Most Britons Say They Won’t Use Bitcoin

Journalist:
February 18, 2014

According to Clarity, a UK based communications agency, just over half (57%) of Britons are aware of Bitcoin.

A polling sample of 2000 online shoppers has revealed that 69% of men and 45% of women have heard of the currency. However, only 5% had actually tried to use Bitcoin or cryptocurrency, and 70% did not express interest in using cryptocurrency at any point in the future.

Scepticism

There seem to be some obstacles to adoption and the poll determined these to be amongst the following:

  1. Lack of understanding (63%)
  2. Lack of hands-on experience (52%)
  3. Security concerns (52%)
  4. Little trust in the protocol (43%)
  5. Doubt about legal status (29%)

“There’s no doubt that bitcoin is an exciting innovation. Yet recent claims that it’s becoming mainstream are wide of the mark. These results show that there’s a long way to go before bitcoin or any of the other digital currencies achieve anything like a critical mass with consumers. Issues around security, price volatility and usability are among the challenges facing the developers,”
– Jason Navon, co-founder of Clarity, said, speaking to the Telegraph.

Bitcoin Buzzing

However, of the many alternative payment schemes and options on offer to the British public, Bitcoin is creating the most buzz, as evidenced by this infographic produced for Clarity’s #futureofmoney research:

Last modified (UTC): February 18, 2014 09:32

Venzen Khaosan @venzen

Market analyst and Open source developer with a keen interest in blockchain technology, consensus mechanisms and the decentralizing effect. He has found a solution to the PKI mechanism. Email me to discuss.