Opinion Awareness of Bitcoin in General Population is Rising

Awareness of Bitcoin in General Population is Rising

September 8, 2018

As the big cryptocurrencies of the world have taken a huge hit in recent days, especially ETH, most eyes are on the price, as they generally tend to be. For those focused on the long-run, however, there are some indicators that while the prices are sliding, some other factors are improving.

In this regard, the public perception of cryptocurrencies are their major representatives is always been one of the key fields. So far, the public has gotten its information through the mass media about this phenomena and not surprisingly, their information was always been inaccurate at best. Other mainstream outlets, like the movie industry, also tried to capitalize on digital currencies and often ended up portraying a warped representation.

But, in spite of this, the biggest outlet for information on cryptocurrencies is still the online domain. Here, unlike in tightly defined mass media domain, numerous forces are battling for the attention of the users. In this battle, many websites, blogs, and portal managed to make a much better representation of digital currencies than any regular news channel.

The latest research on US public opinion showcases that the awareness among the people about bitcoin, in particular, is on the rise. This is very important and not just for the developer, trader and investor community, but for the entirely new approach that the global economic and financial world will have to take soon enough.

YouGov Fund Research

The YouGov Fund created a research project that deals with the idea of the wider US population and cryptocurrency phenomenon. In the research, it was shown that less than 50 percent of all polled Millenials and interested in a process of using cryptocurrency instead of the US dollar. But this is only one of the very interesting facts that have been provided by this research.

It took place with a sample of over 1,200 Americans and focused on their interest and familiarity with cryptocurrencies. The research took place during August 29 and 30, meaning its results are very relevant. When it comes to other facts, the research showed that about 80 percent of the respondents have heard about one or more cryptocurrencies. Around ten percent less is the number of responders who heard about bitcoin.

The second most recognized cryptocurrency is ether, but only about 13 percent of the respondents heard about it. Yet, out of the entire group of people who have heard about bitcoin, 87 percent never bought, sold or mined it. Half of them stated that they do not have any plans to get bitcoin at any time in the future.

The Positive Approach Portion of the Survey

The minority of the polled individuals are open to the idea of cryptocurrencies. About 20 percent of the responded aged between 18 and 34 are very interested in the use of cryptocurrencies as the primary means of transactions. About a third of them are somewhat interested in this process. The rest, as it was already stated, was completely closed to the option of using cryptocurrencies as their primary payment means.

Of the overall sample, only about 36 percent are interested in using cryptocurrencies as a primary payment method. Yet, paradoxically, the majority believes that the cryptocurrencies may end up being a widely used and accepted financial tool in the future. Across of the sample, slightly less than a half of polled Millennials see cryptocurrencies becoming widely accepted in the next decade. About 34 percents of Generation Xers and around 29 percent of Baby Boomer generation agree about this.

Takling the Negative Stereotypes

When it comes to negative stereotypes of cryptocurrencies, this phenomenon also seems to be on its way out. One-quarter of all the respondents believe that bitcoin and other cryptocurrencies are still mostly used for illegal purchases. About 20 percent are not sure about this issue and are split between legal and illegal options. Finally, only about 17 percent are convinced that the digital currencies are mainly used for legal purchases.

These numbers might not paint that bright of a picture, but they are without any questions step in the right direction. As many digital ventures like eSports an online-first video entertainment become the norm, it appears that people are more open to cryptocurrencies being not just something that mass media connects with criminal ventures.

Almost 10 years since the inception of bitcoin has passed, but now, there is a sense that the main general perception has stopped coming from the hostile territory. Instead of being a tool for criminals, it looks like the majority of people, at least in the US, both know more about them and see them as one more financial tool at the public’s disposal.

Moving Beyond the US

While things are definitely improving for the public perception of cryptocurrency in the US, what is happening with the rest of the world? Formally, it is hard to say. Some nations, like China, India, or South Korea, seem to be harboring a more or less negative stance to the crypto domain.

Reasons for this might be different – China is hesitant about the ICOs and illegal movement of money, as is India which has been working hard on stifling the so-called black money pipelines. South Korea, on the other hand, is worried about the business issues that might come from using cryptocurrencies in the financial and corporate domain.

Underdeveloped and developing nations see cryptocurrency as a potential means of getting by in the modern world on an individual or family level. Things like Honeyminer allow people to attain crypto funds with their regular devices.

Yet, there is the idea of cryptocurrencies like bitcoin being a means of financial transactions similar to fiat currencies. However, with the current level of volatility, the same notion has no chance of being accepted by the wider community in any nation of the world.

Ethereum, the second largest crypto is currently a good example – its value has been slashed and slashed again in a few short days. No one except the most financially adventurous would want to get their paycheck in this kind of financial environment.