A Study By YouGov Shows Increasing Popularity Of Bitcoin In The UK
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A Study By YouGov Shows Increasing Popularity Of Bitcoin In The UK

On Wednesday, November 7, YouGov released the results of a study they had conducted on Bitcoin  ownership and popularity in the UK. While the study coincides with the tenth anniversary since the launch of the world’s largest Cryptocurrency, it established that the coin ownership has reached nine percent. Whereas virtual currency regulation has been a contentious topic in the country, it appears that the local population has gone beyond to try the coin.

Bitcoin Ownership Hits Nine Percent In The UK

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A recent study by YouGov has established that 9 in 10 of the UK population have heard about Bitcoin. However, the survey established that most of these respondents said their knowledge as “not very” good. Besides, when asked of how the coin could be used in settling transactions like the fiat currencies, over one-fifth predicted its use to become more common in the coming years.

YouGov also tried to establish Bitcoin ownership in the country. The researcher found that up to nine percent of the locals own the Cryptocurrency. According to the study, most of the owners are between 18 and 24 years. This can be explained by the fact such young people have good knowledge of technology and are ready to embrace it.

Most People Know Those Who Own Bitcoin

Even as the study established that the popularity of the Cryptocurrency is growing in the country, the researcher also wanted to find out how popular the currency is in the country. When asked whether they knew anyone who owns the coin, over 36 percent of the respondents admitted they personally know the owners. This could mean that Bitcoin owners are telling the others that they own the coin or the issue of coin ownership has become a talking point.

Bitcoin, unlike fiat currencies, is decentralized in nature. This eliminates the need to have a central authority such as a central bank to control its supply or influence its value. The coin also has an anonymity feature that allows people to use it without revealing their personal information although most jurisdictions are requesting for these details nowadays. While asked about the decentralized nature of Bitcoin, most respondents expressed a “fairly negative” view. Some had a “neutral” feeling while the others had a “positive” one.

While summarizing the data on its website, the agency said it wanted to establish its knowledge about the Cryptocurrency. Furthermore, the study was to enable it to know how many have got into the Crypto sector. With regard to the decentralized nature of the virtual currencies, the agency wanted to ascertain whether this would have an impact on the country’s financial system.

Cryptocurrency Regulation In The UK

The UK Crypto market has been growing recently with more Crypto startups opening in the country. Furthermore, more Crypto firms are moving to the country and are mainly targeting the local brokerage firms. Despite these developments, the country’s parliament has not yet passed Crypto laws. However, even in the absence of these laws, it appears the locals are already moving forward as the recent study suggests that more people are getting into the Crypto sector.

November 9, 2018

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Samantha Mitchell


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