Survey Claims a Quarter of American Consumers Know Bitcoin and Most of them Trust It

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Awareness about Bitcoin is increasing quite significantly if the survey conducted by survey firm On Device in conjunction with the organizers of an upcoming London-based Bitcoin Conference is to be believed. The survey was done on more than 22,000 U.S. consumers in May 2013 to determine the reach of Bitcoin among consumers. The survey professionals asked questions regarding levels of trust, awareness, their preference of Bitcoin over the national currencies, etc. amongst others.

The expansion of Bitcoin’s reach and awareness is quite significant as it came to existence only in 2009 and facing stiff challenge from the US government which is hell-bent to exterminate it completely as it can challenge the dollar’s hegemony in the global market. The survey brings positive characteristic when Bitcoin is facing several issues such as infrastructure and political & legal uncertainties from the US government.

The survey claims that over a quarter i.e. 25.3% US consumers have heard of the crypto currency which is quite less when compared with two other countries Argentina and the U.K. where 37.9% and 32.2% consumers know them respectively. Similarly, when it comes to trusting Bitcoin, the consumers from the UK and Argentina trust it more than the consumers in the US.

The survey also came up with interesting findings; for instance, 22% of Bitcoin-aware Argentineans trust Bitcoin more than their own national currency; however, only 16% Americans trust Bitcoin more than their national currency. Interestingly enough, 47% of U.S. respondents trust it less than their national currency.

A significant number of respondents in survey accepted that Bitcoin is quick and convenient; however, several of the surveyed people were also of opinion that the biggest drawback with Bitcoin is its minimal use in trade. In hindsight, the survey has been able to establish that people want an alternative to their national currencies which are often manipulated for the governments’ interest undermining their interests.