Large percentage of Americans still don't understand how bitcoin works

[Bilgent]

Larg mainstreet institutional adoption and low mainstreet adoption, a survey was conducted in America recently on how bitcoin adoption and usage have grown in America  owing to the fact that in recent time so many institutions have adopted and invested in bitcoin within and outside the country, but findings have shown that most of Americans have either not hard of bitcoin or used it.  This have spiked so much reactions and I thought I could bring the discussion here to know your stand on this survey result.
Link to news
https://www.bloomberg.com/news/articles/2021-02-19/bitcoin-btc-and-cryptocurrencies-prices-surge-but-understanding-is-limited?utm_source=facebook&utm_medium=cpc&utm_campaign=content&utm_content=understandingbitcoin&fbclid=IwAR2Dh3usELvBRMlkePPPEIQX6oSt4dkDol6uVANh97AFXmGhFOHTQzjEPFA

There are so many people around the world who don't know much about Bitcoin but use it anyway. They have just heard about it like they can make a good profit by investing in it and they are taking their chances. I wish more people would know how it works and what the difference with fiat is.

[tarzan2]

I think part of the problem with US adoption is that the government has made purchasing, trading, and owning crypto unnecessarily complicated. I live in NY and the restrictions here are absurd. We have access to two exchanges and that's it. Both have the highest fees I've seen. I cannot even use my localbitcoins account anymore. A few years ago I would sell crypto to people all around my area in person and meet and discuss crypto as well. NY might deviate from the norm but I think the same attitude applies. On top of that I think mainstream financial media has been consistently snubbing bitcoin until just recently because it was seen as a competitor to more traditional investments. I think in general America has been having a lot of trouble maintaining itself as a modern country.

[TedMosby]

I have a friend who already 5 years in crypto trading but still doesn’t know how to send crypto.
He treats crypto like stocks, he only trade it, and do nothing about it.
A few days ago he asked me how to send crypto to his wallet ouside the exchange market.
IMO, you may dont know how the crypto works, but for basic things like sending and receiving crypto, you must know it.
That is the most basic things that you can learn about crypto.

[Caross]

I have a friend who already 5 years in crypto trading but still doesn’t know how to send crypto.
He treats crypto like stocks, he only trade it, and do nothing about it.
A few days ago he asked me how to send crypto to his wallet ouside the exchange market.
IMO, you may dont know how the crypto works, but for basic things like sending and receiving crypto, you must know it.
That is the most basic things that you can learn about crypto.

I totally agree with you, US government strick measures against cryptocurrency have truly made crypto usage and knowledge in the US redundant and this is one of the reason the researchers chose as a case study in this research.

[kryptqnick]

I think that a little over 10% of people in the US who haven't heard of Bitcoin is actually a very good sign. It's all down to the way an event is framed, and Bloomberg is clearly not pro-Bitcoin (just try googling 'bloomberg opinion bitcoin' and see what you get), so they're stressing the minority here. It could be written '90% of people in the US have at least heard of Bitcoin', and while the info is the same, the attitude is very different.
As for 61% of people not understanding how cryptos work, I agree with that's been mentioned by bitmover about people using stuff without understanding it.
And of course the article doesn't mention a bullish thing from the poll results by the same company, namely that 7% of people used their stimulus checks to invest in Bitcoin. Overall, I think the situation is not as bad as the article tries to suggest by phrasing stuff this way and cherry-picking the findings.

[Reosta_]

I have a friend who already 5 years in crypto trading but still doesn’t know how to send crypto.
He treats crypto like stocks, he only trade it, and do nothing about it.
A few days ago he asked me how to send crypto to his wallet ouside the exchange market.
IMO, you may dont know how the crypto works, but for basic things like sending and receiving crypto, you must know it.
That is the most basic things that you can learn about crypto.

It is really an interesting thing for a person who has been trading cryptocurrencies for 5 YEARS.    It is actually not a hard thing to do and like you said it is a very basic information in this market. I understand that people may not be well-informed about how Bitcoin works but this could be the most surprising thing I've ever heard.  

[uneng]

Besides not understanding they also don't trust bitcoin, what means they don't have interest for it, otherwise they would have searched for informations regards the matter, concluding it's safe, since you follow all the necessary security measures. Probably americans are comfortable with their currently life standards that bitcoin looks uninteresting for them.

Nearly half of respondents had only heard the names of those coins, whereas 16% said they were very familiar with the cryptocurrencies and 28% said they were somewhat familiar, according to the survey of 1,984 people taken from Feb. 12 to 14.

Anyway, these percentages don't look so low at all. 28% somewhat familiar is a very good indicative.