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23:04, 06 September 2018

80% of Americans are Conscious of Bitcoin, Study Reveals

80% of Americans are Conscious of Bitcoin, Study Reveals


Millennials are far more optimistic about the chances of cryptocurrency becoming extensively accepted, and nearly half of who consider this would choose making use of cryptocurrency more than the U.S. dollar, according to a lately performed consumer survey on awareness of and attitudes about cryptocurrency.

Practically 80% of Americans (79%) are aware of at least one type of cryptocurrency, according to the study by YouGov Omnibus, a study firm that conducts on-line nationwide surveys.

Bitcoin leads the field in terms of awareness, with 71% of participants recognizing it by name. The subsequent closest contender, Ethereum, garnered 13% recognition. The survey, which was fielded on Aug. 29 and 30, listed 16 cryptocurrencies: bitcoin, Ethereum, Litecoin, Zcash, Dash, Ripple, Monero, Cardano, Stellar, NEO, EOS, NEM, Dogecoin, Midseason/SafeCoin, Lisk and Storjcoin X.

Cryptocurrency awareness was greater amongst guys than females for nearly all varieties of cryptocurrencies talked about. Twenty-seven percent of girls have been unfamiliar with any cryptocurrency, compared to 16% of males.

Far more than a third (36%) of all respondents stated they think cryptocurrencies will turn into widely accepted for legal purchases in the next ten years. Millennials, far more than any age group, had been more likely to believe this (44%), compared to 34% of GenXers and 29% of child boomers.

A almost equal number (34%) said cryptocurrencies are not most likely to be broadly accepted in ten years.

Millennials Far more Likely To Use Crypto Than Dollar

Amongst these believing cryptocurrencies will become more accepted, millennials are almost evenly split between employing cryptocurrency in location of U.S. fiat (48%) and not doing so (50%). This tends to make them the most most likely group to use cryptocurrencies in location of the U.S. dollar.

A lot more than a third (36%) of all respondents who think cryptocurrencies will turn into a lot more accepted said they would be much more most likely to use a cryptocurrency in spot of U.S. fiat. The majority (57%), however, mentioned they would not pick to use cryptocurrency more than the U.S. dollar.

Also read: International blockchain adoption still low, Gartner survey finds

Usage Remains Low

A hefty 87% of these who are aware of bitcoin have not used it in any way. Practically half (49%) of those who are conscious of it mentioned they have been glad not to have bought it and have no plans to do so. Fifteen-percent said they regretted not buying bitcoin at an earlier time, but feel that time has passed. Folks 35 to 54 years of age have been far more probably to express this sentiment, as 21% of them said they wish they had purchased bitcoin, compared to 11% of these 55 years of age and older.

The perception of cryptocurrency&#8217s use for illicit activity continues to cloud the way numerous folks view it. A quarter of the suvey respondents said they believe cryptocurrencies are a lot more typically employed for illegal purchases, compared to 17 who consider they are more frequently employed for legal purchases and 19% who say they are utilised both legally and illegally.

Hispanic Americans more typically think cryptocurrencies are employed for legal purchases.

Featured image from Shutterstock.

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Published at Thu, 06 Sep 2018 21:00:44 +0000

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