A data research firm that aggregates data from studies conducted and remits the information to agencies that find the information useful, YouGov, have made an interesting discovery concerning the king of cryptocurrency: Bitcoin (BTC). YouGov is reputed for giving accurate data that is widely used by industries, governments, and individuals.
The familiarity of Britain’s Population with Bitcoin
The recent YouGov research revealed that 93% of the participants are familiar with the term Bitcoin. Although the study didn’t include questions about altcoins, the revelation is still a surprising one considering the relatively young age of Bitcoin. About 4% of those surveyed claimed they were very, very conversant with cryptocurrency, while about 24% knew about Bitcoin just sparingly. As expected, it was the younger part of the population that claimed to be conversant with Bitcoin.
A big part of those who invested in cryptocurrencies were mainly the youths, and they ranged from ages 18-24. Another observation made here is that Bitcoin pushes people to invest at early ages as compared to the statistics that the most likely group to own stocks in the US are over 70 years of age. About 6% of the men polled had invested in Bitcoin as against only one percent of all the women surveyed.
One-fifth of all the people polled believe that Bitcoin will be future currency massively adopted by national populations around the world. About 43% of the people surveyed firmly believed that Bitcoin couldn’t be adopted as future currency, and 37% simply weren’t sure. Those familiar with the technical aspect of Bitcoin understand that the technologies which enable true mass merchant adoption, such as Lightning Network, have only just entered the playing field.
Will a Decentralized Currency Like Bitcoin Become Massively Adopted?
The answers given the participants on Bitcoin adoption, however, were notwithstanding of the fact they had or had not purchased Bitcoin before. Both positive and negative responses were roughly equal between men and women.
The last question on YouGov’s survey to all the participants was about the positivity of decentralized currency like Bitcoin being adopted. 25%, answered that they were neutral on the subject, while another 18% were not sure how to answer that. Together they are 43% of all respondents. About 44% were negative about this happening.
The important realization of this study is that for Bitcoin to become massively adopted; education is key. Most of the people who understood and felt positive about Bitcoin were fairly or very educated on the subject of Bitcoin. Advertisements don’t do the spread of knowledge about Bitcoin. It’s is spread from person to person mainly because it is a peer to peer currency. The belief is that if Bitcoin is to gain mass adoption, the first step will be mass evangelism of Bitcoin from person to person.