Bitcoin (BTC): Lack of cryptocurrency, an obstacle to investment?

Block, Inc. and Wakefield Research conducted a survey of 9,500 people in 14 countries to study the awareness and perception of bitcoin. At the end of the survey, they identified this: The lack of knowledge about BTC causes people not to buy.

Lack of knowledge about bitcoin and other major obstacles

If people do not buy bitcoin, it is because they lack cryptographic knowledge. A shortcoming that the Bank of Canada highlighted in April last year.

A new international survey conducted by the parent company of Cash App, Block and Wakefield Research is believed to be behind this deduction. After a survey conducted by the two units of 9,500 people from 14 countries, a list of barriers to buying BTC emerges. Here are a few:

  • lack of cryptographic knowledge;
  • cybersecurity risks and theft (32%);
  • excessive price volatility (30%);
  • en ” uncertain regulatory prospects (29%).

This list would have risked becoming longer if the study had taken place in these turbulent times for the cryptocurrency market. Fortunately, it took place right at the beginning of the year, in January and February. At the time, no one thought bitcoin would trade at its current price. Little did they know that TerraUSD would lose its stick to the dollar.

Other aspects were also addressed by the researchers, which are:

  • the perception of bitcoin according to the income level;
  • optimism about the queen of cryptocurrencies by country;
  • the gender gap in the cryptocurrency industry.

The results showed that respondents with higher income would buy bitcoins for investment needs. Those with lower incomes find in this activity an ease of paying and sending money.

The advantage of technological acquisition

For Felipe Chacon, an economist at Block, the more people do not know enough », The more they are less interested in cryptocurrencies. Nevertheless, those familiar with the technology seem more conducive to change.

Explanations:

I think when one comes from the top of a big price drop or any big price movement, I would really guess that these concerns about price volatility would probably be a little higher now. »

But again, since most people simply do not know enough or have not heard much about cryptocurrencies in general or bitcoin in particular, I guess many people have been quite isolated in recent price movements “, he adds.

Also, this study by Block revealed that a person’s level of bitcoin knowledge would affect their purchases for the coming year.

Here are some other relevant data from the study:

  • 41% of respondents said they had a level of knowledge about cryptocurrencies ” medium to expert »;
  • 7.9% of them admit that they know nothing or have very limited cryptographic knowledge.

Note that 4 of the countries surveyed seem very optimistic about the future of bitcoin, namely: Nigeria, Argentina, India and Vietnam. It is quite normal for people from these countries to believe this. Knowing that their level of knowledge in cryptocurrencies is very high.

In addition, the data collected according to people’s origins made it possible to conclude that women from Europe, the Middle East, Africa (EMEA) and those from Asia-Pacific declared ” have higher expert knowledge than men when it comes to cryptocurrencies.

To draw such conclusions about knowledge of bitcoin, Block had to select the countries based on factors such as the population level or economic power of the region studied. Finally to For your information, we give you the names of the 14 countries affected by the survey. They are Great Britain, Japan, Canada, Nigeria, USA, Argentina, India, France, Germany, Italy, South Africa, Australia and China.

Source: The Block Crypto

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Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day when the effects will be felt on the most vulnerable economy in this world, against all hope, I would say I had something to do with it

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