A recent study by the world’s leading hash provider, Genesis Mining, some interesting findings about how the average American treats money and banking. Title of the study: Perceptions of Money and Banks in the United States, 2019. ”
Digital money eliminates transactional privacy
The study was designed to determine how well the average American consumer assessed the concepts behind banking, fiat money, and the Federal Reserve. The study was conducted on September 19, with 1,000 respondents answering a series of 23 questions.
Of the 1,000 respondents surveyed, approximately 29% of respondents still believe that gold is behind the US dollar, 4% said it was oil, 5% said it was bonds, 7% said it was nothing, 23% said it was they don’t know, and only 30% accurately claimed the U.S. government.
As a matter of fact, on March 14, 1909, the United States rose to the gold standard, and both gold and silver became the legal tender of the United States. According to this standard, the U.S. dollar can be converted into 25.8 grains (1,672 grams, 0.05375 troy ounces) of gold for just over $ 18.60 per ounce. However, in 1933, in order to combat severe deflation, President Roosevelt subsequently implemented the suspension of the gold standard.
Not only that, when asked “Who decides to print more dollars?” , 18% of respondents had no response, 58% thought it was the Federal Reserve, and the third highest response was that the U.S. government was responsible for it. Despite the fact that traditional finances have repeatedly failed to meet the expectations of the crowd, the faith still persists, probably due to a lack of financial literacy.
Interestingly, 76% of respondents opposed the idea of the U.S. government exchanging paper money for digital money only.
This, in turn, indicates that Americans are still not ready for full transparency when it comes to finance. Interestingly, the perspective is not limited to the average American view, even bank executives seem to echo the same feelings.
Recently, Mark Cliffe, an economist at the popular Dutch bank ING, said that within 5 years, digital currencies will become a full-fledged reality within 5 years. As nations emerge by building their own central digital currency, consumers lose their anonymity as transactions against digital currencies controlled by central banks become fully traceable to public authorities.
24% of respondents believe the Fed will provide U.S. gold reserves
24% of respondents believe the Federal Reserve is responsible for securing U.S. gold reserves, while 50% respond that they are responsible for overseeing U.S. monetary policy. 54% of respondents believe that Federal Reserve Banks are owned exclusively by the U.S. government.
In addition, 26% of respondents believe that banks are needed to keep 100% of the money customers place in the bank. 52% of respondents believe that banks should not keep 100% as a reserve. While 9% believed that banks should have 1-10% at all times.
Nevertheless, our lives revolve around money, and it is shocking that the people out there still need to get a great deal of clarity about the flow of money and how it works internally. It is also possible that, if we get such clarity, the ideas for the general introduction of cryptocurrencies will not seem foreign and will be more widely accepted.
Everything that sparkles is not gold. Negative emotions around cryptocurrencies continue to prevail in illegal activities and terrorism, as well as in many cases of money laundering. In August, North Korea revealed that it had raised roughly $ 2 billion with the help of “widespread and increasingly sophisticated” cryptocurrency hackers. The funds were used to purchase weapons of mass destruction.
Will digital currencies eventually accept people? Tell us what you think in the comments below!