- Block partnered with Wakefield Research to tackle misconceptions surrounding Bitcoin.
- The survey included 9,500 respondents from various age teams, genders and ethnicities from world wide.
- The knowledge reveals one thing telling in regards to the data gaps in Bitcoin and what strengthens the community impact.
Block, a Bitcoin-oriented monetary companies agency beforehand referred to as Square, simply launched Bitcoin: Knowledge and Perception, a report detailing a survey of 9,500 members carried out in partnership with Wakefield Research to tackle frequent misconceptions about Bitcoin.
One instantly noticeable pattern uncovered within the survey addresses a easy query. Why ought to somebody purchase bitcoin?
One of the commonest conceptions involving bitcoin is individuals simply need to spend money on it to earn a living. Block’s report states:
“People with below-average income more frequently note using bitcoin as a way to send money and buy goods and services than people with above-average incomes,” as famous within the graph beneath.
While 50% of upper earnings respondents cite the potential to earn a living as their motive for buying bitcoin, over 40% of low-income respondents favor to use it to buy items and ship cash to others.
The survey additionally discovered that data of cryptocurrency largely dictates whether or not or not buyers are inquisitive about buying bitcoin. Over 40% of respondents who claimed a “fair to expert knowledge” degree within the house famous they would seemingly buy bitcoin inside the subsequent 12 months exhibiting a considerable amount of optimism.
“Interestingly, though, the optimism gap between high- and low-income respondents is the smallest in the Americas, and that optimism gap disappears completely if you remove those who say they don’t know anything about cryptocurrencies.” – Block
“However, nearly a quarter of those who rate their knowledge of cryptocurrencies as ‘fair to expert’ remain skeptical of bitcoin’s future,” stated the report.
Meanwhile, the report continues to clarify that data gaps are straight correlated to skepticism.
Knowledge of the broader cryptocurrency house reveals a transparent hyperlink to a respondent’s probability of buying bitcoin.
Cyber safety and theft dangers solely rank extremely when one considers these with a low-level of understanding of bitcoin.
“Again, we see not knowing enough about bitcoin was far and away the most common reason not to buy it, but cybersecurity, price volatility, and an uncertain regulatory outlook are also commonly cited reasons,” in accordance to the report.
However, the lack of information in bitcoin doesn’t equate to a lack of understanding. Far above the opposite cryptocurrencies, 88% of respondents have not less than heard of bitcoin. Millennials got here in at 92.5% whereas child boomers surveyed at 89.2% consciousness of bitcoin, however all age cohorts surveyed nonetheless confirmed a excessive diploma of consciousness. The hole in consciousness to even the second-most acknowledged cryptocurrency is…noticeable.
Bitcoin holds a 2x lead in consciousness to the second-most acknowledged cryptocurrency.
Knowledge gaps are most prevalent in respondents who didn’t know somebody who owned bitcoin. One of the most important takeaways from this survey is the clearly outlined community impact. Of non-bitcoin homeowners who know somebody that owns bitcoin, 73% stated they are seemingly to purchase bitcoin. However, solely 37% of respondents who have no idea somebody who owns bitcoin stated they will seemingly be buying bitcoin.
“Interestingly, though, the optimism gap between high- and low-income respondents is the smallest in the Americas, and that optimism gap disappears completely if you remove those who say they don’t know anything about cryptocurrencies.” – Block
