Bitcoin Dominates Crypto By Brand Recognition, Says FCA Survey

THELOGICALINDIAN - A above UK authoritative bureau has appear a analysis of cryptocurrency acceptance assuming that Bitcoin is acutely in the advance by cast recognition

By far, Bitcoin has the arch cast acceptance amid cryptocurrencies, according to a new report from the UK’s Financial Conduct Authority. The address surveyed over 2,200 consumers and 658 cryptocurrency owners to acquisition out about people’s crypto advance habits.

Bitcoin Leads the Pack

The FCA asked consumers about which cryptocurrencies that they had heard of. Bitcoin was by far the best-known cryptocurrency: 78% of respondents accept heard of it.

Surprisingly, Facebook’s Libra was added accepted than added altcoins. 22% of respondents accept heard of it, alike admitting it does not yet abide and faces regulatory barriers.

Respondents additionally appear acquaintance of altcoins like Bitcoin Cash (known by 20% of consumers), Ethereum (17%), Bitcoin SV (12%) and Litecoin (12%).

The FCA additionally advised exchanges. Amid respondents, Coinbase was the best accepted site, acclimated by 63% of investors. Binance (15%), Kraken (10%), Bittrex (8%), and Bitfinex (7%) additionally had acceptable acceptance amid United Kingdom residents.

Other Findings

The FCA begin that 5.3% of the United Kingdom’s citizenry owns cryptocurrency, according to about 2.6 actor people. That cardinal is up from aftermost year, back 3% of the citizenry (1.5 actor people) appear owning crypto.

Crypto owners accept the abstruse ability to accept the risks of investment, the FCA says, abacus that best (47%) accede cryptocurrency a “gamble.”

Most investors (89%) accustomed that they do not accept authoritative aegis for their purchases. 73% of respondents did not own crypto but plan to acquirement in the approaching and cited a abridgement of authoritative protections for their decision. 29% of respondents do not intend to buy crypto at all, but said that protections would account them to reconsider.

The address additionally begin that announcement is important. 45% of all crypto owners appear seeing crypto ads, and about one-third of those 45% said that advertisements fabricated them added acceptable to accede affairs crypto.

Similar Studies

It should be acclaimed that this abstracts reflects UK users and may not generalize to added countries.

However, added groups and companies accept run their own surveys. Paxful has appear surveys on crypto adoption in India and in the U.S. in contempo months. Meanwhile, Fidelity and Bitwise accept appear surveys on institutional advance in cryptocurrency.

Finally, these letters tend to focus on the acumen of cryptocurrency. Surveys acknowledge actual little about bazaar altitude and on-chain activity—an bend that is larboard to cryptocurrency analysts.