Block Inc studied the reasons why people buy bitcoins – Bits Media

Trust or distrust in cryptocurrencies is directly related to the level of knowledge about them, and also with network effect, claims American financial company Block Inc (formerly Square).

Block, in partnership with consulting company Wakefield Research, conducted a study to eliminate misconceptions about cryptocurrencies and, in particular, bitco. 2 June the company published a report entitled “Bitcoin: knowledge and perception", in which she described in detail the results of a survey of 9,500 private owners.

The leitmotif of the study was the question: “Why should anyone buy Bitcoin??» One of the most common concepts is that, that people just want to invest in it, to make money. However, the study report states, that people with below average income (40% those who responded) Bitcoin is more often considered as a way to send money and buy goods, while respondents with higher income (50% those who responded) They see the first cryptocurrency as an opportunity to increase their capital.

The survey showed, that knowledge about digital currencies largely determines, are investors interested in buying bitcoins?. More 40% respondents, who declared a level of knowledge in this area “from intermediate to expert”, emphasized, What they are, probably, will buy BTC within the next year. However, almost a quarter of those, who rates their knowledge of cryptocurrencies “from satisfactory to expert”, still skeptical about buying bitcoins.

The report emphasizes, that gaps in knowledge are directly related to skepticism. It turns out to be a vicious circle, when a person knows little about cryptocurrencies and treats them with distrust, so he doesn’t want to learn anything in the future, which creates misconceptions and increases mistrust.

Nonetheless, report authors say, Lack of knowledge about Bitcoin is not the same as lack of awareness. Compared to other cryptocurrencies, 88% at least heard about bitcoins.

But when it comes to the second largest cryptocurrency, broadcast – respondents’ awareness fell by half – only 43% heard about ether.

From respondents, knowing someone, who owns the first cryptocurrency, 73% They answered, what, probably, will also buy bitcoin. However, of those unfamiliar with the owners of BTC, only 37% stated, what, perhaps, will buy cryptocurrency.

At the end of last year, the analytical company Visibrain published a report, in which she reported, that the number of messages on Twitter with the word “bitcoin” exceeded 101 million. Compared to 2020 year-on-year growth was 350%.