The growing concern on cryptocurrency mass adoption is evident by the fact that financial policies being created in many countries involve some sections on cryptocurrency regulation. Global business magnets and multinational companies are either creating their own cryptocurrency or accepting mainstream cryptocurrencies increasingly.

Some crypto enthusiasts have already started thinking about digital coins as the future replacement of fiat currencies. Brock Pierce, an American actor, recently showed up in a live interview hosted by Two Prime to talk on cryptocurrency’s mass adoption and potential as a replacement for fiat. Pierce was optimistic regarding digital coins throughout the discussion. He views cryptocurrency as a potential tool for common people to change the world and make it a better place.

Pierce compared the acceptance of digital currencies with that of essential technologies, like internet and email, which also took quite a while before mass adoption. He added, “Once the technology (the underlying infrastructure) is there in place, we could see a billion users onboard in 12 months. That is probably how it will happen when it happens.” Pierce stressed on simplification of cryptocurrency infrastructure because the existing system is not user-friendly and secure.

According to Pierce, if a product is to make popular among common people, it has to be something that nobody has seen before, or it has to be ten times better than the existing ones. Coming to the context of cryptocurrency acceptance, he added, “In Venezuela, the (cryptocurrency) system is ten times better than the Venezuelan Bolivar. This is also why Kenya is the most advanced payment market in the world (because they did not have anything else).” The competence and expertise of people working on digital technology will also determine the future of tools built on this technology.

However, a recent study conducted by Dutch bank ING reveals that fiat currency still comes first to most people’s minds when considering the convenience of using money. ING reported that the general concept towards digital currencies and their usefulness had not changed considerably since the bank conducted a similar survey one year back. It was a large scale survey enrolling more than 14,000 people from 15 countries around the world.

Most people are not familiar with cryptocurrency yet

A surprising finding of ING survey is most participants still don’t know much about cryptocurrency. The survey results indicate that most individuals are not considering cryptocurrencies if they are asked to select an alternative to physical cash. Fiat currencies, which may have been assumed to be on the way out, still retains quite high acceptance.

To explore the knowledge of common people on cryptocurrency, participants were asked if cryptocurrencies have a central regulating body. Only 27% of respondents could correctly answer that cryptos are not centrally controlled. Also, more than half of the respondents believe that most stores accept digital currencies. But according to ING’s findings, most online shops don’t accept cryptos yet.

Low knowledge may be a sign of positivity

Another interesting finding of the study is, people with low to medium knowledge about digital coins are most confident about their prospects. This may be an indication of positivity around cryptocurrencies. However, it should be noted that just being positive does not mean an individual knows what he/she is talking about, a phenomenon known as the Dunning-Kruger effect. Most people do not know what the future of cryptocurrencies is. They are unsure if the decentralised currencies can dominate the markets of investments and online payments in the next year.

Although paper money still is the king in the economic arena, most respondents of the survey agreed with the statement: “I would prefer crypto if cash no longer exists.” Interest in digital currencies will likely continue to grow. According to ING, the blockchain platform is passing transitional phase at this moment. Proper planning and involving general people in the crypto market at a large scale can make cryptocurrencies a viable alternative to fiat money.