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Most U.S. Consumers Uncomfortable with Using Alternative Currencies
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Kelly22
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Kelly22,
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2/12/2014 | 6:04:10 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
It's true that all new tech has some kind of adoption curve - while reading this, I actually thought about online shopping and how most people were likely hesitant to adopt it. It may take longer for people to get used to virtual currencies, simply because they're so comfortable with cash and cards, but I don't think they're going anywhere. Eventually, people will start to use alternative currencies - or at least get used to them.
IvySchmerken
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IvySchmerken,
User Rank: Author
2/12/2014 | 2:37:36 AM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
If you see regulators get involved with bitcoin I think consumers would have more confidence in using the digital currency over time. Also, we may see an institutional market develop for trading bitcoin.
Byurcan
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Byurcan,
User Rank: Author
2/10/2014 | 9:50:47 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
But circa 2009-10 there were tons of surveys saying most people wouldn't use mobile banking, and a mere 2-3 years after that a majority of people do. Circa 1997 or so most experts thought people wouldn't ever shop online due to security risks. I think people quickly adopt new technology, despite reports saying they won't.
Jonathan_Camhi
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Jonathan_Camhi,
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2/10/2014 | 9:47:54 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
I doubt that especially in the U.S. Americans have a much higher affinity for cold hard cash then most other countries. Plus we're consistently behind other developed countries in payments and financial services innovation as is.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
2/10/2014 | 9:46:33 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
Travelers checks? Marco Polo used those, right?
Byurcan
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Byurcan,
User Rank: Author
2/7/2014 | 10:26:08 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
I bet if this survey is taken again 3 years in the future, a majority of consumers would report being comfortable with virtual currencies.
Nathan Golia
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Nathan Golia,
User Rank: Author
2/7/2014 | 9:51:29 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
I'm not surprised by this. There's clearly going to be an adoption curve for things like bitcoin Gă÷ especially since its value relative to the dollar is settling in at a very high cost to entry.
KBurger
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KBurger,
User Rank: Author
2/7/2014 | 6:29:47 PM
re: Most U.S. Consumers Uncomfortable with Using Alternative Currencies
There's a potential irony here. We know that consumers are more interested in emerging offerings such as mobile wallets or P2P payments when there's an affiliation with a bank -- there's more credibility and trust. So it's conceivable that if banks do carve out a spot in the virtual currency space it's possible that it will make Bitcoin et al more interesting/valid for customers. Maybe it will be a throwback to when banks sold travelers checks (Jon do you even know what those are?).


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