Bitcoin [BTC] is known by 93% of the United Kingdom, but only 4% understand it “very well”, finds survey

A new survey has surfaced that suggests an overwhelming majority of individuals in the United Kingdom, close to 93%, have heard of Bitcoin [BTC]. Moreover, one in five individuals think that cryptocurrencies will be as common as cash or card payments in the future.

The survey, conducted by YouGov, also expresses a downfall with the knowledge dissemination regarding the Bitcoin protocol, with only 4% stating that they understand Bitcoin very well. 23% say they understand it “fairly” well. The younger generation of individuals remains as more likely to understand Bitcoin, with statistics of 43% vs. 16% in young and old individuals respectively.

Reportedly, only 4% of individuals say that they have purchased Bitcoin, with the figure being 9% in younger individuals and only 1% in older ones.

21% of the respondents stated that cryptocurrencies as a whole will commonly be used as a payment method. Men and women are both almost equally likely to believe this, with recorded figures of 22% and 19% respectively.

43% of respondents state that they will not achieve mainstream status, with 34% saying that they simply do not know.

However, the sample space did not seem to like the idea of cryptocurrencies being controlled by the people, with 20% stating that they feel very negatively about this notion. Only 3% felt positively about the idea, with 25% “neutral” towards it.

Again, men were found more likely to be open towards the idea, with 15% feeling positive compared to only 10% in women.

This provides a bullish outlook for the adoption of Bitcoin as is said to be coming by the entry of institutional players in the market. Moreover, it might also cement its place as a valid asset class made ready for investment. Companies such as eToro have also been involved in the cryptocurrency space, and have a bigger customer base in the United Kingdom.