A study shows that more information about cryptocurrencies is missing to create more trust

Edelman, an American public relations and marketing consultancy, released a survey of user trust in cryptocurrencies.

The survey conducted over on-line, The interview started with more than 34,000 people in 28 different markets. The data was collected from October 19 to November 18, 2019. Some of the countries examined were Italy, China, Spain, Canada, Germany, the United States, Mexico, Argentina, Brazil and Colombia.

One of the key points of the study came to the conclusion that the population should be more informed about cryptocurrencies and blockchain. This is because a 34% of the respondents said they knew nothing about the topic and 42% said they knew very little. What motivated Edelman to ask respondents if they think the impact of cryptocurrencies and blockchain would increase with increasing education on the subject.

Among the answers to this question, 71% of those questioned believe that a higher level of information about cryptocurrencies would have a positive effect. Edelman notes that the more users are informed about cryptocurrencies and blockchain technology, the more they can see the potential for the future.

Education must be at the heart of the effort

On the other hand, users were offered various options to solve the problem of the lack of information on the subject. The first four solutions chosen by users were: communicating their disadvantages, communicating their advantages, creating a code of ethics, and creating education and training programs.

The Edelman study therefore identified four basic points that must be carried out to increase user confidence in cryptocurrencies. The first point is «address the advantages and risks of innovations ». As the respondents said, knowing the pros and cons of cryptocurrencies and blockchain technology could inspire new users to learn more about them.

The second point is “double education and broad awareness”. Despite the fact that university studies on blockchain and cryptocurrencies already exist in several parts of the world, knowledge about the topic of the general population is very scarce. The third point is “demonstration of benefits and positive social impacts”; Knowing what cryptocurrencies are for and how they would help society is one of the reasons why informed people see potential in technology.

The fourth point has to do with «commit to an industry code of ethics to build trust ». As such a new market, less experienced users are afraid of not seeing any regulation that gives them security in entering the world of cryptocurrencies and blockchain technology.

CryptoNews reported that Bitflyer Europe has released the results of its second cryptocurrency trust index. To create this index, the Bitflyer team interviewed 10,000 people in 10 European countries. The investigation found that users in Spain and various countries in Europe are increasingly trusting Bitcoin.