Survey on Bitcoin Detects Mistrust in Cryptocurrencies

Very often people gathering at seminars, the so-called “Satoshi Square” events and public discussions are not conscious about the fact that the wide offline society does not know enough on the alternative currencies.

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Survey on Bitcoin Detects Mistrust in Cryptocurrencies

People, who argue on the perspectives of Bitcoin, are aware on the nuances of the matter. Dedicated supporters, experienced users, IT-developers, entrepreneurs and startup idea generators all have the required level of education on cryptographic currencies to make predictions. Very often people gathering at seminars, the so-called “Satoshi Square” events and public discussions are not conscious about the fact that the wide offline society does not know enough on the alternative currencies and often is not willing to spend their time to find something out.

This fact has been approved by a nationwide survey prepared on behalf of TheStreet (NASDAQ: TST) by OMNITEL poll of GfK North America. The data was collected in January, but the results have been populated recently. The quintessence is presented in form of a graph that can be observed here. In accordance with the received results, can be stated that people are unfamiliar with virtual currencies, does not feel comfortable on the topic and do not plan to keep funds in form of digital coins. The respondents have formed the following image of the mood of the society:

  • 76% are not familiar with Bitcoin;
  • 79% have never and would never consider using an alternative form of currency like Bitcoin;
  • 80% would rather own gold instead of Bitcoin;
  • 38% believe that Bitcoin hurts the U.S. Dollar.

Of course, the younger are the respondents the more information on Bitcoin and its counterparts they have. People, who often use the PC, are interested in finance and the development of modern economy, are following the news, would like to save up some money and reduce the banking requisitions are expected to have a higher level of education. The age distribution confirms this idea:

  • 32% of 18-24 year-olds would consider using an alternative form of currency like Bitcoin versus just 11% of those over 65
  • 15% of 18-24 year-olds would rather own Bitcoin instead of gold versus 4% of those over 65
  • 57% 18-24 year-olds believe that Bitcoin helps the global economy versus 14% of those over 65
  • 33% of 18-24 year-olds believe that Bitcoin helps the U.S. Dollar versus only 10% of those over 65

Joe Deaux, TheStreet's Economics Analyst provided a comment on the received results:

“While Bitcoin has attracted the attention of influential hedge fund managers and the research desks of major U.S. banks, an overwhelming majority of Americans remain unaware of crypto currency. Bitcoin's supporters would argue that the virtual currency remains in its infancy and that a year ago most of Wall Street hadn't heard of it. But TheStreet's survey shows that there isn't great deviation across income brackets as to how many people know about Bitcoin, own Bitcoin and prefer it to owning gold.”

Let us hope that the awareness and recognition of the coin will increase in the closest times. The Coin Telegraph, together with many enthusiasts worldwide, will continue its educational work and will be always ready to provide its dear readers with the latest news.

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