[2019-03-08] 73% of UK Consumers Say They Don’t Know What Cryptocurrency Is

[gentlemand]

It actually is. Currently the market is so saturated with altcoins, that people don't care about decentralization, and they probably never have in the first place, but only about what ICO project is the next one to invest in.

From a community focused on decentralization we have gone to a community focused on gains. It doesn't matter how trashy a certain project is, all people care about are how hard something can pump. Sad reality.

It is what it is. There are two potential outcomes. Decentralisation never gets put to the test and people carry on chasing money. Disheartening but fine. Or they get a brutal lesson in why it counts and tons of people get wiped out in the process. That's bad for them, but potentially vital for everyone else.

[o_e_l_e_o]

-snip-

The groundwork for the internet was built in the late 60s and early 70s. TCP/IP was standardized in 1982. But it took until the mid 90s until the internet was easily accessible and regularly used by the average person. The first mobile phone was built in 1973, but the first commercially available mobile phone wasn't released in 1983, and it was well in to the late 90s until mobile phones were becoming commonplace amongst the general population. In the 10 years since the genesis block, we've seen pretty steady development, growth and adoption. I'm bullish for the next 10 years.

I do agree with your point that the majority of people are all too happy to hand over the private data in exchange for using some product - Facebook being the prime example. However, with all the stories about governments and ISPs spying, and Facebook selling client data to anyone they want, we know that general opinion is slowly shifting. Ad-blocking and anti-tracking is increasing. VPN use is increasing. People are slowly realizing that privacy is more important than sharing pictures of your meals on Instagram.

[stompix]

The groundwork for the internet was built in the late 60s and early 70s. TCP/IP was standardized in 1982. But it took until the mid 90s until the internet was easily accessible and regularly used by the average person. The first mobile phone was built in 1973, but the first commercially available mobile phone wasn't released in 1983, and it was well in to the late 90s until mobile phones were becoming commonplace amongst the general population.

All of those needed physical infrastructure, you need to build phone lines, lay down cables, and...people needed to buy a phone or a computer. For example, it took almost one year on the waiting list for my family to get a phone line.
A real comparison would be PP and even with this, you would have to take into account the different situation in 1998 and 2009 when the percentage of people using the internet and making online purchases boomed.

Bitcoin adoption is growing but I think the rate at which does is declining especially if we look at txs not price.



 

[BitHodler]

It is what it is. There are two potential outcomes. Decentralisation never gets put to the test and people carry on chasing money. Disheartening but fine. Or they get a brutal lesson in why it counts and tons of people get wiped out in the process. That's bad for them, but potentially vital for everyone else.

Venezuela has been quite an interesting test if you ask me. It isn't a country that affects the world economy in any way, but locally the crisis has hit every inch of the economy and Bitcoin can now be put to the test as safe haven.

Good thing is that the volumes have been increasing there, but the negative side is that there currently is a massive power blackout which affects those who try to utilize Bitcoin as we speak. That whole country seems to be rotten to its core unfortunately.

Blockstream's satellite would be a great way to work around internet blackouts or censorship, but you can't do much to work around power blackouts unless you are generating your own power one way or another.

[gentlemand]

Venezuela has been quite an interesting test if you ask me. It isn't a country that affects the world economy in any way, but locally the crisis has hit every inch of the economy and Bitcoin can now be put to the test as safe haven.

Good thing is that the volumes have been increasing there, but the negative side is that there currently is a massive power blackout which affects those who try to utilize Bitcoin as we speak. That whole country seems to be rotten to its core unfortunately.

Blockstream's satellite would be a great way to work around internet blackouts or censorship, but you can't do much to work around power blackouts unless you are generating your own power one way or another.

Dollar bills and lumps of gold are currently en vogue there. And even they may become irrelevant to people stuck inside if it drags on for much longer. Even if it does get up and running he or she who has the most access to food and medicine is king. Any form of money is useless if there's no supply of what you need to buy with it.

[buwaytress]

I'm willing to put some money down that if the entire population of active forum members were tasked to describe what cryptocurrency is in a Multiple Choice Question, we'd be underestimating how many people would get it wrong. I know even I'm not the most technically knowledgeable Bitcoiner, but we'd see those numbers plunge as we take more steps towards actual use of Bitcoin.

So yes, even among the 27% who said they did know of cryptocurrency, I'm not sure a lot do know what it is.

However you want to see the numbers, mainstream adoption isn't here yet. It's either within sight, or in the distant horizon. And that... like some of you say, it perfectly normal and perfectly fine.

[stompix]

I'm willing to put some money down that if the entire population of active forum members were tasked to describe what cryptocurrency is in a Multiple Choice Question,  we'd be underestimating how many people would get it wrong.

Now this would be a fun topic in BD or B&H, and somehow I have a feeling were not going to like the results.

And the more I think about it the more I really want to do it, but I need some time to think of some a bit tricky questions, with the perspective of some merit we might have a better view on how things stand than those useless surveys. The hard way would be to prevent users from cheating.

[Betwrong]

~
Bitcoin adoption is growing but I think the rate at which does is declining especially if we look at txs not price.

I'm not sure if there is a direct correlation between the number of additional transactions per day and the number of new adopters. One trader can make dozens of txs per day, while a new adopter can make just one or two per month. Thus when a hundred of traders leaves the field and, at the same time, a couple of thousands new adopters join the game, we can still see a significant decline in the number of txs.

Like you, I think that Bitcoin adoption is growing. Only I don't think we can estimate the rate looking at the number of txs.

[squatter]

Currently the market is so saturated with altcoins, that people don't care about decentralization, and they probably never have in the first place, but only about what ICO project is the next one to invest in.

From a community focused on decentralization we have gone to a community focused on gains. It doesn't matter how trashy a certain project is, all people care about are how hard something can pump. Sad reality.

Perhaps, but it's also a reality we should have expected. The design of Bitcoin and most other cryptocurrencies incorporates scarcity. You can't have a scarce commodity undergoing exponential growth in usage without the price being driven to the moon. In that context, with so much money pouring into the markets, it's only reasonable to expect a lot of greed. That's just human nature right there.

It's not necessarily a bad thing. Greed is a strong motivator for adoption.

I was drawn in by greed myself in 2013, and I was chasing altcoins back then because "Bitcoin was too expensive." I think a lot of people who came to get rich end up getting fleeced after the bubble pops and eventually leave. The ones that stick around do so because of an appreciation for the technology and design.

[Lanatsa]

it isnt really that hard to understand on what it is all about.

It actually is. Currently the market is so saturated with altcoins, that people don't care about decentralization, and they probably never have in the first place, but only about what ICO project is the next one to invest in.

From a community focused on decentralization we have gone to a community focused on gains. It doesn't matter how trashy a certain project is, all people care about are how hard something can pump. Sad reality.

Well said which is actually the reality we are facing on.Inspite to look on its true usage which is decentralization but people do always look after on how they do make profits out of this shitty projects currently.

But there would really be some people who do look into its true purpose rather than on the profit side but well numbers aren't really too big compared to those who seek money.