New Survey: Majority of Americans Favor Paper Money over Digital Money

Genesis Mining conducted a study titled “Perceptions and Understanding of Money 2020” whose results show that Americans do not like the idea of digital money and they prefer paper money over digital money.

Study of Genesis Mining

400 Americans participated in the study and gave the answers of 22 questions covering different topics: understanding of the financial system, trust of financial institutions, beliefs about money, and cryptocurrencies.

The finding of the survey unveil that 60% of people do not like the idea of paper money replacement with digital money. The Coronavirus pandemic has increased the pace towards a cashless society. “The U.S. news outlet Axios cites several figures and facts indicating that increased health-consciousness amid the global pandemic has accelerated the migration toward a cashless society,”Marco Streng, co-founder and CEO of Genesis Mining, said in his article on Cointelegraph.

Benefits of Cashless Payments

There are many benefits of cashless payments which are not assigned to physical money. First, it presents a “greater difficulty for muggers and thieves to rob you of your physical money.” Second, a cashless money system provides a “greater ability to trace illegal activity that could be more easily perpetrated by laundering cash through businesses, banks and other means without a trace.” Third, it includes “faster transactions (on average), less hassle for customers who would otherwise have to procure, store, count and dole out cash, and the fact that customers are statistically more likely to spend more at a business using a card rather than cash.” Fourth, there is an ease of currency exchange with cashless money.

Genesis Mining CEO concluded by saying:

“With proper oversight and security, the move toward cashless payment mechanisms could provide numerous benefits, and cryptocurrency-level security may be an integral feature of the move toward cashlessness.”

The need for a digital currency or cashless payment system is more demanding after the pandemic. According to the latest report, nearly 70% of central banks accepted the idea of central bank digital currency (CBDC) and most of them have actually started working over it.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

US Congressman Proposes Bill to Regulate Cryptocurrencies and Stablecoins

There are two forces at play here, and one is a decentralized network of cryptocurrencies. On the other hand, centralized finance owned by governments, banks, and financial institutions has converged on making their own tokens to tackle it. But instead of being anonymous and decentralized, they will be highly regulated and controlled entities. Today’s new […]

Amazon Currently has No Plans to Accept Bitcoin Payments

Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was […]

New Monero Bug Violates Users’ Transactions Privacy

Monero is a privacy-focused cryptocurrency and is already getting some traction from the crypto market and investors alike. But it has been infected with the bug named “Monero,” which consistently bewilders the transaction privacy and credibility for users. The whole point of using cryptocurrency for making transactions and the use of blockchain technology is to […]

UK-based News Agency Claims Amazon is Going to Enable Cryptocurrency Payments

Amazon is the fourth-largest company in the world in terms of annual revenue generation. The retail giant was caught by a cloud of rumor mongers who connected Amazon with cryptocurrencies like Bitcoin. The root cause of the rumors was a series of job postings by Amazon that show vacancies for blockchain and digital payment experts. […]

Polkadot (DOT) Targets $17 on a Bullish Set-Up

Briefly – DOT has recovered almost 40% from its weekly lows, targeting $17. DOT’s price tries to prevent the declining wedge. The RSI overpowers a five-month trend-line. Polkadot (DOT) Price Analysis Though Polkadot (DOT) has been here for not that long, it has enjoyed massive adoption by crypto advocates. That is because of the solutions […]