Bitcoin Forum

New Goldman Sachs survey.
http://www.coindesk.com/goldman-sachs-survey-millennials-bitcoin/

Despite the negative tone of the title I actually am encouraged by the survey.  Needs a bigger sample size.  But it says 22% of people that have never used bitcoin plan to use it in the future.  Only 5% have used it but will not use it again.  Showing most people that use bitcoin keep using it.  

I think they are wrong,most millenials are people who has grown with technology and they adapt new technologies easily,so it will not be a problem for them to get adapted when bitcoin is more used in the future

They need a much larger sample to get real valid results, but even this is encouraging, especially the data:

-that only 5% used bitcoin, but dont plan to do so anymore
-22% used it before, and plan to use it again.
-also 22% didn't yet use it but plans to.

This is what bitcoin needs, returning "customers" (users), and not 5 minutes of glory, followed by despair.

cheers

Aww bummer, I was hoping this would be a survey wit two choices to answer the question: Is Goldman Sachs the root of all evil?

1. Yes

2. Hell yes

Anyway I believe that wall street is scratching its head at cryptos at the present.  It is never easy to predict what will happen in the future, and current opinion is worthless.  If you asked people if they would ever use a cell phone when they first came out, then most of them would say no I'd wager.  They were big and expensive, and kind of pointless.  Now there are not even any pay phones anywhere because everyone has a cell.  I think crypto is like this.  No one thinks they will ever use it, and then one day it will be so common that you don't even think about it or know when you stated using it.

Wall street missed the bus on cryptos, they are too busy manipulating the housing market right now.  Don't worry though, they will jump on the band wagon eventually.

even if the survey said that only 1% of people wanted bitcoin, wall street will still want to get onboard..

after all 1% of people still equates to 3million US population.. which if people invested $1000 each, that is $3billion total in transactions. and even if wallstreet only do a 1% profit on the spread.. thats still $30million business..

and we all know that investors (not teenage drug users), proper investors want to spend more than $1000. thus the amounts i just quoted as trade and profits are the minimal amounts.. i see it being $10,000+ deals per investor, multiple times per year netting wall street multiples times the profit mentioned above

i think the number of survey respondents is too small to assess the bitcoin usage. but still i think 22% is a good number at this stage.
additionally i don't really get the whole concern about sacrificing privacy for the sake of security thing that they are talking about, since you can use bitcoin totally anonymously and have the security also.

What does this mean, "use bitcoin?"

I think it's important for every single person reading this to understand that Bitcoin cannot survive as an illusion. All adopters need to get real and fathom exactly what's at stake. There is no minority anywhere outside the bitcoin community that would use bitcoin to purchase standard durable goods.

This is why. Bitcoin is like a token system that allows you to buy tokens in exchange for cash. Everyone would rather have cash, but the only way to play the machines at the fun park is with tokens. That's how bitcoin works. The only way to buy drugs online is with Bitcoin tokens.

Here's the important part. People will never take an extra step to do something. That would be dumb and wasteful. Why would anyone jump through hoops to buy bitcoin so they can then run out and buy something that they could have already bought with the debit card in their pocket?

The key to making bitcoin whole again is to focus on what matters - wages. "Pay a man in bitcoin, and you've fed a man for life."

All depends how difficult it is to use vs anything else imo.  Anyone will use bitcoin if its safe and easy to use its a no brainer.

I guess if people were more educated about Bitcoin, they would respond differently. If you make a direct comparison between Bitcoin and the other payment methods, and you place it in front of them, 9 out of 10 people would choose Bitcoin.

- It's more secure for online payments
- It's cheaper
- No chargebacks
- Off-chain transaction is instant
- Ease of use {It's much easier with most of the 3rd party payment processors}

In the end, it will come down to two of these things... Cost & Security .... The truth is, Bitcoin, or rather the Blockchain will reach a stage, were most people will not even know, that they are using it.  ;D
 

Thirty-four percent of male respondents and 48% of female respondents said that they were “not too bothered” as long as their service isn’t directly affected.

this is the problem their are not incentivated enough to use it, they are like those that are still stuck with windows xp, and do not see any reason to switch to seven or windows 8.1

i think some of those don't even know how bitcoin work, or they could switch to it, because it will mean for them less time to wait for TX so less cost and more security, vs fiat circuit

From another viewpoint it would be similar to people saying they will never use the internet but as more merchants and services were provided online and it became easier to access web content adoption grew. The same is likely with Bitcoin so I see this survey as a good note at this time and would be interested in a follow-up survey next year.
Based on what they mentioned as long as costs are s and the User Experience is not particuarly hard more users will utilize it.

nearly 1/4 is alot in my view  :)

You make excellent points, and those folks who view bitcoin through rose-colored glasses would do well to listen.  Part of me thinks the only utility BTC has is in those so-called dark markets.  Until wages are paid in BTC and goods and services are priced in BTC, there won't be mass adoption because as you said, there will be no need to jump through that extra hoop.

If anything, too many people in that survey has used bitcoin or is planning to, not too few. The thing is, if bitcoin is already used by 100% of the population, then while that sounds like an impressive number, what it really means is that bitcoin has no more room for growth, and it only has potential for a ~3 billion marketcap. Pretty insignificant.

What would be good, is that a very very small percentage of the population uses bitcoin. That would imply that there is still a lot of room for growth.

Did they mentioned any specific reason why those 5% people will not use it again, and also to be noted that what sort of professional status they belongs to and where they come from, those feedback will counts to evaluate those retired bitcoin users.

Let me summerise the survey results:

Quote
752 respondents

51% never used bitcoin and NO plans to use it
22% never used bitcoin and plans to use it
22% uses or used it and will use again
5%  used it in the past and will NOT use again

So 44% of surveyed have plans to use it in the future. That is actually a very encouraging percentage for bitcoin! That means Goldman Sachs is against bitcoin because they chose a pessimistic title.


(from medUSA)

so what is the reason behind this survey carried out by Goldman Sachs if they are agains bitcoin? Probably this result isn't as they expected. From this survey, bitcoin still have a lot of potential to grow. They need to change their mind now. Bitcoin will be a good opportunity for them.

For me, it seems like they conducted the survey among a tech savvy group, rather than taking all the different demographic clusters in to account. 27% has already used Bitcoins. But we know that there are less than 1 million Bitcoiners in the world right now, accounting for about 0.01% of the world population. So how this 27% figure is possible?

As more and more retailers accept Bitcoin it will encourage newbies to find out about it and start using it. Existing ordinary retailers where you can already use Bitcoin like Starbucks must be enticing people to enquire about Bitcoin. After a few more big retailers like that accept Bitcoin the percentage surveyed will change in favor of Bitcoin.

First, the fact that Goldman cared enough to do a survey at all is a good thing.

I think the results are encouraging.  I'm actually more curious about the 5% who used it and wont use it again.  I wonder what happened, if they got scammed or if they held coins and watched their value drop or what.

People born in 2015 will grow up in a cashless world where Bitcoin will be second nature to them. Im kinda jealous, I wish I was born today, but im not that old, and the fact I already know about Bitcoin and own some puts me so much ahead of the pack of the future generations.

I guess is up to what your age is, me being on my late 20's well 29 actually even tho i didnt get to mine bitcoin early and im currently holding on double digits the only thing I'm jealous about is not being here from the beginning, in the next 30 years I'll be on my 60's and the movement of bitcoin could be crazy or the worlds #1 economy uniting the world together other bitcoin.

Those are probably given free bitcoin or collected bitcoin from faucets and never actually used it. I can't imagine anyone who found out about bitcoin, cannot see its potential and could boldly say never to use it again.

I personally know some of my friends, who have vowed that they will never ever use Bitcoin gain in their lives. Some of them lost quite lot of their coins (one of them lost more than BTC100) when Karpeles stole the Gox coins. And then there are two or three guys, whose wallets were stolen by hackers, using keyloggers and trojans.

i am sorry to hear it but their decision is stupid!
Would they stop using cash if they were mugged in the street?
Would they stop using a car if they had an accident and broke a leg?

They learnt a hard lesson from using bitcoin. The security issue is the biggest one we are facing. There are a lot of scams and hacks around crypto world, which is the barrier for the massive adoption. They need to be resolved for the masses to be comfortable to hold bitcoin!