Communication and education are key to building trust in cryptology, study reveals

Open communication about the disadvantages, benefits and educational programs could help increase confidence in cryptomonics and create a positive outlook towards technologies such as blockchain.

Those were the findings of Edelman’s study released May 12. The global communications firm concluded that the more people know about cryptomonics, the more they see the potential for the positive impact it can have.

The report says 35% of people surveyed believe that blockchain and cryptomontages like Bitcoin (BTC) could have a positive effect as emerging technologies.

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Widespread lack of communication?
Speaking to Cointelegraph, Javier Pastor, sales director for the Spanish-based cryptomoney exchange

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agrees with Edelman’s conclusions.

Pastor cites internal research conducted by the exchange on what the needs of people within the cryptocommunity are, revealing that 51.1% of respondents believe that they consider education to be a critical factor in the adoption of cryptomoney.

The Bit2me CSO added the following:

„Definitely, when we talk about cryptomonies, we still see a widespread ignorance of them. The specific purpose of cryptomonies is not clearly reaching the community, precisely because of the lack of communication. I think that one of the secrets or pillars of the adoption of cryptomonies is to educate the institutions first, in the schools“.

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On the other hand, Guzmán Pintos, co-founder and head of growth at Luxor Mining, believes that there are some crucial factors to be taken into account when addressing this problem:

„I think the two main drivers in the adoption of crypto currencies in the next few years will be the growing number of Internet users around the world and transparency through regulation.“

The responsibility of crypto-currency companies to increase education
Pintos adds that, as crypto companies, they need more to build a robust ecosystem by raising awareness, open source code, encouraging audits and „most importantly, duplicating education“ to see more international players participate in the space.

In comments to Cointelegraph, Daniel Quiroga, Vice President of Public Affairs for Edelman Colombia, highlighted another challenge facing fintech companies in the midst of the COVID-10 crisis, including the cryptomint sector:

„In the Edelman Trust Barometer, the largest trust study in the world, we found that before the pandemic crisis, confidence in companies and CEOs reached levels never seen before. […] However, the crisis due to COVID-19 brings new challenges for companies, as consumers expect them to adapt to the current situation and will punish those brands that act indifferent to the situation“.