Cryptocurrency Survey Finds Many People Still in the Dark

A cryptocurrency survey carried out by the Dutch bank ING has revealed some interesting results. They spoke to approximately 15,000 people from 15 different countries about their understanding of digital money.

Overall, it seems that members of the public aren’t quite as knowledgeable about cryptocurrencies as is commonly assumed to be the case. ING concluded that the feelings people have about this form of money haven’t changed a lot since they carried out a similar survey last year.

Cryptocurrency survey reveals interesting results
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Some of the Cryptocurrency Survey Results

When asked if these currencies had a central body to control them, relatively few people got it right. Just 27% of respondents correctly answered that cryptocurrencies are decentralised with no central authority. 21% answered incorrectly that central bodies exist. The remaining 52% admitted that they didn’t know the answer.

More encouragingly, almost three out of four people surveyed knew that crypto is a sort of digital money. 63% of them were aware that cryptocurrencies prices tend to fluctuate constantly.

Over half of those who took part in the cryptocurrency survey believed that digital coins can be used in most stores. Yet, at the time of writing the majority of online stores don’t accept them, far less physical shops. This may change soon, with Walmart among the retail giants interested in launching their own currency.

It was pointed out by ING that the people who knew less about digital money were generally seen to be more confident about it when answering.

Generated index of positive attitudes towards cryptocurrencies

ING survey chart

A Look to the Future

The survey was completed with a series of questions about the future. Respondents were asked if the likes of Bitcoin (BTC) are going to be the future of spending and investing. There was a slight increase from last year in the number who think that this will be the case.

Less than a third of those who took part believe that cryptocurrencies are the future of spending and investing. In both cases, the number who disagreed was slightly higher. The remaining group weren’t sure either way.

When asked if the volume of digital currencies will increase in the next year, 28% agreed that they would.  Another important question asked was whether they would prefer cash to no longer exist. An impressive 54% of the people surveyed said that they would prefer this to happen.

Conclusion

It is easy to forget that not everyone is aware of the full potential of cryptocurrency yet. However, the results of this cryptocurrency survey show that there is a lot of interest in the subject. We should expect to see more people gaining an understanding the matter in the near future.