A study by Edelman has revealed that open communication on the downsides, benefits, and educational programs could help to increase trust in cryptos and create a positive outlook towards blockchain technology.
On May 12, it has been reported that 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.
However, the report says that 35% of people surveyed believe that blockchain and cryptocurrencies like Bitcoin (BTC) could have a positive effect as emerging technologies.
Javier Pastor, the Chief Sales Officer of Bit2me, the Spain-based crypto exchange, agrees with Edelman’s conclusions, as he states internal research conducted by the exchange on what are the needs of people within the crypto community by revealing that 51.1% of respondents believe that they consider education as a critical factor for crypto adoption.
“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.”
Likewise, Guzman Pintos, the 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.”
Also, Pintos said 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.
Daniel Quiroga, the Vice President of Public Affairs of Edelman Colombia, outlined another of the challenges, which fintech companies face in the midst of the COVID-19 crisis.
Thus, Quiroga said:
“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.”