Bitcoin, Ethereum and Co.: Deloitte’s Blockchain Survey Paints a Positive Picture for Cryptocurrencies – Will Fiat Currencies Soon Be History? | News

?? Cryptocurrencies With Rapid Growth Since the Invention of Bitcoin

?? Deloitte’s Blockchain Survey Draws Positive Conclusion

?? Can’t stop the victorious progress of cyber currencies?

Since cryptocurrencies with blockchain first saw the light of day ten years ago, a lot has happened in terms of cyber currencies. There are now many different digital currencies, which differ from the ancestor bitcoin in their basic idea. First countries like China are also opening up to the crypto version and are planning to digitize their national currency. Furthermore, the coronavirus pandemic, coupled with an almost forced digitization push for cryptocurrencies and digital assets, has once again provided a strong tailwind.

Digital assets are becoming more and more important for companies

According to the results of a survey by Deloitte, the advance of Internet money is likely to continue in the near future. Nearly 80 percent of those surveyed said digital assets would be “very/somewhat important” in their respective industries in the next 24 months. Furthermore, more than three quarters of the participants agreed that their companies or organizations will miss an opportunity if they fail to implement blockchain technology.

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A total of 1,280 executives were surveyed in ten countries, namely Brazil, China, Germany, Hong Kong, Japan, Singapore, South Africa, the United Arab Emirates, Great Britain and the USA, for the “Deloités 2021 Global Blockchain Survey”. The survey was conducted from March 24 to April 10, 2021, with all participants having at least a basic understanding of blockchain technology, cryptocurrencies and digital assets. The purpose of the survey was to gain insight into participants’ general attitudes towards cryptocurrencies and the company, as well as investments in digital assets and the impact of blockchain technology in the future.

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Will fiat currencies be replaced by crypto currencies like Bitcoin & Co.?

The various survey results are interesting because a majority (76 percent) of those surveyed are convinced that digital assets will completely replace traditional fiat currencies in the next five to ten years. The growing institutional interest in particular is an important basis for this.

When it comes to the use of digital assets in their organizations, respondents see areas of governance and new payment methods as opportunities. Here, the use of cryptocurrencies is mainly to ensure greater efficiency (44 percent), better compliance and transparency (44 percent) and better trust (41 percent).

fix some flaws

However, the survey participants still face some challenges that are slowing down the pace of development with the advancement of cryptocurrencies. Cyber ​​security is an important issue in this context. For example, 71 percent of those surveyed said that inadequate security hinders the adaptation of cryptocurrencies by the mainstream. Regulatory ambiguities and barriers also represent a challenge for digital assets for 73% of survey participants. According to 65 percent of respondents, the third disadvantage slowing down the crypto-verse is the existing financial infrastructure.

Deloittes Conclusion

Despite these obstacles that still exist, the victory for cryptocurrencies is unstoppable, according to Deloitte’s conclusion: “The seismic changes we are witnessing will affect every organization that uses the bank in the near and distant future. “Banks – and basically all other industries – have no choice but to welcome change with open arms.” Editorial Team

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