Bitcoin (BTC): Lack of crypto knowledge, a barrier to investment?

Block, Inc. and Wakefield Research conducted a survey of 9,500 people in 14 countries to study bitcoin awareness and perception. At the end of the survey, they found this: the lack of knowledge about BTC keeps people from buying.

Lack of knowledge about bitcoin and other major barriers

If people don’t buy bitcoin, it’s because they don’t have cryptographic knowledge. A shortcoming that the Bank of Canada highlighted last April.

A new international study 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 entities among 9,500 people from 14 countries, a list of obstacles to the purchase of BTC emerges. Here are a few :

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

This list would have gotten longer if the research had taken place during these difficult times for the cryptocurrency market. Fortunately, it only happened at the beginning of the year, in January and February. At the time, no one thought that bitcoin would trade at its current price. They didn’t know TerraUSD was going to lose her? pin to the dollar.

Other aspects were also addressed by the researchers, namely:

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

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

The advantage of technological appropriation

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

explanation:

I think if I come out of the top of a big price drop or a big price move, I would suspect that those concerns about price volatility would probably be a little higher right now.

But again, since most people just don’t know enough or haven’t heard much about cryptocurrencies in general or bitcoin in particular, I think a lot of people have been quite isolated from recent price movements. he adds.

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

Here are some other pertinent data from the survey:

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

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

In addition, the data collected based on the origin of the people made it possible to conclude that women from Europe, the Middle East, Africa (EMEA) and those from the Asia-Pacific region stated ” have a higher level of expert knowledge than men when it comes to cryptocurrencies.

To draw such conclusions about bitcoin knowledge, Block had to choose the countries based on factors such as the population level or economic power of the region studied. Finally, to For your information, we provide you with the names of the 14 countries involved in the investigation† that are the UK, 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 the impact will be felt on the world’s most fragile economy, against all odds, I’ll say I had something to do with it

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