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.

[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.