American Doubts The Use Of Digital Currencies
Bitcoin – A study conducted by the Finder.com for examining the present trends in the world of international money transfer. It shows that there are nearly 34 percent people in America who transfer money to other countries.
In the last year alone, it is estimated at $140.1 billion and the most interesting thing here is that over 50% amounts for student loans, mortgages, and credit card debt.
There was an another data that shows that the general population is looking to utilize the digital wallets for dealing with the day to day transfers, but still, more than 80% of the money that is transferred overseas is still performed in person by the use of cash. Almost 96 percent of the people are not happy with the service they get during transfer services.
Vital factors in transferring money
There is a list of six important factors made by the Finder.com on the basis of user’s money transfer requirements and issues. It consists of the speed of transfer, exchange rates, convenience, trustworthiness, user experience and product’s novelty.
According to the lead Researcher of the Finder.com Olivia Chow, the higher UX scores are a departure from the majority of the banking market, but it is due to we have only made our focus on the Money Transfer Operators who are not the large banking institutions.
As per the findings of the study, the industry experts don’t have the biggest online coverage of the territory and country. Olivia Chow says that this study consists of the cash pick payments.
The lack of transparency was also revealed by the analysis with the majority of money transfer service providers. As said by the Chow, the perception of trust is demanded from the both sides. The people who get payments should be able to satisfy with the way they get receive it.
Considering all this, what are the chances that digital currencies and Bitcoin will be able to satisfy Americans for transacting trustless and immediately.