Honesty and Education Will Help Bitcoin Build Trust – Survey

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Education and fairness may help cryptocurrencies, such as Bitcoin (BTC), achieve regular acceptance, according to a new report.

These were the findings of 2020 Nobleman Trust Barometer, one survey that collected data from 34,000 people in 26 regions, with 1,150 respondents in each market.

While just under half of respondents said they trust cryptocurrencies, respondents did provide insights into the kinds of things that could change their minds. Nearly half of respondents (47%) said that ‘communicating the drawbacks of crypto’ could boost confidence more than any other measure, even more than the second-placed ‘benefits of communicating crypto (46%).

The more they know, the more they see potential for positive impact [of crypto]the authors emphasized.

Percentage reporting what they think the impact of cryptocurrency / blockchain will be below the informed levels:

Fairness and education will help Bitcoin build trust - survey 102
Source: Edelman Trust Barometer 2020

A shared code of ethics would also be popular (43%), as would “educational programs and retraining” (41%).

Surprisingly, the kind of measures that many regulators have imposed on crypto exchanges around the world, such as “setting up a fund to help those who are adversely affected” by crypto, only received the support of 28% of respondents. This could suggest that regulators looking to force projects and exchanges to support customers’ assets with spare stocks are barking the wrong tree.

That said, 62% of those surveyed said they wanted to see more crypto regulation, although that number was much lower (51%) in China.

The authors of the report concluded that the following measures would help build crypto trust in the future:

  • Address the benefits and risks of innovation
  • Doubling of education and wide awareness
  • Demonstrate the usefulness and positive social impact
  • Adhere to an industry-wide code of ethics

Confidence in cryptocurrency and blockchain appears to be highest in China, where 81% of respondents said they trust the technology, and more than 6 in 10 indicate that blockchain will have a positive impact on the world in the future.

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