Most Americans would be happy to be paid in crypto by their employer, a survey shows

CRYPTOCURRENCY is no longer a “get rich quick” route: More than half of Americans would like to accept being paid in cryptocurrency from their workplace.

A survey of 2,000 adults showed that 68 percent believe that crypto will gain wider acceptance and mainstream within the next three to five years.

Three out of five (61 percent) would even allow their employers to invest part of their paycheck in a cryptocurrency of their choice, similar to how employers invest in employees’ pension plans.

Of those with pension plans in place (68 percent) can see the long-term benefits of crypto – they say they would be happy if it were part of their pension investment portfolio.

Almost as many people (60 percent) believe that investing in cryptocurrencies should be as widespread as traditional financing – and anticipate a growing desire to participate in the decentralized financial system.

The survey, commissioned by Coinbase and conducted by OnePoll, found that 22 percent of people now own some form of cryptocurrency – the biggest hits being Bitcoin (82 percent), Ethereum (65 percent) and Dogecoin (57 percent).

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While 68 percent of respondents generally have concerns about whether cryptocurrency is secure enough for everyday use, 66 percent feel confident in their knowledge of how to protect their currencies from hackers.

Nearly four out of ten (38 percent) have some basic knowledge of what cryptocurrency is, but not much beyond that. Meanwhile, 45 percent said they have a great deal of knowledge about crypto and how to use it. Only 16 percent of Americans have no idea what cryptocurrency or tokens are.

Overall, 73 percent said they want to understand crypto but do not know where to start, or worry that it will be too confusing. 64 percent said they would engage more with cryptocurrencies if they found them easier to understand.

Nearly three in four (71 percent) had to look up crypto-related terms – such as “decentralized finance”, “blockchain” and “non-fungible” – several times to find out what they mean.

“Many of the concerns we see about crypto-adoption stem from fears of the unknown – those who do not fully understand crypto are likely to hesitate when they hear about things like phishing scams,” said Matt Muller, director of security operations at Coinbase.

“The truth is, just a few important steps can go a long way toward minimizing vulnerabilities. I always recommend using a password manager and enabling two-factor authentication whenever possible. And remember, if it works too well to be true, that usually it! ”

For most (71 percent), cryptocurrencies seem to have come out of nowhere without much context. This was the reason why 59 percent of the respondents feel that they have missed the boat when it comes to investing in cryptocurrency.

Two out of three respondents currently still believe that their money is more secure in a traditional bank than with a crypto exchange. 61 percent said they feel the crypto is “too risky” to take seriously.

But a better understanding of how crypto works would be enough to make 53 percent feel safe using cryptocurrency.

When asked what would make them use cryptocurrencies more often, 43 percent said they needed to know how to get them, while 41 percent needed assurance that they were safe, and 34 percent wanted to know how they best handled it.

“We wholeheartedly believe that crypto is the future of finance,” Muller continued.

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“This research shows that concerns about crypto security often stem from a lack of understanding of how crypto works.

“As awareness rises, many see for themselves how easy it is to use crypto securely and dive into the crypto economy and fully realize how crypto and blockchain can create financial freedom for all.”

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