While Bitcoin(BTC) and other cryptocurrencies are struggling with their price points, their popularity and outreach are on an unstoppable spree. Attesting to its increasing fandom, a survey by respected pollsters YouGov illustrates that one in five people in the U.K. think Bitcoin will be “as common as cash or card” payments in future.
Bitcoin just celebrated its 10th birthday last month and has indeed seen some great highs and major lows over the years. The recent survey by YouGov, substantiate bitcoin’s position in the market. The survey inferred that being a relatively new technology, bitcoin is still recognized by 93% i.e nine out of ten people in the U.K. However just over 23% i.e. one in five says they understand the virtual assets “fairly” well.
The cryptocurrency ecosystem has observed unprecedented growth in 2017, which brought them into the limelight and attracted various small and institutional investors. The sector continues to grow despite the bear market towards a wider mainstream adoption.
Bitcoin currently is not prominently being used as payments either over the internet or in brick-and-mortar stores. Though the survey found that around a third – 34% people in the survey respondents believe that cryptocurrencies could and will compete with cash or card. While 43% i.e. four in ten people doesn’t quite see a future for the digital tokens.
It is notable that bitcoin, cryptocurrencies, and their underlying blockchain technology have been integrating itself into our economy and culture slowly and steadily. Most enthusiasts often compare the technology with the rise if the Internet in the1990s. A similar survey conducted by the German Consumer Centers of Hesse and Saxony suggested that younger Germans are more likely to invest in cryptocurrencies.