YouGov is a UK-based global data and research firm that aggregates data and market research to serve industries, governments, and people. They are driven by a simple idea:
“The more people are able to participate in the decisions made by the institutions that serve them, the better those decisions will be.”
More than 90% of the British population are aware of Bitcoin
On Nov. 7, YouGov published their latest report on a survey conducted on the British population regarding Bitcoin. According to the results, 93% of the people were aware of Bitcoin, but only 4% claimed they understood it very well.
The people who understand Bitcoin are mostly young and in their 20s, whereas only 1 in 6 people at 55+ of age claimed they understood it.
6% of all men and 1% of all women who had polled have purchased Bitcoin. This group was of people aged 18-24. This shows us that it is the young adults who are looking to invest in digital currencies more than the older generations.
One of the main highlights to the survey was that around 20% of the people believe that Bitcoin will gain popularity and be as “common as cash or card.” Although more men are in possession of Bitcoins, the 20% that believe in Bitcoin are fairly distributed among men(22% of all men) and women(19% of all women).
Majority of people are negative about a currency controlled by the people using it
A little more than 10% of the respondents feel positive about a currency owned by the people, rather than the government, whereas 20% of the people are very negative about a decentralized currency.
By these readings, we can infer that the knowledge of cryptocurrencies is still at a very minimal stage in the UK. Many believe that it is just a hype or a bubble that is soon to burst. Although the highest number of people who understand this concept are young and below 24, the number is still very limited.
“The top three places where the UK sees room for improvement with Bitcoin include the inability to spend it easily through merchants (45%), the lack of general usage by consumers (40%) was cited and the general lack of understanding of how Bitcoin works (38%).”
Thus, we can see that the main problem is the inability to use cryptocurrencies on most platforms, and the inadequate knowledge of the crypto space.
As Crypto enthusiasts ourselves, the least we can do to increase crypto awareness is by spreading the news on social media or having one-on-one conversations with friends and family.
The future of crypto is bright. The only issue is the amount of time it will take to reach there.