The survey reveals the main barrier to using cryptocurrency – Money Times

Research also showed the probability of buying Bitcoin it also varies depending on the knowledge on the subject. (Image: Pexels / Alesia Kozik)

lack of knowledge about Bitcoin (BTC) it’s the main reason people don’t buy cryptocurrencyCash App, the parent of the blockchain payment company, found a new international survey.

51% of surveys in 14 different countries between January and February this year said it was the main reason for not buying. bitcoin it’s about “not knowing enough” cryptocurrency.

Other reasons include cybersecurity and theft risks (32%) and high price volatility (30%).

from participants who had reasonable knowledge about it cryptocurrenciesthe main reasons for not buying bitcoin were price volatility (30%) and “uncertain regulatory forecast” (29%).

The research was conducted before the latest and most important milestones in the crypto market, such as the fall in the price of bitcoin, which brought the crypto to $ 26,000, and Implosion of the Earth’s network and its tokens, LUNA and UST.

But Block economist Felipe Chacon said he expects the main reason people don’t cryptocurrencies still lacking knowledge. However, the responses of those familiar with this technology may have changed since the survey was conducted.

“I think if there was a big drop in price or a big price move, there would be a little more concern about price volatility now,” Chacon told The Block.

The possibility of buying Bitcoin varies depending on the knowledge

The survey also revealed a person’s level of knowledge cryptocurrencies —Or at least how much they think they know — is the strongest indicator of whether or not an individual will buy. bitcoin Next year.

41 percent of respondents said they had the option to purchase cryptographic knowledge at a “reasonable for experts” level. bitcoin next year, compared to 7.9% of people with limited or no knowledge of the subject.

Countries that are optimistic about the future of Bitcoin

Of the 14 countries surveyed, four were the most optimistic about the future bitcoin: Nigeria, India, Vietnam and Argentina.

These countries also had the highest level of knowledge cryptocurrencies among the participants interviewed.

The study examines other areas

The study also looked at other areas, including their perceptions bitcoin depending on income level, about optimism cryptocurrency in each country and by gender distribution in the cryptography industry.

For example, participants mentioned higher income levels while citing related reasons investments as a motive behind the purchases of bitcoinparticipants with lower incomes often cited reasons such as use cryptocurrencies as a means of payment and remittances, as a factor in their purchase cryptocurrencies.

The survey also showed that women were involved Europe, Middle East and Africa (EMEA) and regions Asia Pacific “They have a higher level of knowledge than men,” he said cryptocurrencies.

He partnered with Block Wakefield Research to conduct research with 9,500 people in the U.S., EMEA, and Asia-Pacific regions.

The study was conducted in the following countries: South Africa, Germany, Argentina, Australia, Canada, China, the United States, France, India, Italy, Japan, Nigeria and the United Kingdom.

It was created by Jack Dorsey, the former founder and CEO of Twitter, known as Block squarehe chose these countries because they are the main population or economic centers of the respective regions, Chacon said.

Earlier this month, Block announced a record $ 1.7 trillion in sales bitcoin Through the Cash App in the first quarter of 2022.

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O Money Times publishes journalistic information articles. This publication does not constitute an investment recommendation.

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