Cex.io, a cryptocurrency exchange that has been in operation since 2013, released the results of the survey intended to provide a close look at how citizens of the United Kingdom feel about digital currencies. The results provided an interesting look at what Brits feel about cryptocurrencies, but it has quickly been attacked by a growing group of critics.
The results have proven to be interesting. According to the survey, 27% of those surveyed would prefer to see cryptocurrencies used in “real world applications.” This included respondents wanting to have the capability of making credit card payments or to send money abroad using digital currencies.
In addition, 32% of respondents reported that they would prefer to see the technologies integrated with current applications, such as in payment apps and mobile storage.
While the survey revealed a growing interest, it also found that only 13% of respondents actually owned digital currency. What was more telling is the fact that 35% of the cryptocurrency owners reported having digital assets worth over £100,000. SegWitCoin (BTC) was most popularly owned digital asset, but 43% reported that they owned other forms of coins or tokens.
While the results have provided some insight into the crypto industry in the United Kingdom, there have been those who have questioned the validity of the survey. Only 1,013 respondents provided results, an extremely small sampling in a country with a population of nearly 67 million people.
While nearly equal numbers of males and females were included in the survey (49% male and 51% female), the demographics otherwise seemed a bit skewed. Of the total number included, 23% were from the demographic of those over 65 years of age, while only 11% fell within the range of those who are 18 to 24 years old. With this industry becoming more popular with younger people, that number seemed disproportionate, to say the least.
What was troubling to many within the crypto industry was the questions related to future involvement in this industry. When asked what it would take to encourage them to buy cryptocurrencies, only 28% indicated that they would purchase it if they understood it more. Only 7% responded that they would purchase digital currency if it was easier to acquire and just 12% responded that they would get involved if they knew their assets were stored more securely.
These results paint a picture of a large demographic of the population who is still leery of digital assets. As countries move closer to pushing for a paperless society for currency, this clearly shows the need to provide better education regarding digital currencies.
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