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Bitcoin Global News (BGN)

November 14, 2018 -- ADVFN Crypto NewsWire -- A recent survey by YouGov addresses the level of acceptance for cryptocurrencies by citizens in the UK. It highlights the disparity between older and younger generations, as well as a strong difference between knowledge held by men and women of the new technologies. The question used may have been somewhat misleading due to a greater lack of understanding of how traditional fiat currencies are created, monitored and used.

We’ve all heard of Bitcoin – but most of us don’t get it

• 93% have heard of Bitcoin.

• 4% understand Bitcoin ‘very well’

• 23% understand it ‘fairly’ well,

• Of the 23%, it was heavily in favor of males with 33% claiming to understand it fairly well, while only 12% of females claimed to understand the technology fairly well.

Here there is a huge gray area in the data because it is based on opinion of the respondent. What level of understanding is “very well.” In future studies, it will be interesting to see what the public would answer to specific questions about the nature of Bitcoin, cryptocurrencies and how they function.

Who’s actually bought Bitcoin?

• 4% say they have,

• Again, this statistic was heavily in favor of males with 6% saying they have bought Bitcoin, compared to 1% of women

• 9% 18 to 24 year olds say they have bought the cryptocurrency

• 1% of those aged 55 and above

Cryptocurrencies could be as common as card or cash in future?

• 21% think cryptocurrencies will one day be as commonly used a payment method as card or cash.

• In this statistic, the distribution between males and females was much more even - 22% of men vs 19% of women.

• 43% saying they do not think cryptocurrencies will ever be as common as cash or card

• 34% said they don’t know.

Currency by the people, for the people? Not so sure

Respondents were asked about the deeper implications of cryptocurrencies like Bitcoin that are truly decentralized, peer-to-peer and open to the public. They were asked how they feel about using a currency controlled by those who are using it.

• 20% say they feel ‘very negative’

• 3% said they feel ‘very positive’

• 9% said they feel ‘fairly positive’

• 20% said they feel ‘fairly negative’

By: BGN Editorial Staff