An overwhelming majority (93%) of Britons have heard of Bitcoin but the actual ownership statistics are as low as 4% according to UK Market Research Firm YouGov.

The survey shows mixed results regarding the future of Bitcoin because people are reportedly having troubles in understanding what Bitcoin is about. Of the 93% who have heard about Bitcoin, 23 percent said that they understand it fairly well, while only 4 percent have stated that they understand it very well.

Men are also the most dominant demographic and are three times more likely than women to understand and engage in cryptocurrencies. Overall, 6 percent of British men and 1 percent of women have purchased Bitcoin in their lifetime. Younger generation demographic including millennials are much more likely to understand and use Bitcoin as well, as almost 9 percent of 18-24 years old have purchased Bitcoin while only 1 percent above 55 have done so.

While Bitcoin’s awareness and word of mouth campaigns are extremely high in Britain as almost everyone has heard about it, its market penetration remains comparatively low. One of the reasons given for this peculiar behavior is the relative stability of the economy and the British Pound Sterling. Many countries in the world including ones in South America, Africa, Asia, and Central America see Bitcoin as a way to circumvent the chronic inflation in their respective regions.

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