Digital Currency Council: Only 2.3% of Americans Trust Bitcoin Transfers Overseas

According to a latest survey report published by the Digital Currency Council, only 2.3% of U.S. citizens trust bitcoin to send funds overseas in case of an emergency, while 30.3% of the 750 "regular Americans" said they would trust their banks to make international transfers.

Moreover, 23% of the people questioned said that they would opt for Western Union, whilst 22% considered Paypal more trustworthy. MoneyGram was preferred by 6% and the Postal Service by 10% of those surveyed, the report said.

Commenting on the results, David Berger, CEO of the Digital Currency Council, said,"While bitcoin transactions may not technically require trust between parties, it is clear that consumers place their faith in institutions to send money."

He said that gaining consumers' trust would be crucial for the widespread acceptance of bitcoin.