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1 in 5 Brits Predict Bitcoin will be as Common as Cash

As stated by a recent YouGov survey, one in five Brits think that cryptocurrencies such as Bitcoin will become as common as cash and credit cards in the future.

The results of the survey were published online in November 2018, and the questions covered a variety of crypto-related topics. YouGov’s findings come ten years after the reported developer of Bitcoin, Satoshi Nakamoto, published a white paper on Bitcoin. And, the research company was eager to find out how much people know about the most well-known cryptocurrency, as well as how many have bought it, and whether we see a place for it in our financial system in the long term.

While an impressive 93% of those surveyed admitted to having heard of Bitcoin, only 4% claim to understand it “very well”. And, almost three times as many men than women claimed to understand it “fairly well”.

Unsurprisingly, more younger respondents felt that they knew a sufficient amount about how the cryptocurrency works than older age groups (N.B. 43% as opposed to 16% for those aged 55+). But, awareness is one thing, and actively investing in cryptos is another. So, YouGov was understandably keen to see how many of us have actually purchased Bitcoin or know friends or family members who have done so.

The results of the survey show that relatively few Brits have bought Bitcoin (N.B., only 4%), and the most likely potential purchasers are males aged 18 to 24. Only 1% of those aged 55 or over admitted to having bought Bitcoin. In contrast, for all five of the surveyed age groups, approximately four times as many people personally knew someone who had purchased the cryptocurrency.

One of the most interesting outcomes of the survey is that one in five Britons believe that cryptocurrencies are set to become as popular a payment method as cash or cards. However, twice as many respondents disagreed while 34% were unsure.

Another question posed by YouGov asked how positive those surveyed felt about a currency which is controlled by the people who use it as opposed to a central bank. The results show that only 12% felt “very” or “fairly positive” while 44% felt “very” or “fairly negative”, although it’s worth noting that twice as many young people felt positive about cryptocurrencies than the older generation (N.B. 18 to 24-year-olds versus those aged 55 or over).

A survey carried out on the other side of the pond just two months ago shows a similar story. The results report that 79% of Americans are familiar with at least one type of cryptocurrency, Bitcoin being the most common (71%) followed by Ethereum (13%).

Although only a handful of the Americans who were surveyed had any immediate plans to purchase Bitcoin, more than one third predicted that cryptocurrencies will become widely accepted within the next decade. In summary, 36% of Americans see a future for cryptocurrencies in our everyday lives versus 21% of Brits. Only time will tell whether the confidence of the British people will grow to the same proportions.

By Laura Kilby.

Source: https://yougov.co.uk/topics/economy/articles-reports/2018/11/07/one-five-brits-think-bitcoin-will-be-common-cash-o and https://www.forbes.com/sites/billybambrough/2018/11/08/surprising-bitcoin-survey-reveals-uk-to-be-a-nation-of-crypto-believers/#6a6d11e87c20 and https://today.yougov.com/topics/finance/articles-reports/2018/09/06/cryptocurrency-bitcoin-popular-americans