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Bitcoin? UK - Nay, USA – Yay!

by Doug Coughlin @ 2014-05-09 03:44 PM
A recent study conducted by Venda polled UK consumers on their thoughts about Bitcoin. The digital currency might be a little red in the face after this one. A whopping 71% of respondents said that they would avoid Bitcoin if given the option to shop with it.

Ouch.

Furthermore, 43% of respondents expressed their doubts about the overall security of the digital currency. Funny, considering the same percentage in the poll did not understand how the currency works. The part of the Andrew Smith quote “People fear what they don’t understand” comes to mind, but it still remains speculation.

Another 24% of respondents would not use bitcoin due to the volatile value of digital currencies, which could in effect make them pay more for items than if they used other traditional means.

On the flipside, 6% liked the fact that they could carry out anonymous purchases, while 5% would jump on the Bitcoin train if retailers offered discounts to Bitcoin users and another 5% would be on board if they no longer had to carry cash.

The online survey polled 2,052 UK residents and was carried out by Yougov by commission of Venda.

Of course this limited survey shines a small light on how people in the UK respond to Bitcoin, but taken in the whole scope of the polling world, it shows something else.

Last July, a survey for the Royal Statistical Society and King's College London showed that British public opinion is “repeatedly off the mark on issues including crime, benefit fraud and immigration.”

Over 1,000 people were polled for the survey and highlighted ten misconceptions by the public. For example, the respondents believed some 31% of the population consisted of recent immigrants, while the official number is around 13%. Pollsters also believed 15% of girls under the age of 16 become pregnant every year, while the official numbers stands at around .03%.

Benefit fraud was included in the poll, where “the public think that £24 of every £100 of benefits is fraudulently claimed. Official estimates are that just 70 pence in every £100 is fraudulent.”

Cherry-picking stats and surveys is a tough way to show Bitcoin’s acceptance. Like Homer Simpson once said “You can use statistics to prove anything, Kent. Fourteen Percent of all people know that.”

On the other side of the Atlantic, the USA had a glimmer of positivity today when USA Today replaced their logo with a superimposed Bitcoin logo. This is not the first time and won’t be the last time the 2nd largest news publication in America has done it. I would tell you how many times they have, but really, who wants to read more stats?


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