Study Shows Majority of U.S. Consumers Reluctant to Buy or Use Bitcoin

Andrew Moran wrote a piece for Coin Buzz that looked at a study conducted by the Massachusetts Division of Banks. In the study close to two – thirds of those who responded said they were unlikely to buy or use the virtual currency. The article also highlights a study from the U.K. where 71 percent of British consumers don’t want to use bitcoin for their shopping needs. Of course we are very early in the game and the age of the respondents matters, those in their late teens and twenties may be more willing to use Bitcoin for their shopping needs.

From the article:

According to a study conducted by Massachusetts Division of Banks (MDB) in conjunction with the Conference of State Bank Supervisors (CSBS), more than half (51 percent) of Americans have heard of bitcoin, but nearly two-thirds (65 percent) of consumers are “unlikely” to buy bitcoins or use the cryptocurrency’s technology.

The online survey of more than 1,000 consumers did find that 18 percent were either “very likely” or “likely” to use a virtual currency. Only three percent of those who had been aware of bitcoin admitted they actually bought some.

A part of the reason why many are refraining from investing in bitcoins is because of concerns over the paucity of security, a lack of consumer protections, tax complications and unidentified regulations.

The poll discovered that 61 percent were worried about the overall security of bitcoin. Another 43 percent were apprehensive because of its unknown tax status. Just under half (48 percent) of respondents noted that insurance may prevent them from acquiring the virtual currency.

Read the full article here