Bitstocks, an established UK-based Bitcoin market advisory and educational media house, has spent the last couple of weeks broadcasting bitcoin across the airwaves in an attempt to re-educate the UK about the utility of bitcoin and blockchain technology.

New research has revealed the extent to which Brits across the country do not understand and incorrectly perceive cryptocurrencies. The research report conducted by Bitstocks sheds light on a lack of knowledge and misconceptions Brits have towards cryptocurrencies like Bitcoin; which may lead to individuals not having the opportunity to balance their financial options during the COVID-19 crisis and beyond. Bitstocks CEO & Founder, Michael Hudson, was interviewed by a number of national radio shows to discuss these results.

Featuring on shows such as JazzFM’s Business Breakfast, and stations such as the Talking Money Network and Radio News Hub, Michael outlined the difference between bitcoin as a cryptocurrency and blockchain as a technology; clearing up negative myths around bitcoin being a scam and explaining the value of their use in the future of the economy.

According to the research being discussed, less than 2 in 10 (14%) in the UK say they understand Bitcoin and cryptocurrencies, with almost half (41%) admitting they had absolutely no idea how they would use them. A striking 93% think bitcoin would not be a good alternative investment, and this is due to numerous misconceptions that were outlined by the research. More than a fifth (23%) of the UK feel that bitcoins are a scam, with more than a quarter (28%) admitting they are unclear about how authentic bitcoin is. Additionally, a fifth (20%) believe bitcoin does not have the backing of the banking industry and therefore are sceptical of using it.

These misconceptions stem primarily from the continued focus on the monetary applications of Bitcoin, not helped within wider public perception by the nefarious actors who have used the technology for corrupt purposes. This has cast shadows over the fact that it is an exciting technology which, when used correctly, could form the basis of the new data economy. In his interviews, Michael explained how understanding digital currencies can strengthen one’s financial portfolio and help diversify in the face of volatile global market conditions. Bitstocks also continue to create content and media, which raises awareness of the positive applications of Bitcoin, to help combat these negative perceptions.

*All statistics are from the report which was conducted online from 3rd - 6th April, with the sample comprising 2002 UK adults. All research conducted adheres to the UK Market Research Society (MRS) code of conduct (2019), and all research processes comply with the DPA (1998).