The 2018 Cryptocurrency Survey conducted by law firm Foley & Lardner LLP reveals much in terms of attitudes towards the cryptocurrency market from insiders, notably indicating that Bitcoin is the most likely choice for mass adoption. 

The subjects undertaking the study include over 60 professionals, with a majority either investors or business executives.

43% say Bitcoin most likely for mass adoption

Ethereum followed Bitcoin at 17%, with Ripple, Dash, ZCash, and Monero sharing the remaining votes. While Ethereum is broadly acknowledged to offer the stronger blockchain choice for start-up projects, Bitcoin is frequently championed as the most likely to succeed in becoming a daily payment option.

This also, perhaps, influenced the respondents choice for the cryptocurrency offering the best investment opportunity. Ethereum surpassed Bitcoin with 38% of the vote, with the latter gaining 35%.

Security breaches deemed the strongest risk

A section of the survey requested participants to rank a number of security concerns descending from “no risk” to “very strong risk”. The options that were given that included circumstances of security breaches, including “theft of cryptocurrency tokens” and “theft or ransom of data” had a significantly higher number of respondents marking them as a ”strong” or ”very strong” risk, receiving 71% and 62% respectively.

System limitations, including scaling, was perceived as the smallest risk, receiving just 48% in the same categories.

Industry regulations

With 62% of surveyed participants seeing fraudulent initial coin offerings (ICOs) as presenting a significant risk, 84% believe this area should be regulated under the jurisdiction of the federal government, state, or both. Despite these statistics, 58% say they are still willing to participate in such an event or launch their own cryptocurrency start-up.

Formalized self-regulation of the industry was a widely popular option, with 89% voting in favor, with a majority believing this should be subject to official regulatory oversight.

State-issued crypto

As central bank and state-issued cryptocurrencies become an increasingly popular idea from financial institutions, the survey queried whether those involved in the cryptocurrency community viewed this in a positive light. Some 58% of respondents disagreed that such an idea would be constructive, with only 25% in favor.

Recent discussions around Venezuela’s controversial Petro token is likely to have influenced these opinions, as it has been criticized for offering a vast lack of transparency.

 

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