The UK Does Not Know What Cryptocurrency Is

The UK Does Not Know What Cryptocurrency Is

It is a recurrent story every Christmas or family party. Uncle John asks you about your job, and then you tell him that you write about cryptocurrencies, blockchain and the 4th industrial revolution.

Then, a deathly and awkward silence. Well, you are not alone. 73% of Her Majesty, the Queen Elizabeth subjects do not know about cryptocurrencies
A Financial Conduct Authority survey showed that 73% of United Kingdom consumers don’t know what a cryptocurrency is or are unable to determine it. 

So, do not feel you are living in a different world, but it is usual with disrupting technologies. 
According to the study, cryptocurrencies are only popular [Sic] in people between 20 and 44 years old.

The FCA also estimates that “only 3% of consumers we surveyed had ever bought cryptoassets.” And even in this case, half of they spent less than 200 British pounds.

In this framework, Bitcoin is the important crypto asset with more than 50% of owners reporting they have bought BTC. 34% chose Ethereum. 
Worrisome is that only 8% of cryptocurrency owners did “deep research” before deciding to purchase. 16% of buyers did no prior research. 
On top of all this, one in three buyers has never checked value of their cryptocurrency after purchasing.

The survey also showed what the most cryptocurrency regions in the UK are. South East, East Midlands and Northern Ireland are the UK regions where people know more about cryptocurrency. Nothing extraordinary, but only one in three people know about it.

On the other hand, North West, West Midlands, and Scotland are the less crypto savvy regions, with only two out of ten people know about cryptos.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020
Blockchain,Changelly,Cryptocurrency,Exchange Platforms

Changelly Adds Ardor, Ignis, and NXT to Changelly PRO

Changelly, the online cryptocurrency exchanges, has added three more tradable assets to their Changelly PRO platform. Changelly, the large online crypto exchange, has recently added an additional three cryptocurrencies to their Changelly PRO platform, Ardor, Ignis, and NXT. All three tokens developed by Jelurida will be tradable against BTC as ARDR/BTC, IGNIS/BTC, and NXT/BTC. Jelurida […]

6 November, 2020
Crypto Wallets,Exchange Platforms,Kraken,Ledger

Ledger Phishing Scam is Targeting Crypto Wallet Users

Ledger, the cryptocurrency wallet company, has been massively affected by a data breach and phishing scam. Ledger, the world renowned cryptocurrency hardware wallet producer, is facing a lot of problems with a data breach that is being used to target their customers. Kraken Intelligence, the intelligence arm of the Kraken cryptocurrency exchange, analyzes this data […]

5 November, 2020

Ethereum on Track to be First Blockchain To Process $1 Trillion In Yearly Transactions

Ethereum, the second largest cryptocurrency by market cap, is preparing to break the $1 trillion mark in yearly processing. Ethererum, the largest cryptocurrency behind Bitcoin, is on track to be the first blockchain to process over $1 trillion in transactions in a single year. Currently, the Ethereum network is processing more than double the amount […]

4 November, 2020