Bitcoin: Stability – Security – Adoption

November 27, 2013
|In Original Insights, Infographics
|By Andreas Vourkos

Background

Bitcoin is a a peer-to-peer digital currency that functions without the intermediation of a central authority. Introduced in 2008 its value has reached more than $1.000 these days after several months of exponential growth.

Purpose of survey

Bitcoin is still a new concept. Its adoption, security and stability play an important role about its value in the market.

At Pollfish we interviewed 3747 people on a global scale and asked them regarding Bitcoin and their concerns about its security, stability and adoption in the near future.

Key results:

  • 4 out of 10 of the respondents would move away from current currencies to adopt digital cryptocurrencies if that cryptocurrencies was widely adopted.
  • 63% of those familiar with Bitcoin and digital currencies stated that would adopt it. On the other hand, only 29% of respondents unfamiliar with digital currencies, stated that would adopt such a currency in the near future.
  • Security is still a major concern in the market of digital currencies. 40% of the respondents think that Bitcoin is not secure enough yet. However, security concerns fade out as Bitcoin awareness rise. Bitcoin survey showed that only 27.4% of people familiar with Bitcoin had concerns about security.
  • Stability is not a value granted to Bitcoin yet. As people get more and more familiar with Bitcoin, tend to worry more about its stability. Survey showed that 17.6% of people not familiar with Bitcoin had concerns about its stability in comparison with 22.4% of those familiar with it.

Survey Audience:

Bitcoin survey was conducted without using specific targeting options, among 3747 randomly selected Internet users on a global scale.

Conclusion:

As awareness of bitcoin rises, its adaption seems to increase and security concerns fade out. However there are still some concerns about its stability. Is bitcoin here to stay? Time will show …