The main obstacle to using Bitcoin is a lack of understanding, according to a study

The main obstacle to using Bitcoin is a lack of understanding, according to a study - shutterstock 1939827760The Block company - of which Jack Dorsey is the CEO and whose flagship product is CashApp - recently sponsored a global survey of 9.500 respondents to assess their understanding and knowledge of the most valuable cryptocurrency, Bitcoin.quotation BTC). In early 2022, Block commissioned Wakefield Research to conduct the survey, which covered 14 countries with different socioeconomic, racial and gender characteristics.

The resulting study, titled Bitcoin: Knowledge and Perceptions, highlighted the following general findings:

  • People believe Bitcoin is the solution to a fairer economy.
  • Bitcoin stands out among cryptocurrencies from the point of view of awareness and mental sharing.
  • Education is the key to stimulating optimism and participation.
  • The last point is perhaps the most significant, because without adoption and dissemination, the other two points have almost no importance.

Education guides the understanding and use of Bitcoin

According to the study results, the main reason given for not buying Bitcoin is a lack of understanding (51%). This is followed by the risk of cybersecurity and theft (32%), excessive price volatility (30%) and the uncertainty of the regulatory outlook (29%).

Conversely, the more respondents rate their personal knowledge of cryptocurrencies, the more optimistic they are about the future of Bitcoin. Additionally, survey respondents who do not own Bitcoin but know someone who does are much more likely to buy Bitcoin in the next 12 months. While these people don't understand how Bitcoin works or how to trade it on a cryptocurrency exchange, the vast majority of respondents are familiar with Bitcoin.

It is worth noting that Bitcoin has the greatest spread and awareness of any other cryptocurrency mentioned by the survey researchers. Notably, Bitcoin awareness (88%) is double that of its closest competitor, Ethereum. Divided by age groups, millennials had the highest level of recognition of Bitcoin (92,5%), while 89,2% of baby boomers said they knew it. The results of the study are clear: if you want to promote the mass adoption of cryptocurrencies, you need to educate the industry first.