be voting bitcoin against these large banks since we all know how hard it is to do something that they can't approve. Still, with that small sample size, I guess in the next results we could do more respondents. I know that is asking much but more sample size means more accuracy and better results.

[rexxarofmoknathal]

Joining the hype is way different than trusting Bitcoin by itself but possibly the reason behind this is one is the anonymity that Bitcoin can deliver to its users.

I must say that as much as I like how it sounds unfortunately I do not see Bitcoin more popular than banks. As per the comment above, hype is not the same as usage, people know about cryptocurrency but majority are still afraid of the unknown and instead of taking the risk to try it out they stick to the traditional banks.

What's even worse is that people think that crypto is only for money laundering and because of that myth they disregard it entirely. There are still so many wrong concepts out there about what cryptocurrency is that acts as a real barrier to adoption- we need to address that more!

[Sadlife]

Only 4852 people ? i guess that's not enough numbers to really determine the popularity and percentage of people who trust Bitcoins over Banks.
Atleast in my opinion a 100k respondents is really a convincing number.

[Janation]

Only 4852 people ? i guess that's not enough numbers to really determine the popularity and percentage of people who trust Bitcoins over Banks.
Atleast in my opinion a 100k respondents is really a convincing number.

Managing that would be really hard to be honest.

You need people from different countries to achieve that. We might be able to create spreadsheets and send it online for people to answer since we can't really go personally to people right now because of the pandemic. I guess right now that is a fine result and another thing is that it is said by the OP that Millenials vote over banks, which is the probable users of Bitcoin and other cryptocurrencies in the future.

[Debonaire217]

Bank have old of years and bitcoin just several years ago, how come bank not popular than bitcoin? but will give positive side when bitcoin have been legal payment transaction and become good competitor for bank how to make costumer most interested and funny using bitcoin as saving assets than have use bank to put their money.

OP doesn't really provide a discrete link or source where the news came from, perhaps, he is just hyping the trend of bitcoin and cryptocurrency in comparison to the traditional banks. But IMO, banks are still dominant since most of the payment options available doesn't include bitcoin yet, but this doesn't mean that bitcoin and crypto isn't doing well, maybe some companies don't incorporate bitcoin because of their target audience, honestly, bitcoin isn't developed yet mainly for people at age 40 and above as they need to learn how to use it.

[Assface16678]

Bitcoin become so prominent all over the world, we have so many users of bitcoin but I don't think that it is more popular than the traditional banks, there are so many people who still don't know things bout crypto world and they still keep on using the traditional banks, cryptocurrency is just alternative for fiat currency so, and fist currency is the standard currency that is in the traditional banks.

If you are going to compare between two, I think bitcoin is safer and faster transaction compared to traditional banks because it happens online, in terms of security you should use a hardware wallet to avoid attacks from hackers. An online wallet is not advisable for me because it is really prone to attacks.

[witcher_sense]

Bitcoin isn't as popular as banks, did you know that most of the Americans still don't know what the bitcoin is? I see where you are rooting to, you just being surrounded with crypto that's why you say that it is more popular.

To see potential of any new technology, you have to be surrounded by it, it is inevitable condition for understanding. I should have said bitcoin has all of the characteristics in order for it to potentially become more popular than traditional banks. I heard about most Americans are not aware about bitcoin still. However, if we are talking about popularity of banks, it may be surprising to us that dozens of millions of Americans have no access to banks either. For me, popularity is measured not through grade of awareness, because what is the point of knowing about anything if you still can't access. Given that bitcoin is an open system, which everyone can access to, it will be more popular than any closed centralized organization in the long-term, it is just a matter of time.

[buwaytress]

Only 4852 people ? i guess that's not enough numbers to really determine the popularity and percentage of people who trust Bitcoins over Banks.
Atleast in my opinion a 100k respondents is really a convincing number.

If you'd ever done any kind of statistics study, then you know it's not so much the size of the sample, but how you come to determine which population forms that sample. 100 or 100,000 people from this forum would likely give the same outcome, with differing majority. And you'd be wasting resources on using a sampling size bigger than what's necessary for any meaningful conclusion.

Of course, larger numbers give you better statistical reliability but to be fair, 4852 people is a hell lot of a better sample than many of the nonsense headline news that gets passed off as research in this forum.

[giammangiato]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

In my country now bitcoins are well known, obviously they do not know it 100%, but above all the new generation and some "elders", despite this we are still and I say unfortunately "still" clinging to vile money, and with the imposition of the the state makes increasingly massive use of payments and receives payments through banks. But I have good news, two months about one of our Italian banks gave the opportunity to buy and sell bitcoins, it was a real turning point in the banking world, the bank in question is called Hype of Banca Sella

[Lorence.xD]

Bitcoin become so prominent all over the world, we have so many users of bitcoin but I don't think that it is more popular than the traditional banks, there are so many people who still don't know things bout crypto world and they still keep on using the traditional banks, cryptocurrency is just alternative for fiat currency so, and fist currency is the standard currency that is in the traditional banks.

If you are going to compare between two, I think bitcoin is safer and faster transaction compared to traditional banks because it happens online, in terms of security you should use a hardware wallet to avoid attacks from hackers. An online wallet is not advisable for me because it is really prone to attacks.

I think the big reason that people are trusting people bitcoin or cryptocurrency in general more than banking institution is the fact that the latter has so many bureaucracy behind which means more paperwork, we also should mention that the bank has a very old fashion system and the only progressing system is their security, with more people being more open minded to oppurtunities meant that the ignorance that has been plaguing our generation is being slowly dispelled, if banking institution wants to survive the modern times then they should up their game because they are falling behind when it comes to progress, that also applies to our respective government.

[Botnake]

Whoever made the survey, I think we need to verify if they are legit or not.

Seriously? I thought only few knows about bitcoin, so probably those people who are ask are crypto enthusiast like us and has given their bias opinion.
Also, the figure is very small compared to the number of popular in the world, that doesn't say anything IMO.

Traditonal banks are more popular as there's no massive adoption on bitcoin yet.

[peterurb]

Bitcoin is extremely safe for sending money. The best things are extremely low international transaction fees which can be lower by Lightning Network, which is not affected by the amount of transaction. At the banks, you have to also wait until you can create your account, at BTC you can just create a private key.

So Bitcoin has so many positives.

[rodskee]

Bank have old of years and bitcoin just several years ago, how come bank not popular than bitcoin? but will give positive side when bitcoin have been legal payment transaction and become good competitor for bank how to make costumer most interested and funny using bitcoin as saving assets than have use bank to put their money.

Bank exist far more years than bitcoin and if we will based things from how people acknowledge the
usages, bank still supreme than bitcoin.
Though if bitcoin continue bringing great results from people who have a in hand experienced using
and investing with bitcoin.
Expect that it will gained more attentions and possible more users and investors plus those businesses
who will also adopt the system for their payment transactions,.

[supine]

It wouldn't be a surprised for me since I also have a huge trust on Bitcoin rather than the traditional banks.
I have some close friends who experience losing their money in their bank accounts while they are at home we all know that this could also happen in Bitcoin the only difference is we are in control on our Bitcoin we are responsible for our wallet unlike in banks.
I also hear so many stories that they lose some of their money because someone withdraw it while they are at home or working this is the reason why I don't trust the bank and I like Bitcoin when it comes to storing my savings.

[XCANA]

Well that's too hard to believe, many have heard about the technology but they haven't accepted the said technology as a means of adoption. Traditional Banks still have high rate of adoption from us compared to the digital currency, bitcoin is just a new technology that need more time to outgrown the existing one like the traditional Banks. Most citizens in US are not yet aware of Bitcoin existence, many other countries are strongly with the technology, so, the traditional Banks still lead.

[MCobian]

In the future, I am sure that bitcoin will be more popular than traditional banks, but for now, certainly traditional banks more popular.
Because traditional banks are still used by most of the world's population, especially the government strongly supports traditional banks.
So it is very difficult for bitcoin if now it wants to beat the popularity of traditional banks.

[concept2]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

Nice to hear this news but I dont think the situation is the same in my country where most of young people do not even know what bitcoin is and how the blockchain works. Only investors and people who really want to understand bitcoin have time to make research on this new technology. Laws are passed in order to prohibit bitcoin in payment and therefore, people dont want to involve in this kind of money. One day, I believe that bitcoin will be adopted in my country but it will be a long process

[Sanugarid]

Bank have old of years and bitcoin just several years ago, how come bank not popular than bitcoin? but will give positive side when bitcoin have been legal payment transaction and become good competitor for bank how to make costumer most interested and funny using bitcoin as saving assets than have use bank to put their money.

Bank exist far more years than bitcoin and if we will based things from how people acknowledge the
usages, bank still supreme than bitcoin.

I'm pro crypto but it is funny to me how we exagge things with crypto, I mean we already reach miles of our timeline, already conquer the initial challenges from the past but it come to the point that we are pushing it too much, aggressive approach if I could describe. Banks and Bitcoin? at first it was just a simple stuff to compare,we already know the differences between these two and we already know that bitcoin could not stand up with banks. We already know it yet we keep asking. Bitcoin has a different path, that's what I believe.

[7788bitcoin]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

This is the main problem with all these surveys, they take a small percentage of people who are not having bank accounts and who invested in bitcoin or trading already and if you take a survey from a small group of people without a larger scope of individuals from different sectors you will end up with a huge number of people that are against traditional banks, just like the polls before elections, they randomly choose one team is going to win and then the opposite happens.

[ChrisPop]

According to the cyber media Tokenist, based on the results of their survey not long ago. The survey involved 4,852 respondents from 17 countries. According to the survey the number of people who trust Bitcoin more than large banks, increased by 29 percent in the last three years. The survey also showed differences in the generation's views about Bitcoin and traditional banks. 51 percent of millennials trust Bitcoin more than traditional banks.

It is encouraging indeed to see that bitcoin popularity is on the rise. I'd say that as with everything people need a "break-in" period  so they get comfortable to the new technology although the new generations are more responsive to innovations.

In my country banks are trying to come with applications and budget management solutions. However they miss the whole point here - with Bitcoin we don't need to trust anyone with our money and we can have real privacy in our transactions. IMO the best way forward for the banks is to start building the infrastructure for cryptocurrencies - like following the DeFi model.

[The cure]

We can't compare Bitcoin over banks because they are different and they have different uses. I think traditional banks are still more popular than bitcoin. Many people in different parts of the world do not have access to cryptocurrency, maybe in the future it is possible to happen because I know bitcoin has a good future.

[Betwrong]

Bank have old of years and bitcoin just several years ago, how come bank not popular than bitcoin? but will give positive side when bitcoin have been legal payment transaction and become good competitor for bank how to make costumer most interested and funny using bitcoin as saving assets than have use bank to put their money.

Bank exist far more years than bitcoin and if we will based things from how people acknowledge the
usages, bank still supreme than bitcoin.

I'm pro crypto but it is funny to me how we exagge things with crypto, I mean we already reach miles of our timeline, already conquer the initial challenges from the past but it come to the point that we are pushing it too much, aggressive approach if I could describe. Banks and Bitcoin? at first it was just a simple stuff to compare,we already know the differences between these two and we already know that bitcoin could not stand up with banks. We already know it yet we keep asking. Bitcoin has a different path, that's what I believe.

I agree with you. It's not Bitcoin's aim to replace banks. Rather, its aim is to become a world-accepted currency, and BTC is doing good on the way to that. But even when Bitcoin becomes number one currency in the world, it won't be "more popular" than banks. Is USD more popular than banks currently? No.

[NASdaq]

5000 readers of crypto media means nothing. Banks will be more popular for years

[Swordsoffreedom]

Bank have old of years and bitcoin just several years ago, how come bank not popular than bitcoin? but will give positive side when bitcoin have been legal payment transaction and become good competitor for bank how to make costumer most interested and funny using bitcoin as saving assets than have use bank to put their money.

Bank exist far more years than bitcoin and if we will based things from how people acknowledge the
usages, bank still supreme than bitcoin.

I'm pro crypto but it is funny to me how we exagge things with crypto, I mean we already reach miles of our timeline, already conquer the initial challenges from the past but it come to the point that we are pushing it too much, aggressive approach if I could describe. Banks and Bitcoin? at first it was just a simple stuff to compare,we already know the differences between these two and we already know that bitcoin could not stand up with banks. We already know it yet we keep asking. Bitcoin has a different path, that's what I believe.

I agree with you. It's not Bitcoin's aim to replace banks. Rather, its aim is to become a world-accepted currency, and BTC is doing good on the way to that. But even when Bitcoin becomes number one currency in the world, it won't be "more popular" than banks. Is USD more popular than banks currently? No.

I think Bitcoin and banking system is totally different things. we use Bitcoin as an investment. there are many people who investing in Bitcoin and earn money from it. It seems like a part-time job. but what about bank? we cannot invest on bank. though bank give us some profit if we put money at bank. but that is very limited. people put their money on bank because of safety issue and instant use. on the other hand, storing BTC on a hardware wallet is much more secured and profitable than Bank. so that I think this two are different.

[ene1980]

So it is very difficult for bitcoin if now it wants to beat the popularity of traditional banks.

We are not looking for popularity contest but real application, if bitcoin could scale then it will be more popular and mode of transaction than any other method and hopefully we will reach that point in the future.

I think Bitcoin and banking system is totally different things. we use Bitcoin as an investment. there are many people who investing in Bitcoin and earn money from it. It seems like a part-time job. but what about bank? we cannot invest on bank. though bank give us some profit if we put money at bank. but that is very limited. people put their money on bank because of safety issue and instant use. on the other hand, storing BTC on a hardware wallet is much more secured and profitable than Bank. so that I think this two are different.

There are major difference but similarities are bigger, bitcoin is not primarly an investment but a payment network for transaction and Satoshi had the vision to make it as a decentralized platform without any governing body. If you take bank, you can deposit money and earn interest and if it is listed in the stock exchange and if the bank is performing well then you might invest in them to earn money. I am expecting a world where the banking sector and the cryptocurrency sector coexist.

[Zionatin]

Almost 4k participants doesn't mean very much. There are so many bitcoin supporters there because they went out of their way to vote. It's a targetted survey. If you had to stop and ask random people at malls or at traffic lights they would mostly say banks. It will still be some time before crypto rivals the banking system for your common person/user. Crypto is still a niche but is being used more and more by regular sites as alternative payment methods. Crypto withdraws work very well for countries where having a bank account can be problematic or is not compatible. For example, not every bank is compatible with PayPal but crypto can be used by anyone with internet access.

[coupable]

In the future, I am sure that bitcoin will be more popular than traditional banks, but for now, certainly traditional banks more popular.
Because traditional banks are still used by most of the world's population, especially the government strongly supports traditional banks.
So it is very difficult for bitcoin if now it wants to beat the popularity of traditional banks.

This is true that at the moment, traditional banks still is standing above bitcoin. Users of bitcoin are increasing no doubt but the total population using banks is still far higher. Although not many like the banking system because of control but they still have no choice at the current time.

Well, this is also a reason. I would like to point out an additional note.
We can't deny the fact that Bitcoin is not that friendy for popular use. It's still risky for mst people to take responsability for their own money, as Banks avoid this risk fact. At the same time, many actual users of bitcoin, cryptocurrency in general, know less to nothing about the bitcoin protocole and can't wisely handle how they should use it. Not to mention those who beleive that using thus new technology requires the knowledge of the code behind and that it's only dedicated to devs.
I think we still need more time to develop more tools that help people adopt Bitcoin in a considerable large scale .