41% of people globally say they trust Bitcoin over local currencies

[zaesvlas]

To be honest, this fact generally saddens me. It turns out that people believe in their local currencies less than in bitcoin. Although they understand that local currencies are backed by at least something.

[fiulpro]

Primarily due to the fact that the government have failed time and again to help keep the economic situation favourable for the people, plus they have also failed to utilize the taxes for the welfare of general public.

Apparently the strong currencies like: USD, they have failed as a whole to keep their value intact or growing.

At the same time certain Factors like:
Political uproar
Possibility of worsening of the pandemic
Job opportunities weakening
Frontline workers not being respected
No healthy + growth in terms of salaries etc

Now the citizens are incapable of trusting their governments. Which is not really wrong, they gotta have another support system, that's where Bitcoins come in play. A lot of benefits being offered over the traditional system, sooner or later the governmental bodies might collapse.

[kryptqnick]

Premise (a crowdsourced insights company) reported in a press release that 41% of respondents consider Bitcoin to be more reliable than their own local currencies. 

Those numbers actually seem pretty high to me. Many people don't even know enough about Bitcoin and cryptocurrencies in general, much less about their security or reliability. We still have a long way to go before people are comfortable with the concept of decentralized currencies, something they have never experienced before.

I agree. Obviously, the poll isn't representative of the population of any country, and this, unfortunately, renders its results fairly useless. If it's a survey done by a company on their own website, lots of people who aren't into tech and cryptos will simply never see it and never participate. Meanwhile, Bitcoin is used by less than 2% of the world's population, which is definitely not consistent with 41% of respondents trusting Bitcoin over fiat. I think the only thing it tells us is how the audience/user base of this particular company feels about cryptos, but it's surely a bubble that is very far from reality.

[buwaytress]

Nice numbers to read but I always feel like their sampling is too biased (of course, without myself finding out if this bias turns out to be right).

Why I say this is because I'm in enough circles to know the crypto circles are of course leaning heavily towards the Bitcoin trust, though the vast majority of them still trust exchanges and altcoins.

While the non-crypto circles only see crypto as a gamble or experiment with money, and if they invest, it's only with the same attitude they would as Apple or Tesla stocks. They don't understand crypto and see it as just another risk (rightly so since they're heavily invested into alts that are centralised).

Maybe people understand trust differently.

Meanwhile, Bitcoin is used by less than 2% of the world's population, which is definitely not consistent with 41% of respondents trusting Bitcoin over fiat.

Precisely. Nice to read these things and pat ourselves on the back for it but we'd have to be ignoring the numbers to believe in the headlines.

[Lucius]

Premise (a crowdsourced insights company) reported in a press release that 41% of respondents consider Bitcoin to be more reliable than their own local currencies.  

Regardless of the number of respondents, which, unlike some other surveys, is quite representative, you should know that this is a category of people who are still somewhat computer literate and have some knowledge, specifically these are smartphone users who are paid for various tasks through company app. Therefore, we should take into account that this percentage is not something we can apply to the global population in the sense that 41% of people in the world think so, because at least that percentage of people do not even have access to the Internet, so they probably do not know about Bitcoin.

Meanwhile, Bitcoin is used by less than 2% of the world's population...

That’s a percentage that was speculated about 4-5 years ago, so I believe that number is at least about 5% today. Things changed dramatically after 2017 when people realized that it pays to invest in Bitcoin in the long run, and we can’t escape the fact that we have more and more people investing in Bitcoin every day.

[yhiaali3]

Although these numbers are still not good after more than ten years since the invention of Bitcoin, they are better than the percentage in my country anyway!! I think that here in my country it will be 10% at most because most people still do not know anything about Bitcoin, they have never heard of a coin called Bitcoin, so how will they know about decentralization, privacy or blockchain?! But despite all this, I am optimistic that things are improving greatly with the progress of time. A short time ago, this percentage was very small, but it has now improved a lot, and this indicates the rapid spread of Bitcoin.

[Beparanf]

It will depend on what country it is. There are country currently loses the value of their money so they have no choice but to rely in crypto in terms of transaction. It will also depend if that country accepts or rejects bitcoin. Though in my country only few acknowledge BTC as payment but many already see its value as an investment but Government didn’t still in favor on it due to scammers who use it to scam others. Overall as long as my country did not ban it I will continue to support our local currency at the same time have some BTC as investment.

[Coyster]

The government somewhat controls fiat currencies, they can print it and take decisions concerning it arbitrarily, and most times their actions in the end can cause Inflation and a spike in the cost of living, leaving the citizens to bear the brunt as they are the ones in the receiving end of government policies regarding fiat currency.

Now that's the reason why the number of people who trust Bitcoin continues to grow rapidly, they trust the network cause it's decentralized, and no one controls it, not even the government, the people are their own bank and they don't have to trust anyone other than themselves. I don't actually know if the numbers are accurate, but the thing is that definitely as times passes, the number of people who trust Bitcoin will definitely continue to increase as people will definitely come to the realization that it's actually a great idea to have their finances in their hands.

[Vaskiy]

11000 is good number of participants. For a survey taken through a mobile application means, this is been done with people who are technically skilled and are adoptive to technology development. Here we'll get more positive response than taking it through a real-time polling. However 41% trusting bitcoin more than their traditional fiat is shows the better understanding about bitcoin among common people.

[dimox]

11000 is good number of participants. For a survey taken through a mobile application means, this is been done with people who are technically skilled and are adoptive to technology development. Here we'll get more positive response than taking it through a real-time polling. However 41% trusting bitcoin more than their traditional fiat is shows the better understanding about bitcoin among common people.

yeah, and we know if the number must be bigger than that one.
the other side, lot of people lack of this knowledge and they dont trust about bitcoin. local currency is more useful for people who dont know and older.
not easy to spread that bitcoin is good stuff to use, and who want to tell more specific about this, the obstacle is barrier between the age

[temple]

11000 is good number of participants. For a survey taken through a mobile application means, this is been done with people who are technically skilled and are adoptive to technology development. Here we'll get more positive response than taking it through a real-time polling. However 41% trusting bitcoin more than their traditional fiat is shows the better understanding about bitcoin among common people.

yeah, and we know if the number must be bigger than that one.
the other side, lot of people lack of this knowledge and they dont trust about bitcoin. local currency is more useful for people who dont know and older.
not easy to spread that bitcoin is good stuff to use, and who want to tell more specific about this, the obstacle is barrier between the age

The number of Bitcoin holders is unknown anyway. You can only conduct a blockchain coinbase transaction analysis, but who is going to do that? usually nobody so we won't ever find out the exact final details, we can only get close to them through analysis.

[RapTarX]

I really doubt the number is correct in response to visualizing the global picture. If I talk about the overall picture in my country, I doubt even 20% of the people know about bitcoin and out of them 50% would be interested to use bitcoin instead of the fiat currency.

[adzino]

I wonder where they did this research. It was for sure online on some technical website and not randomly over the phone like those surveys are usually done. I am certain, they wouldnt get such a high percentage that way because 40 % dont even know what crypto is, yet alone they would trust it over fiat.

Very highly likely the survey was done where the participants already use crypto currencies. Hence you will be getting a biased result. And the total number of participants is very low. So the result is most likely no where near accurate. Like 26% says that they will use bitcoin over fiat currency, but the survey shows that only 13% uses bitcoin as a medium of exchange.

To be honest, this fact generally saddens me. It turns out that people believe in their local currencies less than in bitcoin. Although they understand that local currencies are backed by at least something.

What's there to be sad about? They trust bitcoin more than their local currency because any wrong monetary policy made by the government will end up making their currency worthless. Do you think your local currency is backed by something?

[Hypnosis00]

I really doubt the number is correct in response to visualizing the global picture. If I talk about the overall picture in my country, I doubt even 20% of the people know about bitcoin and out of them 50% would be interested to use bitcoin instead of the fiat currency.

Not now but this can be visualized someday in the future, maybe a decade from now.
The same with your country, perhaps they heard about crypto but they'll never trust Bitcoin just like I did. And it is still difficult to have them understand this thing and even to encourage them sometimes they get angry and call me a scammer.

People had loved fiat money, it was the thing they know since birth, and not surprising that they will stick forever and keep using this.

[taufik123]

They are Educated and ready to survive for future. If they trust on bitcoin then they will be able to live in future. Because our future is totally different from our present.

in the future it will be very different, but we also will not how the difference with now. Bitcoin will indeed be an asset of the future, but the role of FIAT will also be irreplaceable, Fiat will remain fiat and bitcoin will still be bitcoin. Each have advantages and disadvantages.
people who believe in bitcoin will of course also hold on to FIAT as the main currency.

[lenovop-70]

I am with 41% in the survey, and I believe Bitcoin will bring me profit every year, although there is no guarantee of that, but based on my experience over the years, Bitcoin has never let me down.
I think in the near future, more people will believe in Bitcoin and the blockchain system were more transparent and independent. I am waiting for it and can't wait to see the collapse of local banks as a result of their narrowness.

[eaLiTy]

Premise (a crowdsourced insights company) reported in a press release that 41% of respondents consider Bitcoin to be more reliable than their own local currencies.  

Principally due to the decentralized aspect of the blockchain tech. Wow! Are people realizing what decentralization is about and the garbage behind central banks and co? If that's the case, I'm quite surprised seeing all the low information voters.

I think the aspect that majority voted is the idea of making a huge profit from BTCitcoin in a short period of time unlike any other investment market. Does majority who are in the market really care about the technology behind it and if the same conduct the same survey during the bear market, do they have the same opinion. Just my thoughts on these surveys  .

[Ultegra134]

If you were to ask 100 people, chances are that 40 out of them might have heard about Bitcoin, but know nothing about it. These numbers look too high to be accurate, and the sample size might be targeted to nations that are accustomed to Bitcoin. I highly doubt that such a high percentage of people trust something completely digital, having no tangible aspect, over fiat currency.

[syedakhlaque]

The number of people using bitcoin & cryptocurrency is increasing day by day. Its legal credibility is also improving quickly. This means that the number of trustees of bitcoins and cryptocurrency is also increasing. Different countries of the world are accepting its legality and some are designing a frame of legal rules and regulations to legalize it. So there is no doubt that  "41% of people globally say they trust Bitcoin over local currencies".

[dkbit98]

This survey only for 11000 participants from 76 countries so we can't say it's really accurate, but I think that percentage would be even hire than 41% if we include countries that had most inflation like Turkey and some countries from Africa.
I think that people in western world are still mostly delusional in thinking that dollar, pound or euro are strong and stable, ignoring the fact that infinite money printing is happening all the time behind the scenes.
Sad thing that even in El Salvador majority of people still trust dollar much more than they trust bitcoin.