YouGov: One In Five Brits See Future Where Crypto Is Used Like Cash Or Card

Kevin O'Brien

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.”

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.