3% of Americans said they would trust bitcoin to send money to a family member overseas during an emergency. A significant portion trusted their banks (30%) or Western Union (23%) and PayPal (22%). 6% trusted MoneyGram and 10% said they would use the Postal Service. Yes, more than 3x Americans would trust the embattled and comparably low-tech postal service over Bitcoin to send money overseas in an emergency.
What does this mean for Bitcoin? This survey was conducted with a representative 750 regular Americans who may not be familiar with bitcoin. They may not know how bitcoin can help them get money quickly and cheaply to their family members overseas during crises or economic shocks. Without accurate information about how bitcoin can be used for money transfers and which companies support those transfers, average consumers don’t have a reason to trust it.
David Berger, CEO of the Digital Currency Council, explained, “While Bitcoin transactions may in fact not require trust between the parties to it, adoption requires that consumers trust the firm or technology with which they are interfacing.”
Notably, many of the new companies using the Bitcoin Blockchain to facilitate remittances are not promoting their use of this new technology, but instead are focusing their marketing on the benefits for the consumer – including low fees, speedy service, and delivery direct to the mobile device of the recipient, among others.
This is the third question in the Digital Currency Council’s (DCC) Pulse Perception survey research series. The data collection was conducted online among a representative sample of 750 people in the United States in March 2015.