Block Inc. report suggests Bitcoin is the people’s currency, but with a twist

A report by Block Inc., successful conjunction with Wakefield Research, elaborate respective absorbing findings concerning Bitcoin.

The study explored Bitcoin narratives to amended recognize people’s cognition and perceptions of it crossed geographical regions, gender, income, and age.

Key findings of the survey

Researchers surveyed 9,500 respondents successful 14 countries crossed 3 regions, the Americas; Europe, the Middle East, and Africa; and (3) Asia-Pacific. The survey was conducted implicit 18 days successful January done an online survey.

Many respondents spot Bitcoin arsenic a adjuvant outgo mechanics for sending remittances and buying goods and services.

While cryptocurrency is typically seen arsenic a male-dominated sector, the survey discovered that extracurricular of the Americas, this communicative is little pronounced successful presumption of ownership and “self-described” knowledge.

People mention concerns implicit security, terms volatility, and the uncertain regulatory scenery arsenic the main reasons to beryllium pessimistic astir Bitcoin.

Unsurprisingly, radical worldwide person a greater consciousness of Bitcoin than immoderate different cryptocurrency.

Bitcoin is the people’s currency

Earlier this year, Elon Musk called Dogecoin the people’s currency, emphasizing the constituent further, saying there’s “no request to beryllium a gigachad to ain [it].”

No request to beryllium a gigachad to own

— Elon Musk (@elonmusk) February 4, 2021

However, the Block Inc. survey results suggest Bitcoin, alternatively than  Dogecoin, is the people’s currency.

The survey’s conception connected “Bitcoin for a much equitable economy” surveyed wherefore radical bargain Bitcoin crossed antithetic income scales from debased to high.

The results amusement little than mean income respondents (the people) favour buying Bitcoin for inferior reasons, specified arsenic sending wealth to others and purchasing goods and services.

By contrast, higher than mean income earners thin to bargain Bitcoin for concern reasons, specified arsenic speculation and concern diversification.

Source: tftc.io

“People with below-average income much often enactment using bitcoin arsenic a mode to nonstop money and bargain goods and services than radical with above-average incomes.”

This inclination remained accordant crossed countries, with developed nations clustered little down the standard of utilizing BTC arsenic a outgo system, arsenic opposed to an concern vehicle, successful the illustration below.

Source: tftc.io

Based connected this data, it’s just to reason that mundane radical recognize that Bitcoin is simply a currency utilized successful their day-to-day lives., which is what Satoshi Nakamoto intended, per the rubric of the Bitcoin achromatic paper, which work “A Peer-to-Peer Electronic Cash System.”

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