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Is Bitcoin Too Early For Mainstream Adoption? Study Suggests So

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College students at the University of Colorado Boulder were asked if they would rather have one dollar or one Bitcoin. Initially, the majority opted to take the dollar, but that was before the host disclosed how much one Bitcoin was worth.Even then, they were uncertain about accepting the Bitcoin due to ignorance over how to store and use it. This goes to show, even though research indicates cryptocurrencies to be a millennial trend, there’s still a long way to go before it becomes mainstream.

One Dollar Or One Bitcoin?

Little known YouTube channel, Capital Creators, posed this question to a bunch of college students in the US mid-west. They intended to find out which of the two students preferred as a freebie.

While most had heard of Bitcoin, the near-unanimous tendency to choose one dollar, over one Bitcoin, came from a lack of awareness. Not only on the value of Bitcoin, but also on the workings of holding and using it.

Near the start of the video (0:33), two male participants both wanted a dollar over the Bitcoin. When the host asked why one of the pair said:

“That’s almost enough for Reese’s [from the vending machine.]”

As the video continued, and other students had their say, the host uncovered a series of misconceptions over Bitcoin. This included a man in a cave in Antarctica controls Bitcoin; there is nowhere to spend it; it’s illiquid and more telling; the dollar’s value is stable, and is, therefore, the better option.

Barriers To Entry

A common theme throughout the video was a lack of knowledge acting as a barrier to entry. When asked, what’s the main hurdle in wanting to accept the Bitcoin? One student said:

“I don’t think I really understand it well enough to know anything about it. Like, I hear about it, but it kind of feels like it’s one of those things other people know about, or value more.”

From this, it’s clear that mainstream acceptance is limited by a lack of education on cryptocurrencies through conventional channels. Equally, this could be due to a lack of motivation from ordinary people to self teach. Either way, the outcome is the same, and reaching the masses remains an onerous task.

Not only that, but the technical nature of cryptocurrency turns people off. For example, talk of proof of stake versus proof of work is the realm of geeks. And wanting to find out more takes time, which most people don’t have. This issue isn’t helped by the mysterious reputation of Bitcoin, whose founder remains unknown.

No Mass Appeal, No Mass Adoption

While much is said about what needs to happen for mass adoption to take place. Such as using stable coins to deal with volatility, incorporating its use as a payment method at major retailers, or even improving UIs. No-one is talking about the most fundamental thing. And that is, where is a final product that has mass appeal, and doesn’t require in-depth knowledge of crypto to use it? Until that comes along, cryptocurrency will remain the preserve of geeks like us.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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