Staggering 73% Brits are still illiterate about cryptocurrency

britain doesnt understand cryptocurrency

According to a survey carried out by the UK financial guard, the Financial Conduct Authority (FCA), almost three-quarters of UK customers are unaware of what cryptocurrency exactly means or how it works. This survey polled over two thousand British end users associated with a market research organization Kantar TNS, based in London. More to this effect, it was discovered that a mere three percent of the survey pool had ever bought or dealt in cryptocurrency.

The study showed that those most likely to know a little bit or more about cryptocurrency are men from ages 20-44 and from those whoever bought it, half spent below two hundred pounds out of their ‘disposable income’. The best-known cryptocurrency is Bitcoin, with some thirty-four percent (34%) consumers buying ether (ETH), while more than fifty percent (50%) purchased the cryptocurrency.

As a result of qualitative research and many interviews of British customers, it was found that majority of the customers might not completely comprehend what they are buying, not knowing exactly how this technology works. For example, a lot of the consumers wished to purchase a whole coin, not knowing that this cryptocurrency is also available for purchase infractions.

The FCA stated that even with this lapse in understanding, the consumers were mostly looking for a way to earn large amounts of money in very little time, gaining inspiration from friends, family or acquaintances who had benefited from this technology.

When it comes to investment risks, the FCA says that the overall factor of risk for buyers is not as high as it was expected to be initially. Having said that, cryptocurrency is undeniably a convoluted concept and an unstable product, so investors should brace themselves for unprecedented losses.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

Related News