Why only 6.2 percent of American citizens own Bitcoin?

[gentlemand]

So at the average superbowl 6200 out of the 100,000 people there will own Bitcoin. That sounds like a ludicrous figure to me and I don't buy it.

The survey size was 5000 and it says nothing about how they were chosen. I'm pretty sure it wasn't done at truck stops or Nascar races.

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[chaoscoinz]

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
 https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/

What you don't understand is, that people really don't have a clue what Bitcoin or cryptocurrency is. Sure they may have glimpsed a news article or seen a news briefing on tv, but how many people actual know how to use cryptocurrency. If you were to try and explain it to my grandmother, she'd say your tripping balls. If it hasn't got a push from a celebrity or major public influencers. People won't bother to touch it.
   This is why I feel Facebook's Libra is the answer to the mass adoption problem. Facebook alone could educate the world about Blockchain & cryptocurrency.

[stepwilli]

Hey OP, what assurance do you also have that the figure that you have there in that article is from a genuine source, because if you look at Americas, one of the largest exchange also came from there which is Coinbase, and if you also look at binance, it is because they hopefully have a large users from United State that made them to create a separate exchange for them according to the demand of the country, so I don’t want to believe that the number of users of cryptocurrency from US is that little and even if the percentage is little, change it to the population, we still have it running into millions and you can imagine if those millions put money into the market, how much in dollar that would be, and also, adoption is gradual, the figure will continue to increase until we have a substantial figure.

[fiulpro]

I don't think anyone rely on the Americans for the Bitcoins and other cryptocurrencies honestly.
It takes time for people to settle in into something new , something they don't know about therefore even this much percentage is fine for the time being.
Some people are uneducated, some are poor , some doesn't even have the access to the internet , we cannot assume that everyone have internet and basic education therefore I think it is fine for the time being.

[South Park]

So at the average superbowl 6200 out of the 100,000 people there will own Bitcoin. That sounds like a ludicrous figure to me and I don't buy it.

The survey size was 5000 and it says nothing about how they were chosen. I'm pretty sure it wasn't done at truck stops or Nascar races.

If they had any bias when they were selecting the sample then you are right their conclusions are useless, but it will also interesting to know the full extent of the survey since only a few details were released in the article, and about your observation about the super bowl, that is a very expensive event, you need money to assist and those that have money to spare on super bowl tickets could spare it to buy bitcoin, so while I have no way to prove this my intuition tells me the percentage of bitcoin holders among those assisting to the game should be higher than 6.2% if the survey is correct at all.

[Mike Mayor]

6.2 percent is not that bad there are only 5000 people respondents. Survey on 5000 people does not conclude anything, I google  US population last 2018 the result is 327.2 million (2018). There are so many people that are not included or covered on that survey right? 5k compared 300M+ people. That is why I don't believe in surveys.

That is the way statistics work, if we had to consult everyone then we will never be able to know many things, statistics rely on getting a big enough sample and then make inferences about it, it is not perfect but it is better than not knowing anything and it is also cheaper as well, now about the statistic itself, it seems some are discouraged by those numbers but I think those numbers great, if in the future we reach 20% that could be enough to force business to stop ignoring bitcoin and accept it as a form of payment.

6.2% is not so bad. More then I thought. I do somewhat agree with the first poster 5000 just isn't a big enough sample. You said it needs to be big enough. I think for a financial matter you would need to survey at least 20k people or so.

I think even if we reach just 10% it would be a good thing. 20% would be epic. I wonder what PayPal would be? How many people use PayPal in comparison.

[worldtraveller321]

one reason. Is most people dont want to talk about the fundamentals of money. Many do not want to be educated about the flaws of current money system. Many are just blind to the truth. Many dont want to know history of money. Many may address inflation as a fault of someone else.

or people have no intention to look at the truth. Will take some time before people will look forward.
yes talking to someone on the street about the blockchain may not be interesting to someone who just is a walking zombie to their phone playing games all the time.

[BITCOIN4X]

~snip

The higher the sample used, the more accurate the results. Just taking 5000 samples to survey in my opinion still looks too low to say that bitcoin is only owned by 6.2% of Americans.
In my opinion, the title should be "Out of 5,000 Americans, 6.2% of them have bitcoin".

America has a population of more than 330 million based on the site United Stated Cencus. Each region has a different level of knowledge about bitcoin, and if 5000 samples were taken in only one region, the results might not be accurate enough.
But 6.2% of the survey results above are not bad results, it has proven that adoption of bitcoin is quite good there.

[contraband]

ONLY 6.2% lmfao

Not even close to 20 million americans own Bitcoin...


100% zero chance smh.

Look forward to the the day its true tho.

[Bitcoinman532]

some people still arent aware of what bitcoin or any crypto currency are. Help out your fellow citizens and get the word out there!

[Pom_bensin]

There is another reason why BTC is only owned by 6.2%. first, maybe bitcoin is not understood by others in depth. secondly, I think bitcoin only reaches certain circles that they are easy to understand bitcoin. Because even though America is a developed country, not everyone in America has a positive respect for bitcoin

[StephenieDuong]

For most people, bitcoin still not legit and invest into bitcoin is not safe. Bitcoin price can move up and down really fast, which can make investors make lost. And bitcoin can not become popular payment methods which because high transactions fee and take long time to confirm. So that's why only 6.2% people in American own bitcoin. 

[ampu]

6.2% is a very large number because the United States is a country of more than 300 million people, including the elderly, children and the labor force aged 15 to 64(Data as of 2017). I think the majority of cryptocurrency owners are mostly between the ages of 16 and 60. According to the US population structure, up to 66% of the US population at this age. In conclusion, we will see that nearly 10% of working-age people own cryptocurrencies. This is an optimistic figure, I believe that in the next 3-5 years this number will increase a lot.

[WRAOUF]

i think, in every country also have that number, but some country have high user and maybe above 10%. if we join on internet, some site, maybe many people of different country, but actually maybe it just same person with many account. the spread of bitcoin is not fully conpleted. thats why, if we want to world, all of people know about bitcoin, we must spread. to known person until strange

[karanggatak]

the number of bitcoin users is indeed not much because there are still many people who do not understand about bitcoin. and also not everyone has money to use bitcoin investments. and some people are also afraid to invest bicoin because bitcoin has a high risk they prefer to invest in stocks or mutual funds that have a lower risk. and also the use of bitcoin for payment tools is still limited. so naturally if there are still many people who do not yet have bitcoin.

[thesmallgod]

I don't think 6.2% is bad maybe because of the percentage but the total amount of people is huge when you consider the  total population of america. As we all know most american prefer not even paper money but credit card in paying for goods and services and this has become part of their life. Bitcoin is not that easy to use because its not all merchant that accept crypto as payment processor compare to the credit card. Intact some of merchants accepting bitcoin before are now rejecting it due to the high volatility of the coin.

[Assface16678]

I don't think 6.2% is bad maybe because of the percentage but the total amount of people is huge when you consider the  total population of america. As we all know most american prefer not even paper money but credit card in paying for goods and services and this has become part of their life. Bitcoin is not that easy to use because its not all merchant that accept crypto as payment processor compare to the credit card. Intact some of merchants accepting bitcoin before are now rejecting it due to the high volatility of the coin.

America is one of the biggest countries in the world, and they have one of the most populated countries. However, still many people are not using cryptocurrency or especially the bitcoin even they are near to the top bitcoin countries in the world. Some of the reason is they have already a good life, and a stable job and also the earnings they have is enough for their needs, and they don't need to use the bitcoin. There are few people still using the bitcoin because they know the potential of this currency to make more earnings with the use of gambling and most likely is the trading that you can earn a 50 dollars in a single day.  The percentage of 6.2 is enormous now because they are now adopting the use of bitcoin to their transaction because it is easier to use.

[sovie]

To use bitcoin you need to be technology aware. Majority of bitcoin users are millennial and elderly people who don’t have much knowledge about technology are quite away from bitcoin. I would say 6.2% is still high; there are countries where awareness about bitcoin is less than 1%.

[Cimmy_revenger]

To use bitcoin you need to be technology aware. Majority of bitcoin users are millennial and elderly people who don’t have much knowledge about technology are quite away from bitcoin. I would say 6.2% is still high; there are countries where awareness about bitcoin is less than 1%.

That's right , in my country user cryptocurrency under 1% .
almost 60% of the 1% is still a lot cheated on ponzy under the guise of cryto.

[Lanatsa]

To use bitcoin you need to be technology aware. Majority of bitcoin users are millennial and elderly people who don’t have much knowledge about technology are quite away from bitcoin. I would say 6.2% is still high; there are countries where awareness about bitcoin is less than 1%.

That's right , in my country user cryptocurrency under 1% .
almost 60% of the 1% is still a lot cheated on ponzy under the guise of cryto.

We cant really have that precise percentage on each country though and i dont know how they do able to know on such numbers.
6% is really high if we do talk on entire population and as said some countries do have even more lower.Its quite understandable though
since we are just 10 years old and counting.Adoption is still on the move and expect for these numbers to rise up.