[2014-08-28] More People Know About Bitcoin, But Few Willing to Use It

[patricktim]

http://blogs.wsj.com/moneybeat/2014/08/27/bitbeat-more-people-know-about-bitcoin-but-few-willing-to-use-it/

While awareness of cryptocurrencies is rising, very few people have actually used them. A new survey, from the Conference of State Bank Supervisors and the Massachusetts Division of Banks, found that 51% of people in the U.S. were aware of bitcoin and other currencies, albeit only about 3% had said they used it.

Still, that’s a big change from earlier this year. Back in February, another survey found that about three-quarters of the population hadn’t heard of bitcoin, and 80% said they’d never even consider using it.

[1714908002]

1714908002

[aigeezer]

I'm intrigued at how the banksters got their message out into the media echo chamber so effectively. You've probably noticed how many times this story is in a headline today. That's power!

If I were in their shoes I would have held it until after labour day though - not much viewership in late August, but the media outlets still have to publish something (anything) every issue.

You may find it useful to note exactly which outlets run with this story. It can be a helpful credibility filter when the next story comes out.

On a more cheerful note - wow, 3% willing to use it after only five years - that is spectacular growth, especially when one remembers that BTC itself propagates solely by word of mouth. There is no corporate or industry BTC publicity machine. I wonder if Satoshi dared to imagine it would be accepted so quickly by so many.

Who knows how the banks would count people (adults only, customers only, citizens only, whatever) but 3% of 330,000,000 people is a lot of people already willing to use BTC.

Ignore the spin. We have liftoff!

[taylortyler]

This was a horrible survey..Don't let it fool you. Non-probability sample size of around 1,000. This is a hit piece and it's working.

[Chef Ramsay]

Until discounts become synonymous with paying with Bitcoin, I don't envision any major jump in usage. There's obviously the rare business that will only accept Bitcoin but any major one will keep accepting current payment options.

[Balls]

The figure isn't suprising. Most people haven't used bitcoin yet and wont for quite some time, but they probably will in the future. Bitcoin is only really starting to gain mainstream traction and it is still a niche technology. Do the same survey in a few years and we'll see the difference, but surveys aren't usualy relevant anyway.

[PenAndPaper]

On a more cheerful note - wow, 3% willing to use it after only five years - that is spectacular growth, especially when one remembers that BTC itself propagates solely by word of mouth.

That's not true. Bitcoins has been attracting tons of media coverage for the last two years. Especially during bubble phases.

[aigeezer]

On a more cheerful note - wow, 3% willing to use it after only five years - that is spectacular growth, especially when one remembers that BTC itself propagates solely by word of mouth.

That's not true. Bitcoins has been attracting tons of media coverage for the last two years. Especially during bubble phases.

I see your point. The notion I had in mind is that there is no centralized "PR department" for BTC, in contrast, say, to the corporate departments that issue press releases. When media latch on to a BTC story, whether good or bad, it is not because some BTC-central entity has issued a press release. It may be that some interested party has issued a press release (bank survey, Foundation posturing etc.), but BTC itself is always silent. People may talk about it, but BTC just "is what it is", like air or water.

[Swordsoffreedom]

The figure isn't suprising. Most people haven't used bitcoin yet and wont for quite some time, but they probably will in the future. Bitcoin is only really starting to gain mainstream traction and it is still a niche technology. Do the same survey in a few years and we'll see the difference, but surveys aren't usualy relevant anyway.

Adoption is slow but awareness is one step forward, since about half the population is aware of it and a vocal minority of those users use it then it will only be a matter of time before it starts spreading to consumers.
But I guess we are still early adopters in terms of users and moving to mainstream in merchant adoption, in terms of people hearing about it getting mainstream at least.
So two divisions.

[qwerty555]

The figure isn't suprising. Most people haven't used bitcoin yet and wont for quite some time, but they probably will in the future. Bitcoin is only really starting to gain mainstream traction and it is still a niche technology. Do the same survey in a few years and we'll see the difference, but surveys aren't usualy relevant anyway.

Adoption is slow but awareness is one step forward, since about half the population is aware of it and a vocal minority of those users use it then it will only be a matter of time before it starts spreading to consumers.
But I guess we are still early adopters in terms of users and moving to mainstream in merchant adoption, in terms of people hearing about it getting mainstream at least.
So two divisions.

Adoption was slow because

That will now change dramatically!


- it was unknown by 99.99% of the population
* Now about 30% of the world have heard about it and 51% of Americans
-it was hard to buy
* Can now be bought in many different ways..at convenience stores/cards to load/2 clicks on Xapo + wire transfer/ 3 clicks on exchanges + card details or bank deposit/via sms
-it was hard to use
* Really easy to use now  sms /online/card option once you get the card ( which is the log jam)
- it was not advertised
* very little paid advertising yet as the infrastructure is gearing up to be able to cope with the expected volume. That will be coming soon
-it was not understood as an improvement on fiat
* media has done its job to some extent in demonstrating the advantages and potential risks of cryptocurrency. This has led to interest and investment in the technology
- Institutional investors and VC was almost non existent
* In the previous 18 moinths hundreds of millions of $'s has been invested..due to lead time to create and market their product this will increasingly drive Bitcoin in the coming months and years ahead.
- it received a lot of bad press in media
* media reports are generally predominantly favourable these days
- hardly anything/anywhere could be bought or paid with bitcoin
* As of August 2014 almost anything retail ed anywhere in the world can now be purchased using bitcoin.
- It was not considered as a major option for the remittance market
* focus on its use for remittances has started since Jan 2014 and is gaining share with 10% to 100% + monthly growth ( from a very low base)
- Use in paying for large international trade purchases or wholesale purchases was practically non existent
* It still is and that is probably the next area that will be opened up by the VC's
-Use as a payment method for bills and utilities was zero
* Dish has opened this up and although in its infancy the huge market potential will be realized as other major players follow

The list of applications is long..please feel free to add

[Swordsoffreedom]

The figure isn't suprising. Most people haven't used bitcoin yet and wont for quite some time, but they probably will in the future. Bitcoin is only really starting to gain mainstream traction and it is still a niche technology. Do the same survey in a few years and we'll see the difference, but surveys aren't usualy relevant anyway.

Adoption is slow but awareness is one step forward, since about half the population is aware of it and a vocal minority of those users use it then it will only be a matter of time before it starts spreading to consumers.
But I guess we are still early adopters in terms of users and moving to mainstream in merchant adoption, in terms of people hearing about it getting mainstream at least.
So two divisions.

Adoption was slow because


- it was unknown by 99.99% of the population
* Now about 30% of the world have heard about it and 51% of Americans
-it was hard to buy
* Can now be bought in many different ways..at convenience stores/cards to load/2 clicks on Xapo + wire transfer/ 3 clicks on exchanges + card details or bank deposit/via sms
-it was hard to use
Really easy to use now  sms /online/card option
- it was not advertised
* very little paid advertising yet as the infrastructure is gearing up to be able to cope with the expected volume. That will be coming soon
-it was not understood as an improvement on fiat
* media has done its job to some extent in demonstrating the advantages and potential risks of cryptocurrency. This has led to interest and investment in the technology
- Institutional investors and VC was almost non existent
* In the previous 18 moinths hundreds of millions of $'s has been invested..due to lead time to create and market their product this will increasingly drive Bitcoin.
- it received a lot of bad press in media
* media reports are generally predominantly favourable these days
- hardly anything/anywhere could be bought or paid with bitcoin
* As of August 2014 almost anything anywhere in the world can now be purchased using bitcoin.
- It was not considered as a major option for the remittance market
* focus on its use for remittances has started since Jan 2014 and is gaining share with 10% + monthly growth ( from a very low base)

All good points there are still a few bugs or kinks or rather real world applications to mull over though
The one about being able to pay for a bill, then tip a waiter, and ride a taxi without needing to wait for your unconfirmed transacton to process is a good one and an obstacle to interoperability with Fiat, Visa or Mastercard is a good example of a kink.

https://bitcointalk.org/index.php?topic=758927.0

Anyways still following the S-Shaped curve only instead of it focusing on user adoption at this time at a rapid pace its occurring in the field of merchant adoption.

As for it being hard to buy, there are still the exchanges and they take a ton of information to verify with but then there are services like Bitcoin ATMs and quickbt as an example of faster ways to purchase bitcoins.

Anyways still an ongoing work in progress as I mentioned but it is progressing nicely.

* Edit nice added to that list while I was composing my reply ^_^

I'll add one get some good deals with Bitcoin like the Labor Day Sale at Newegg
75 dollars off 300 bucks 150 off 500 bucks is a deal ^^
http://www.newegg.ca/bitcoin

[Whtwabbit]

Remember when - More People Know About email, But Few Willing to Use It

[qwerty555]

I'll add one get some good deals with Bitcoin like the Labor Day Sale at Newegg
75 dollars off 300 bucks 150 off 500 bucks is a deal ^^
http://www.newegg.ca/bitcoin

A good example of discounts..and ill add the 2.5 Billion un-banked/ under banked that can now get a Xapo card and buy on line. It is a BIG deal as our #1 domestic airline has promos/discounts (up to 66%+) every month but you can only avail if a) you buy with a card online which more than 76% of the population do not have or b) Pay at one of very few outlets with a 6 or 7 pm cut off. ( or Banks with a 4-5pm cut off and many banks have a 30min+ queue)

[seriouscoin]

What they completely overlooked is bitcoin usage as money remittance. Or they intentionally left that out.

Money remittance for foreign workers around the world alone is BILLIONS dollars.

http://www.aljazeera.com/programmes/witness/2014/07/money-minutes-2014730125049969865.html

Those sharks in financial world are making so much money of the sweat and tears of these hard working people.

[CryptInvest]

http://blogs.wsj.com/moneybeat/2014/08/27/bitbeat-more-people-know-about-bitcoin-but-few-willing-to-use-it/

While awareness of cryptocurrencies is rising, very few people have actually used them. A new survey, from the Conference of State Bank Supervisors and the Massachusetts Division of Banks, found that 51% of people in the U.S. were aware of bitcoin and other currencies, albeit only about 3% had said they used it.

Still, that’s a big change from earlier this year. Back in February, another survey found that about three-quarters of the population hadn’t heard of bitcoin, and 80% said they’d never even consider using it.

In my opinion people are very conservative of all that comes to money. Even debit cards are a technology 50s of XX century, but do not use it preferring cash yiat in many countries. When people come to their senses in the course will have other kriptovalyuty, much cheaper than Bitcoin towards him.