Bitcoin Split Payments
Bitcoin in Pieces?

What percentage of the UK population want to use bitcoins? If they do not, why not? What is the breakdown? A new survey commissioned by Venda suggests that the majority of people surveyed do not understand it, do not trust it and would prefer not to have to use it.

Eric Abensur, writing in New Media Knowledge, reports that 71% of UK consumers would prefer not to have the option of using bitcoins when shopping online. This is in contrast to a recent report that found that Global transactions of Bitcoin have increased ten fold over the last year to reach an average figure of $69 Million per day by February this year. Bitcoin is simply becoming a tough option to ignore for astute traders. Why do 73% of people not want the option of using Bitcoin? The results are interesting.

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Bitcoin in England

[dropcap size=small]T[/dropcap]he results of the survey show:

  • The Main concern for 43% of consumers was that they didn’t fully trust the currency.
  • Conversely, 43% of consumers also stated that they didn’t understand how the currency worked. Might explain the Distrust!
  • Lack of understanding was felt strongest among women at 49%, this was in comparison to a figure of 36% of the men.
  • 24% of those surveyed stated that they didn’t want to use Bitcoin because they were concerned about its volatility and the effect this could have on price. They felt that paying with bitcoins would be, therefore, more expensive.
  • 8% felt that Bitcoin is a valid currency and should, therefore, be available.
  • 6% liked being able to make anonymous purchases.
  • 5% were willing to use Bitcoin if retailers offered discounts. No surprise there, aren’t we all.
  • The same percentage, 5%, were willing to use Bitcoin if it meant they had to no longer handle cash.

The poll was conducted by YouGov acting on a commission from Venda. The survey was taken from the opinions of 2,052 sample of representative UK adults. The survey was conducted online. The research suggested that 19% were more likely to make purchases with Bitcoin if the retailer was willing to accept payment when the goods were delivered. (C.O.D.) It also found that 13%  would be more likely to use Bitcoin if they could reserve the item, or pay for it via installments. The installment option was more attractive to people in Wales (19%), and the North-West and Scotland (17%).

Retailers would be well advised, however, to ensure before they consider Bitcoin payments, they place established payment methods into the mix. 20% of those surveyed stated they have abandoned an on-line purchase simply because the retailer did not accept PayPal.

Fieldwork was undertaken between 26th-27th February 2014. The figures have been weighted and are representative of all British adults (aged 18+).

What does the survey tell us?

bitcoin in England btc
Bitcoin in England

This survey is enlightening for a few reasons. What it tells us may be uncomfortable but it is, in my opinion, none the less accurate. People in England are not sold on Bitcoin, they don’t understand it, don’t need it, and frankly, don’t want it. I do not believe the figures are accurate. There are still a percentage of people that do not use computers and this survey was conducted online. You can say that people that do not use computers do not use Bitcoin. True. Although people that do not use computers and do not use cryptocurrencies still vote. They influence politicians, and we need to influence politicians too.

Bitcoin Foundation step up, wherever you are, it’s time for an education programme. Good publicity wouldn’t do any harm either. One other thing, the retailers that accept bitcoins – we should all support them. It may be time to circle the wagons.

Featured image by Shutterstock.