Knowledge Bitcoin, the greatest Flex

According to a new international research study conducted by the parent company of Cash App To blockInc., the main reason why consumers do not buy Bitcoin (BTC) is the lack of information about it.

The poll, which took place in January and February and covered 14 countries, found that 51% of respondents said the main reason they didn’t buy bitcoin was that they “don’t know enough to this subject”. Other main causes include security and theft issues (32%), as well as excessive price fluctuation (30%).

The main reasons for not buying BTC, according to those with at least a good level of understanding of cryptocurrencies, were price volatility (30%) and an uncertain regulatory environment (29%).

The survey was conducted ahead of important market developments such as the recent decline in the price of BTC and the loss of The TerraUSD peg. However, according to Block economist Felipe Chacon, the main reason for people’s lack of interest in cryptocurrencies is still lack of information. However, the answers of people familiar with the technology may have changed.

The survey also found that how knowledgeable a person is about cryptocurrencies — or at least how much they think they know about cryptocurrencies — is the biggest predictor of whether or not to buy BTC in the course of the coming year. Fourteen percent of those with “fair to expert” crypto expertise said they were likely to buy bitcoin in the coming year, compared to 7.9 percent of those with no or no knowledge. who have very limited knowledge.

The study includes perceptions of Bitcoin

Other topics included in the survey included bitcoin impressions based on income level, bitcoin optimism by country, and gender difference in the crypto industry. For example, while high-income respondents listed investment-related reasons for buying BTC, low-income respondents listed reasons such as using cryptocurrency as a payment method and sending funds more frequently.

According to the study, women from Europe, the Middle East, Africa (EMEA), and Asia-Pacific claimed expert levels of understanding at higher rates than men when it comes to crypto.

Donald E. Patel