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    Home»Bitcoin»Block and Wakefield Analysis Launch Bitcoin Survey Report
    Bitcoin

    Block and Wakefield Analysis Launch Bitcoin Survey Report

    adminBy admin2022-05-31Updated:2022-06-01No Comments3 Mins Read
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    • Block partnered with Wakefield Analysis to handle misconceptions surrounding Bitcoin.
    • The survey included 9,500 respondents from various age teams, genders and ethnicities from world wide.
    • The information reveals one thing telling concerning the data gaps in Bitcoin and what strengthens the community impact.

    Block, a Bitcoin-oriented monetary providers agency beforehand generally known as Sq., simply launched Bitcoin: Knowledge and Perception, a report detailing a survey of 9,500 contributors carried out in partnership with Wakefield Analysis to handle frequent misconceptions about Bitcoin.

    One instantly noticeable pattern uncovered within the survey addresses a easy query. Why ought to somebody purchase bitcoin?

    Some of the frequent conceptions involving bitcoin is folks simply wish to spend money on it to earn cash. Block’s report states:

    “Folks with below-average revenue extra often observe utilizing bitcoin as a technique to ship cash and purchase items and providers than folks with above-average incomes,” as famous within the graph beneath.

    Block Report: Reasons To Buy bitcoin

    Whereas 50% of upper revenue respondents cite the potential to earn cash as their cause for buying bitcoin, over 40% of low-income respondents want to make use of it to buy items and ship cash to others. 

    Block Inc

    The survey additionally discovered that data of cryptocurrency largely dictates whether or not or not buyers are keen on buying bitcoin. Over 40% of respondents who claimed a “honest to skilled data” degree within the house famous they’d doubtless buy bitcoin inside the subsequent yr displaying a considerable amount of optimism.

    Block Inc: Optimism Gap

    “Apparently, although, the optimism hole between high- and low-income respondents is the smallest within the Americas, and that optimism hole disappears utterly when you take away those that say they don’t know something about cryptocurrencies.” – Block

    Block Inc

    “Nevertheless, practically 1 / 4 of those that price their data of cryptocurrencies as ‘honest to skilled’ stay skeptical of bitcoin’s future,” stated the report. 

    In the meantime, the report continues to clarify that data gaps are instantly correlated to skepticism.

    Block Inc: Knowledge and Optimism

    Data of the broader cryptocurrency house reveals a transparent hyperlink to a respondent’s probability of buying bitcoin.

    Block Inc

    Block Inc: Reasons For Not Buying Bitcoin

    Cyber safety and theft dangers solely rank extremely when one considers these with a low-level of understanding of bitcoin.

    Block Inc

    “Once more, we see not figuring out sufficient about bitcoin was far and away the most typical cause to not purchase it, however cybersecurity, worth volatility, and an unsure regulatory outlook are additionally generally cited causes,” in line with the report.

    Nevertheless, the lack of know-how in bitcoin doesn’t equate to a lack of knowledge. Far above the opposite cryptocurrencies, 88% of respondents have at the very least heard of bitcoin. Millennials got here in at 92.5% whereas child boomers surveyed at 89.2% consciousness of bitcoin, however all age cohorts surveyed nonetheless confirmed a excessive diploma of consciousness. The hole in consciousness to even the second-most acknowledged cryptocurrency is…noticeable.

    Block Inc: Awareness Of Cryptocurrencies

    Bitcoin holds a 2x lead in consciousness to the second-most acknowledged cryptocurrency.

    Block Inc

    Data gaps are most prevalent in respondents who didn’t know somebody who owned bitcoin. One of many largest takeaways from this survey is the clearly outlined community impact. Of non-bitcoin house owners who know somebody that owns bitcoin, 73% stated they’re doubtless to purchase bitcoin. Nevertheless, solely 37% of respondents who have no idea somebody who owns bitcoin stated they are going to doubtless be buying bitcoin.

    “Apparently, although, the optimism hole between high- and low-income respondents is the smallest within the Americas, and that optimism hole disappears utterly when you take away those that say they don’t know something about cryptocurrencies.” – Block



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