61% of Americans Have Little to No Understanding of How Cryptocurrencies Work: Survey

61% of Americans Have Little to No Understanding of How Cryptocurrencies Work: Survey

Also, only 10% of the respondents familiar with cryptos are using them regularly to make purchases.

More than one in ten American adults have never heard of cryptocurrencies, revealed a new survey by Harris Poll.

Nearly half of the respondents had actually heard about the names of digital currencies, according to the survey of 1,984 people taken from February 12 to 14. During this period, the price of Bitcoin was around $48,000 and $50,000.

Since then, the price of BTC has surged above $58,000 to hit yet another all-time high in its pierce discovery and is currently experiencing a pullback and is around $55k.

“From the public standpoint, it’s not a cryptocurrency; it’s a cryptic-currency,” said John Gerzema, chief executive officer of the Harris Poll.

Despite having heard of cryptos, most of them don’t really get them, with 61% of the people surveyed saying they had little or no understanding of how they work. Only 14% of those familiar with digital currencies said they understand “very well” how they work.

4% of the respondents familiar with cryptos think Bitcoin will crash to zero while double that (8%) see it going above $100,000.

The Legitimacy

Among those familiar with cryptos, about 43% expressed doubt about their legitimacy as a form of payment, while 29% think crypto will be largely forgotten in the next decade. 34% meanwhile believes it will become a standard form of payment.

Millennials, between 25 and 40 years old, continue to lead the crypto believers as 69% of them said they thought digital currencies were very or somewhat legitimate as a form of payment. This figure drops to 58% for Gen Z, between 18 and 24 years old.

According to Gerzema, millennials, who are tech-savvy and comfortable with financial products and having more investable assets, may be operating as a bridge between Gen Z and baby boomers.

In the past few weeks, we saw Tesla investing in Bitcoin and announcing that they will be accepting BTC as a form of payment. Following Tesla, others like Mastercard said they would interact with cryptos in their network, too, while many other major companies like Twitter, GM, and Uber will consider processing payments in cryptocurrencies.

Only 10% of survey respondents familiar with cryptos said they regularly make purchases with it. Given that BTC has appreciated more than 14x in value since the March sell-off, the leading digital currency works better as a long-term investment than as a form of payment.

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Author: AnTy

Solana Launches SOLAR Bridge; Bringing Arweave’s Decentralized Storage to Its Blockchain

The Solana blockchain is taking little time to expand as it recovers from a significant downtime earlier this week. In its latest development effort, the blockchain announced a partnership with decentralized data storage protocol Arweave.

Data Storage for High-Performance Blockchains

Solana announced a partnership with decentralized data storage protocol Arweave to launch the SOLAR Bridge. The bridge signifies a major milestone for Solana, making it the first blockchain platform to transfer and store transaction history on Arweave’s dedicated network.

Solana is a high-performing blockchain that processes substantial amounts of data. The partnership with Arweave takes the burden of designing an in-house data storage infrastructure off Solana.

With the SOLAR Bridge, Solana’s node validators will validate transactions and store them on Arweave. As such, there won’t be a need to validate one transaction twice.

Solana handles one newly-produced block every 400 milliseconds, with its network already passing 50 million cumulative blocks since it started operations in March 2020.

The company added that its blockchain could handle more than twice the number of blocks produced by the Bitcoin, Ethereum, Polkadot, Cosmos, and Algorand blockchains combined.

This is not difficult to comprehend. Data storage is critical for a network that handles historical data for users. Solana’s growth as a decentralized solution hinges on how it safely and securely stores data.

The blockchain now seeks to leverage Arweave’s decentralized and immutable network to ensure permanent and reliable data storage. Solana stated,

“It’s important to note that Arweave is not expensive; it’s more costly to store data short-term — this is because when you store data on Arweave, it’s permanent. Ledger transition data and indexing from the Solana network will be entirely stored on Arweave with future development efforts to support richer indexes.”

Improving its Current Blockchain Infrastructure

The development comes following a massive network outage that affected the blockchain recently. Over the weekend, Solana confirmed that an issue had originated on its Mainnet Beta cluster, causing it to stop producing blocks after the 53,180,900th block suddenly.

The break essentially put a hold on the blockchain’s ability to confirm transactions, with the outage lasting for about six hours. It was eventually fixed after 200 network validators forced a restart sequence. The forced restart allowed the blockchain to resume operations optimally.

With some data moving to a separate network, Solana is hoping to free up space on its blockchain and possibly prevent issues like these in the future. The SOLAR bridge is also the second development coming to the blockchain in recent months.

In October, Solana announced Wormhole, a decentralized bridge supporting ERC-20 tokens that allow users to transfer value between different blockchains quickly. Wormhole works based on the action of “guardians,” which were selected from the current Solana validators. Guardians will read data from both blockchains, verifying that the bridge operates optimally.

When two-thirds of the validators sign that a transaction is correct, both sides’ smart contracts will trigger the transfer by minting and burning the appropriate tokens.

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Author: Jimmy Aki