Research from YouGov, an international public opinion and data company, investigates how much people know about cryptocurrencies in the midst of bitcoin’s 10th anniversary.
A post published on November 7th notes how 93% of British citizens are aware of bitcoin, but just 4% feel they understand it ‘very well.’
YouGov made a point to note how there is a sharp divide across generations when it comes to bitcoin knowledge. 16% of those 55 and older felt like they understood the cryptocurrency ‘fairly well,’ while 43% of young people expressed the same sentiment.
Most Bitcoin Buyers Are Young
The results from YouGov suggest bitcoin buyers, while a small segment of the population, are predominantly younger in age.
Just 4% admit to purchasing the cryptocurrency, but almost 9% are buyers in the 18-24-year-old category. For those 55+, just 1% say they have made a purchase.
Even though the number of buyers are still small, 21% of Brits “think cryptocurrencies will one day be as commonly used a payment method as card or cash.”
Roughly an equal number of men (22%) and women (19%) think bitcoin “could go mainstream.”
Despite the optimism, 43% think cryptocurrencies will not “ever be as common as cash or card.”
Controlled By the People?
YouGov writes how their research seems to show people “aren’t particularly won over by this idea” of cryptocurrencies being controlled by its users.
Just one in ten feel “fairly positive” about the idea of a currency controlled by the people rather than a central bank. 24% have a “fairly negative” perception, while 20% said they are “very negative” on the idea.
However, younger people, according to YouGov, are “double as likely” as their older counterparts to feel positive about the idea of a “currency by the people.”