According to a recent report, only 2% of Americans would rather use Facebook’s proposed cryptocurrency, Libra in the stead of Bitcoin.
This was derived in a series of surveys in which Americans gave consent about their knowledge of cryptocurrencies and made known their interests in particular cryptocurrencies. While many Americans have heard of the term cryptocurrencies and some even demonstrating their desires in using these currencies over a long time, many still came to identify with bitcoin more than those who chose Libra.
With regards to the survey, the major reason for a wide acceptance of Bitcoin over Facebook Libra had to do with the issue of Trust. As many have come to distrust Facebook from its record of privacy and data leaks, this has also affected the belief in Facebook Libra as a cross border cryptocurrency.
Earlier in June, Facebook announced its cryptocurrency, Libra and released a whitepaper in which it explained its business propositions. Libra was designed to provide financial services to as many as 1.7 billion unbanked and underbanked people around the world. However, Facebook Libra met with several oppositions that resulted in halting the development of the project.
The survey conducted by consumer insight provider, CivicScience, which featured 1,700 Americans revealed the preference of Bitcoin over Libra in the United States. The results of the survey also showed that only an insignificant 2% of the 1,700 have an interest in Libra.
Generally speaking, only 2% of those surveyed totally believed in Facebook while 21% had a little bit of faith, and an outstanding 77% did not believe in the social media giant’s ability to protect their personal data.
As a matter of trust in Libra and its associated Calibra wallet when compared to Bitcoin and other cryptocurrencies and their corresponding wallets, the results were quite telling:
- 1% say they trust Libra more
- 1% say they trust Libra somewhat more than other cryptocurrencies
- 19% trust all cryptocurrencies the same
- 5% say they trust Libra less than BTC and other virtual currencies
- 35% say they trust Libra “much less” than other cryptocurrencies
- 39% were not sure
This results in the fact that 40% of respondents trust Libra less than its crypto competitors whilst only 2% trust Libra more.
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