Cryptocurrency adoption has largely been associated with the increasing popularity of Bitcoin. This ‘belief’ among crypto-enthusiasts was further strengthened after Bitcoin registered an unexpected rally last week, which saw its price break multiple resistances and cross $5,000. However, new research by Stack Overflow suggests that despite its popularity, the king coin’s mainstream adoption was stagnating.
Stack Overflow’s annual developer survey analyzed blockchain and cryptocurrency adoption and found that a majority of the companies around the world were yet to sail into the blockchain ecosystem.
The survey weighed the opinion of 48,175 developers on blockchain adoption within mainstream firms. Almost 38,500 of the surveyed individuals clarified that their organization was not using blockchain technology or any decentralized ledger. However, approximately 12.7% of the developers claimed that their company was making use of the non-currency functions of the technology.
Even though the adoption rate is satisfactory for a relatively nascent technology, the story was different for the king cryptocurrency, Bitcoin. Research highlighted that only 2.1% of the surveyed individuals admitted their organization using Bitcoin as a payment system. However, 4% said that their firms were using cryptocurrency-based products.
Though the survey mainly had subjects from the US and Europe, India found a special place in the survey. It was noted that Indian developers were more likely to claim that their firms were making use of blockchain and DLT technology, cited TNW.
To avoid discrepancies or bias, Stack Overflow recruited respondents through their own channels. The research methodology read,
“The top 5 sources of respondents were onsite messaging, blog posts, email lists, Meta posts, banner ads, and social media posts. Since respondents were recruited in this way, highly engaged users on Stack Overflow were more likely to notice the links for the survey and click to begin it.”
However, one of the drawbacks of the research was its short sample period, with the survey being conducted between January 23 and February 14, 2019.