People Are Open to Bitcoin in the UK: YouGov Survey

The British, especially young ones, consider Bitcoin an attractive financial alternative and believe it could become as common as cash or cards.

The findings of the Bitcoin survey carried out in early November by research agency YouGov revealed an upbeat attitude on the part of UK residents towards the world’s main digital currency. 

Over 90 percent of respondents reported they had heard of Bitcoin, and one in five agrees that it could become “as common as card or cash” in the future, the survey findings show. Notably, young people tend to be most active Bitcoins buyers and believe they understand pretty well how it works.

On November 7, YouGov, a global market research and data analytics company headquartered in the UK, published on its official website the results of the research to answer the question:

“How much we think we know about the cryptocurrency, how many of us have ever bought it, and whether we think currencies controlled by the people using them – rather than by a central institution – have a long-term future in Britain’s financial system.”

The survey revealed positive consumer sentiments towards Bitcoin despite the current crypto bear market.

According to the data, nine out of ten (93%) Britons have heard of this technology. However, only 4% are sure they understand ‘very well’ how Bitcoin works. Men expressed more confidence than women in their awareness of the subject - 33% of men vs. only 12% of women said they understood Bitcoin ‘fairly well’. In a similar pattern, “young people are significantly more likely than older generations to feel they understand” Bitcoin, the agency comments.

However, although almost everyone has heard of Bitcoin, most respondents don’t actually have it, and the number of coin owners remains rather low. Once again, most Bitcoin buyers are represented by the younger people of 18-24 years old (9%). The same age group most actively reported personally knowing someone who has ever bought Bitcoins (36%). In contrast, only one in a hundred (1%) of Britons aged 55 and above said they had bought the cryptocurrency.

Despite the relative scarcity of crypto holders, UK people still believe that the role of cryptocurrencies in the financial system will strengthen in the future. One in five (21%) respondents think Bitcoins will go mainstream and be widely used as a common means of payment like cards or cash.

Remarkably, both men and women almost equally share this view. Yet, currently they are outnumbered by skeptics (43%) who don’t believe digital assets will ever catch up with traditional methods of payment.

Also, the survey results have detected a minor cause for concern. According to YouGov, Brits tend to disregard the key principle that laid the foundation for Bitcoin. It was created as the first currency not controlled by government or any central authority.

However, a great number of respondents said they felt ‘fairly negative’ (24%) or ‘very negative’ (20%) about the idea of Bitcoin’s decentralized nature. Those feeling "very negative" are seven times more than feeling "very positive." Another 25% described their attitude as ‘neutral’, and one in five (18%) don’t know.

As usual, "young people are double as likely as older generations to be positive about it, but those feeling positive are still very much a minority (15% of 18 to 24s, vs 7% of 55+),” the agency adds.

Notably, the survey was carried out soon after Bitcoin celebrated the tenth anniversary of Satoshi Nakamoto publishing a whitepaper about a revolutionary digital currency called 'Bitcoin'.

Similar results were revealed by surveys in Canada and South Korea.

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