Trust has often been seen as one of the most significant remaining barriers to widespread adoption of cryptocurrencies like bitcoin. But according to a new report today, consumers are showing increasing trust in the world’s largest cryptocurrency over the alternatives. This includes Facebook’s proposed Libra digital currency.
A new survey carried out since Facebook published its Libra whitepaper showed that just 2% of respondents said they would trust the project more than bitcoin. Meanwhile, over 40% said they would trust bitcoin more than Facebook’s nascent stablecoin.
The survey involved 1799 US adults, although only 10% of those asked said they had ever actually bought cryptocurrency.
Nevertheless, the revelation that bitcoin is more trusted than Libra and its Calibra wallet is another vote of confidence in the world’s leading cryptocurrency. It shows the extent to which even consumers unfamiliar with cryptocurrencies trust BTC.
The survey also highlighted persistent trust issues with Facebook following the spate of recent privacy scandals, including the Cambridge Analytica scandal. Some 77% of respondents subsequently said that they no longer trust Facebook with their data at all.
Only 2% of those asked said they trusted Facebook a lot. In fact, most respondents expresseda lack of interest of enthusiasm in the project.
According to CivicScience, the team behind the poll, most people are unsure what to expect of Facebook’s cryptocurrency.
“Similar to when Bitcoin first mysteriously surfaced ten years ago and brought with it the cryptocurrency gold rush, no one really knows what to expect when some of the largest corporations in the world collaborate to create their own version. Regardless, it’s definitely an exciting trend to watch unfold.”
Facebook has been planning to launch its own Libra cryptocurrency. As a stablecoin, Libra will be pegged to fiat currency and hold its value.
The cryptocurrency is aimed at allowing stable crypto transactions through the Facebook platform, without exposing users to exchange risk. Unfortunately, this is the case with public cryptocurrencies like bitcoin.
Consumer trust remains an issue for those bullish on cryptocurrencies like bitcoin. BTC being more trusted than new cryptocurrencies is therefore a huge vote of confidence in the king of cryptos.