One in five Brits are considering Bitcoin

E-commerce

by CBR Staff Writer| 12 February 2014

Although almost half of us don't trust it, yet.

About one fifth (18%) of British citizens have reportedly considered using Bitcoins for virtual transactions in the future, a new research noted.

According to the latest survey of UK online shoppers, about 57% of the overall Brits had knowledge of Bitcoin, with 69% of men being aware of the virtual currency compared to 45% of women.

The survey added that only 5% of individuals purchased or made use of Bitcoin or any other currencies including Dogecoin, Litecoin, Peercoin or Feathercoin.

About 63% of survey respondents were not at all aware of operating the virtual currency; with further 53% not knowing its usage; while 52% avoid using over security concerns, the Telegraph reported citing the survey report.

In addition, about 43% Brits also stressed lack of trust in the virtual currency, with 29% of them enquiring the authenticity of using it.

Further 29% of citizens considered avoiding them and some 29% said that they are not sure if they would ever attempt to use the digital currency.

The value of Bitcoin has been plummeting in the wake of Bitcoin withdrawals being suspended by a prominent exchange over a flaw in the crypto-currency's code.

According to exchange Mt. Gox, the newly detected flaw allows transaction details to be modified and make it look as if Bitcoins had not been delivered to another person's wallet while they had them in reality.

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