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Bitcoin as a financial instrument has been in existence for quite a long while (since around 2008). It has revolutionized the way financial transactions are being carried out in many sectors across the globe. This is because it possesses the following properties:
- It is irreversible: After confirmation, a transaction cannot be reversed, whether by you, me or even the Prince of Wales.
- It is secure: A Bitcoin address is more secure than any central bank in the world. This is because Bitcoin funds are locked in a public key cryptography system. Therefore, only the owner of the private key can send cryptocurrency.
Bitcoin is having a volatile period, in fact, it’s had quite a year. It moved from a fringe investment to a global sensation in a matter of weeks in November 2017. All these necessitated the question – what is the future of Bitcoin? One thing is certain, cryptocurrency is changing the future of finance.
A survey on the use of cryptocurrency today and in the future in Great Britain was conducted by YouGov. YouGov is an international internet-based market research and data analytics firm which serves industries, governments, and people by gathering data and giving it to those who can act on them.
Below is the result of the survey:
1. Most people know about Bitcoin
93% of those who contributed to the poll were aware of Bitcoin. This is a huge figure when we take into consideration the fact that Bitcoin has only been around for a short while compared to other currencies. It also shows that Bitcoin has made an impact in Britain.
Among the contributors, one out of twenty persons (4%) claimed to understand Bitcoin very well, while almost six times that many claimed to understand it fairly well. Also, young men seemed more likely to claim to understand Bitcoin than the female folks.
2. British men claim to have a better understanding of Bitcoin than women
A large number of men claimed to understand Bitcoin. 39% of men claim to understand bitcoin either “very well” or “fairly well”, compared to just 14% of women who said they felt the same.
3. Young people have a stronger grasp of crypto than older people
Over 2 in 5 of young people that responded to the survey said they understood Bitcoin fairly well, while 16% of those who are older than 55 said they grasped the technology.
4. Young people have invested more in bitcoin than older people
45 respondents aged 18 – 24 claimed to have bought Bitcoin while just 1% of those aged 55 years and above have bought Bitcoin.
5. Bitcoin will be as common as cash or credit card
As already believed by the average crypto enthusiast, 20% of the participants in the survey believe that Bitcoin will be the currency of the future, 80% do not believe or are not very sure, while 43% are certain it won’t be as common as cash or credit card in the future.
Anyway, that’s their take. Where do you stand? Have you heard ofBbitcoin? Have you ever bought Bitcoin? Do you believe Bitcoin is centrally controlled or controlled by the people who own it? Do you think Bitcoin would be as common as credit card or cash in the future? Have your say!