2 years ago
In concern with Wakefield Research, Block Inc released a survey of 9,500 respondents discussing misconceptions surrounding bitcoin.
- Block partnered with Wakefield Research to code misconceptions surrounding Bitcoin.
- The survey included 9,500 respondents from varying property groups, genders and ethnicities from astir the world.
- The information reveals thing telling astir the cognition gaps successful Bitcoin and what strengthens the web effect.
Block, a Bitcoin-oriented fiscal services steadfast antecedently known arsenic Square, conscionable released Bitcoin: Knowledge and Perception, a study detailing a survey of 9,500 participants conducted successful concern with Wakefield Research to code communal misconceptions astir Bitcoin.
One instantly noticeable inclination uncovered successful the survey addresses a elemental question. Why should idiosyncratic bargain bitcoin?
One of the astir communal conceptions involving bitcoin is radical conscionable privation to put successful it to marque money. Block’s study states:
“People with below-average income much often enactment utilizing bitcoin arsenic a mode to nonstop wealth and bargain goods and services than radical with above-average incomes,” arsenic noted successful the graph below.
While 50% of higher income respondents mention the imaginable to marque wealth arsenic their crushed for purchasing bitcoin, implicit 40% of low-income respondents similar to usage it to acquisition goods and nonstop wealth to others. The survey besides recovered that cognition of cryptocurrency mostly dictates whether oregon not investors are funny successful purchasing bitcoin. Over 40% of respondents who claimed a “fair to adept knowledge” level successful the abstraction noted they would apt acquisition bitcoin wrong the adjacent twelvemonth showing a ample magnitude of optimism.
“Interestingly, though, the optimism spread betwixt high- and low-income respondents is the smallest successful the Americas, and that optimism spread disappears wholly if you region those who accidental they don’t cognize thing astir cryptocurrencies.” - Block“However, astir a 4th of those who complaint their cognition of cryptocurrencies arsenic ‘fair to expert’ stay skeptical of bitcoin’s future,” said the report.
Meanwhile, the study continues to explicate that cognition gaps are straight correlated to skepticism.
Knowledge of the broader cryptocurrency abstraction shows a wide nexus to a respondent’s likelihood of purchasing bitcoin.
Cyber information and theft risks lone fertile highly erstwhile 1 considers those with a low-level of knowing of bitcoin.“Again, we spot not knowing capable astir bitcoin was acold and distant the astir communal crushed not to bargain it, but cybersecurity, terms volatility, and an uncertain regulatory outlook are besides commonly cited reasons,” according to the report.
However, the deficiency of cognition successful bitcoin does not equate to a deficiency of awareness. Far supra the different cryptocurrencies, 88% of respondents person astatine slightest heard of bitcoin. Millennials came successful astatine 92.5% portion babe boomers surveyed astatine 89.2% consciousness of bitcoin, but each property cohorts surveyed inactive showed a precocious grade of awareness. The spread successful consciousness to adjacent the second-most recognized cryptocurrency is…noticeable.
Bitcoin holds a 2x pb successful consciousness to the second-most recognized cryptocurrency.
Knowledge gaps are astir prevalent successful respondents who did not cognize idiosyncratic who owned bitcoin. One of the largest takeaways from this survey is the intelligibly defined web effect. Of non-bitcoin owners who cognize idiosyncratic that owns bitcoin, 73% said they are apt to bargain bitcoin. However, lone 37% of respondents who bash not cognize idiosyncratic who owns bitcoin said they volition apt beryllium purchasing bitcoin.
“Interestingly, though, the optimism spread betwixt high- and low-income respondents is the smallest successful the Americas, and that optimism spread disappears wholly if you region those who accidental they don’t cognize thing astir cryptocurrencies.” - Block
English (US) 