More people are turning to Stellar and other crypto coins over fiat currencies for cross-border payments due to high transections fees and deductions.
A new survey conducted by Wirex – a crypto payments platform in the United Kingdom – and the Stellar Development Foundation (SDF) shows that more and more people are becoming aware of digital currencies, and usage is at an all-time high.
Wirex and SDF Join Hands for Crypto Survey
The survey also shows that cross-border payments involving crypto are occurring heavily in four distinct markets: the United States, Mexico, the United Kingdom, and Singapore. It appears many individuals are rather upset with the world of traditional finance. Roughly 53 percent of those taking part in the survey say that growing frustration with traditional banks and institutions has caused them to shift to cryptocurrency to fix their financial needs.
One of the big problems with using traditional fiat currencies for remittance payments is that often, users will pay high fees to get their money to the right parties. As many as 10,000 individuals took part in the survey, and about 80 percent of them have at least some knowledge of crypto and what it can do.
Denelle Diixon – the CEO and executive director of SDF – said in an interview:
The results confirm what we have seen in terms of growing real world use cases for blockchain and cryptocurrency in emerging markets on the Stellar network. Consumers are adopting these new ways of sending money cross-border as a faster, cheaper alternative to traditional banking rails.
Pavel Matveev – the CEO and co-founder of Wirex – also threw his two cents into the mix, commenting:
When we published results from last year’s report, we saw a great appetite for the information, but it also raised even more questions. In this year’s report, we went deeper in our research by focusing more on users’ banking and crypto habits and attitudes across a mainstream population. The rise in awareness of cryptocurrency is only the beginning. We see huge opportunities in defi, multi-currency users, and cross-border remittances.
Wirex was founded in 2014.
The survey also shows some other surprising results. Often, it is stated that men dominate the crypto space, but this appears to be changing. While women still don’t make up most of the crypto players, awareness amongst women is growing heavily. Roughly 45 percent of the women involved in the survey claimed that they knew of and understood crypto in some way.
Is Crypto Truly Better in Some Way?
In addition, more than half of the participants – about 52 percent – say they see crypto as a better method of sending money across borders. They also claim that crypto was likely the financial technology of the future. Several countries are adopting Stellar to see what it can bring into the economy.
Despite all these positive facts, it seems certain fears still linger throughout the space, with about 63 percent of participants saying that they are worried about crypto’s volatility. Another 55 percent say that crypto presents security risks to traders, while many other say crypto is too complicated to use.