10 percent of US consumers use Bitcoin to avoid identity theft

However, a recent report by Harris Poll on behalf of the American Institute of CPA shows that half of the US adults feel they are likely to fall victim to financial losses due to identity theft. This is quite a staggering number, but there are a lot of precautions one can take to prevent these issues altogether. Plenty of respondents have already done so, by the look of things, as the vast majority has taken the necessary actions to fix identity theft themselves.

In a surprising turn of events, 10% of the respondents mentioned how they have been exploring alternative financial solutions, such as Bitcoin. Although there are still misconceptions regarding the anonymity of Bitcoin – or lack thereof – it is certainly true the popular cryptocurrency provides users with a way to not have their identity stolen.

But there are other reasons why Bitcoin and cryptocurrency make a lot of sense to consumers all over the world. There is no central authority in control of the transaction details, and there is no single point of failure from which user identity details can be obtained. This effectively nullifies the risk of identity theft altogether, which will attract even more consumers in the years to come.