Study: Communication and Education Are Key To Building Trust in Crypto
A study revealed that three out of four people surveyed among two million respondents are not familiar with cryptos and blockchain technology.
Open communication on the downsides, benefits, and educational programs could help to increase trust in cryptos and create a positive outlook towards technologies such as blockchain.
Those were the findings in Edelman’s study published on May 12. The global communications firm concluded that the more people know about crypto, the more they see the potential for the positive impact they can have.
The report says that 35% of people surveyed believe that blockchain and cryptocurrencies like Bitcoin (BTC) could have a positive effect as emerging technologies.
Widespread lack of communication?
Speaking with Cointelegraph, Javier Pastor, chief sales officer for Spain-based crypto exchange Bit2me, agrees with Edelman’s conclusions.
Pastor cites internal research conducted by the exchange on what are the needs of people within the crypto community, revealing that 51.1% of respondents believe that they consider education as a critical factor for crypto adoption.
Bit2me’s CSO added the following:
“Definitely when we talk about cryptocurrencies, we still continue to see widespread ignorance towards them. The specific purpose of cryptos is not reaching the community clearly, precisely because of the lack of communication. I think one of the secrets or pillars of crypto adoption is to educate institutions first, in schools.”
On the other hand, Guzman Pintos, co-founder and head of growth at Luxor Mining, believes that there are some crucial factors to take into account when addressing this issue:
“I believe that the two main drivers in cryptocurrency adoption over the next few years are going to be the increasing number of internet users worldwide and increasing transparency through regulation.”
Crypto companies’ responsibility for increasing education
Pintos adds that, as crypto companies, they need more to build a robust ecosystem by creating awareness, open-sourcing code, fostering audits, and “most importantly, double-down on education” to see more international players participate in the space.
In comments to Cointelegraph, Daniel Quiroga, Edelman Colombia's Vice President of Public Affairs, highlighted another of the challenges that fintech companies face in the midst of the COVID-10 crisis, including the crypto sector:
"At the Edelman Trust Barometer, the world's largest trust study, we found that before the pandemic crisis, trust in companies and CEOs was reaching levels not seen before. [...] However, the crisis due to COVID-19 implies new challenges for companies, since consumers expect them to adapt to the current situation and will punish those brands that act indifferent to the situation."
Studies on cryptos and blockchain perception among the public
In other studies related to crypto adoption, last year Cointelegraph reported research that revealed that 2% of Americans trust Facebook’s Libra more than Bitcoin.
A study by Juniper Research revealed that there is an increasing belief that blockchain technology will significantly reduce food retailers’ costs by streamlining supply chains.