Studies have previously shown that a minority of people understand what bitcoin is and would use it to purchase goods and services. A new poll has further confirmed that a majority of individuals still don’t want to use it nor do they trust it.
A new YouGov poll commissioned by digital commerce solutions provider Venda has found that 71 percent of consumers in the United Kingdom say they would rather not use bitcoin for online shopping. Also, close to half (43 percent) of British consumers said they don’t trust it, but a significant number of respondents conceded that they don’t fully understand the virtual currency.
Nearly one-quarter (24 percent) noted that one of the reasons why they didn’t want to use the digital currency because they felt bitcoin is unstable investment.
“The prospect of new crypto-currencies, such as Bitcoin, adds a new meaning to ‘alternative’ ways for consumers to pay for their goods, whether online or in-store. Much has been said about these new currencies over the last 12 months, but their growth in media speculation makes them a difficult trend to ignore,” said Eric Abensur, group CEO of Venda, in a statement.
“However, our research warns of a fundamental mistrust of Bitcoin and need for more education on how these virtual currencies actually work if they are to truly take off. A time may come where consumers can pay in-store using Bitcoin, but for now the fact that the price of a Bitcoin is in constant flux means that it’s simply not a viable way for businesses to take money for products. Even those that are currently taking payment by Bitcoin for products or services are, by and large, converting that to a standard currency for safe keeping and further use.”
The online survey was conducted with 2,025 adult Britons.