Bitcoin Mining Agency Survey Shows How People are Bozo About Money

A study by Bitcoin mining firm Genesis Mining showed that an amazing number of US citizens have no idea how their financial system works. 29 percent of respondents said they felt the dollar still fully backed by gold.

The study's findings reveal how little common people really know about the nature of modern banking. If the education on finance is extended, the value of Bitcoin may be evident to more people as the most difficult money in history.

Is a lack of knowledge about Modern Banking Holding back Bitcoin Adoption?

Genesis Mining's study is titled "Perceptions of Money and Banking in the United States. 2019". It has tried to know how much the general public knows about the operation of the Federal Reserve and the banking system in general. A thousand respondents asked a series of 23 questions about US banking on September 19 of this year.
A detailed study in a press release published earlier stated that 29 percent of people believe that the US dollar is still backed by gold reserves as it was at the beginning of the 20th century. This is not just a great misconception of those who ask about the American financial system.

More than half (54 percent) said they believed the Federal Reserve Bank was the exclusive property of the United States government, and 26 percent said they thought the banks had 100 percent of their deposits. Customers with their reservations. And 24 percent said it was the job of the Federal Reserve to secure gold reserves.

In addition to how well respondents understood the system, the study asked about their spending habits. It found that more than two-thirds preferred some form of electronic payment (debit or credit card) over cash payments. However, to some extent, 76 percent said they against the idea that the US government. UU. It will replace paper money with a purely digital currency.

Apparently, there is a lack of knowledge about how the central bank operates and beyond in the United States, at least in the United States. With a deeper understanding of how the system really works. It is not surprising that many have not yet seen the value in bitcoin.

Any possible bitcoin misunderstanding for its issuance or general monetary policy depends on the central entities. This is the opposite of modern banking. Meanwhile, banks such as the Federal Reserve are not public resources, as many people think, but private companies. Instead of their clients' interests, they mainly motivated by profits. If the public were aware of the ease with which the modern financial system could collapse or collapse. Perhaps a more decentralized and free system, such as Bitcoin, would become much more attractive to the public.