Cryptocurrency Adoption Accelerates, Litecoin Creator Calls for End to Fiat

The cryptocurrency market may have experienced a flat run over the course of 2018 thus far with Bitcoin prices failing to break through the $10,000 barrier since early March, but new research published by ING demonstrates that adoption rates are rising rapidly.

The ING International Survey on Mobile Banking: Cracking the code on cryptocurrency report, published in June 2018, surveyed 14,828 respondents across 15 different countries, assessing public sentiment regarding cryptocurrencies as a payment method, investing in cryptocurrencies, and their current participation in the cryptocurrency market.

The data captured by ING in the survey demonstrates a significant rise in cryptocurrency adoption - 66 percent of all respondents had heard of cryptocurrencies, with 35 percent agreeing that cryptocurrencies represent the future of online spending.

The cryptocurrency ownership rates demonstrated by the report are arguably the most interesting result of the study - 9 percent of all respondents stated that they currently own cryptocurrencies, with 25 percent stating that they intend to purchase cryptocurrency in the future.

Interestingly, men are more likely to be aware of cryptocurrencies than women, but age is not a strong indicator of cryptocurrency awareness.

ING correlates high rates of cryptocurrency adoption in Turkey and Romania with the inherent bias of the online survey attracting younger professional people with more exposure to media and technology, but recent economic troubles in both countries have contributed to an increased interest in cryptocurrencies.

A lack of banking services and low levels of trust in traditional banking institutions has led to high levels of cryptocurrency adoption in both countries.

ING's survey data is reflected by Litecoin founder Charlie Lee's recent statements regarding the future of cryptocurrency adoption.

Cryptocurrencies, states Lee, hold the power to "Revolutionize finance" and replace fiat, but the early stages of the cryptocurrency ecosystem have led to a paradigm in which market participation is "More about buying and selling and holding the coin more than using it."

Using cryptocurrencies such as Litecoin and Bitcoin in countries where fiat is performing poorly, according to Lee - who specifically highlighted the ongoing Venezuelan currency crisis - is essential to accelerating adoption.