58% of Americans unsure what Bitcoin is

58% of Americans unsure what Bitcoin is

58% of Americans are not sure what Bitcoin is, including 12% who think it is either an Xbox game or iPhone app, according to a Bloomberg telephone survey of over 1000 people conducted in December 2013.

Only 42% correctly identified it as a virtual currency, and of the people who had heard of bitcoin, many were hesitant to use it themselves.

Olga Ruff, a 62-year-old home based jewellery business owner, responded to the pollsters, saying. “I’m not sure what the value of it is, and what I’d be able to exchange it for.”

Jeremy Labadie, who works in Internet security technology and is familiar with Bitcoin said, “I don’t necessarily know if it’s something I would think about using to make purchases”.

However Labadie went on to admit that he had considered buying some bitcoins as a long-term investment.

Other respondents said they heard about bitcoin through mainstream news coverage, especially with it’s meteoric rise in value last year.

Although the value has retracted from its $1,200 peak, Bitcoin has still delivered a staggering 60 fold increase – from $13 at the start of 2013 to around $800 at the start of 2014.

Users of Bitcoin are bullish that the value will continue to rise in 2014, and although opinions are divided about the future, with less than half of the population even aware of Bitcoin, it’s a story which will unfold for some time to come.

If you want to get a head start on the crowd and learn how to quickly and safely get up to speed with Bitcoin, then why not order a copy of our Bitcoin & Litecoin Survival Guide.

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