Vote for Cryptopolitan on Binance Square Creator Awards 2024. Click here to support our content!

Staggering 73% Brits are still illiterate about cryptocurrency

britain doesnt understand cryptocurrencybritain doesnt understand cryptocurrency
9931

Contents

Share link:

In this post:

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.

Read Also  Bitcoin, Ethereum, Binance, Kadena Price Analysis — 16 December Morning Prediction

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.

From Zero to Web3 Pro: Your 90-Day Career Launch Plan

Share link:

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Editor's choice

Loading Editor's Choice articles...

Stay on top of crypto news, get daily updates in your inbox

Most read

Loading Most Read articles...
Subscribe to CryptoPolitan