In what seemed like a Bitcoin vs Facebook Libra poll survey conducted by CivicScience, Americans opted for investing in Bitcoins rather than trusting their financial transactions with Libra.
Undoubtedly, Facebook’s Libra has a tough battle ahead. Not only has it been crushed by governments of many countries time and again but also been disparaged by its country people.
CivicScience is a research platform for consumer intelligence that provides real-time and constructive insights on matters related to business.
What do the results indicate?
In a recent survey conducted for Libra, out of one thousand eight hundred responses, only five percent (5%) expressed awareness on an otherwise anticipated stablecoin Libra. And while this percentage chunk mostly consisted of young Facebook users, the remaining percentage of respondents said they are indifferent towards the upcoming currency.
Over eighty percent (86%) of the survey respondents claimed that Facebook’s Libra holds no value to them and that it will need to swim against the tide to win over the trust.
Ever since its launch announcement, Facebook has been battling against the US lawmakers to convince them of its credibility. To top it all, the firm’s reputation has taken a constant hit for data privacy issues.
As a result, CivicScience survey further assesses to what extent is Facebook in deep waters. The results were shocking but not surprising. While seventy-seven percent (77%) of survey takers revealed trust issues, the remaining made it clear that its reliability is limited to web communication only.
Bitcoin fares well
Bitcoin, on the other hand, did put up a good show among one thousand seven hundred seventy survey participants. While a forty percent (40%) participants chose Bitcoin and other digital currencies over Libra, thirty-five percent (35%) of them demonstrated very little confidence in Facebook’s native coin.
Following the survey, CivicScience concluded that although the results leave more questions than answers, acquiring the confidence of the government and regulators will win only half the battle for the social media goliath.
While, for Bitcoin, as long as the decentralized blockchain technology has its back, it has one less thing to worry about.