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Survey shows that 64% of Brits believe that cryptocurrency like bitcoin is not a safe investment

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Bitcoin, Ethereum, and similar cryptocurrencies are making headlines as of late as their popularity surged over the past few years. Despite the hype, there are still those who are a bit confused as to how these digital assets work and how they can be traded.  

A survey cryptocurrency  

The website tradersofcrypto.com has recently surveyed to find out the most searched question regarding cryptocurrencies over on Google. It was pointed out, though, that it was just the commonly asked crypto questions within the United States and the United Kingdom that are being tallied.  

Also, the website has surveyed the information during the last 12 months and using the outcomes from the two countries. They covered several topics such as going about buying your very first digital currency, the security and safety of one’s investment, and whether or not cryptocurrencies are taxable assets. They’ve asked hundreds of Brits to find out how knowledgeable they are about cryptos and these are the results they’ve gathered.  

On becoming legal tender  

When inquired if cryptocurrencies like bitcoin (BTC) would become legal tender, the website learned that a lot of the British public were skeptics about it as 75 percent of them replied “no.” A significant number of “yes” respondents is at 9.8 percent as they believe that it will be in the next five years.  

Crypto as an investment  

On the question “Do you believe that cryptocurrency is a safe investment,” 64.6 percent of the participants believe that it’s not while 29.7 percent of them are not even sure what cryptocurrency is. Meanwhile, only 5.6 percent of them believe that it is.  

No idea what bitcoin, ethereum, and other cryptos are  

Moving on to question three which is asking folks what cryptocurrency is, 22.4 percent of them answered they have no idea what it is. There’s also “fake money” among the choices and two percent of the respondents picked that for an answer.  

As for questions four to eight, the website asks what bitcoin, dogecoin (DOGE), Binance Coin (BNB), Cardano (ADA), Ethereum (ETH) is as 13.3 percent, 25.7 percent, 44 percent, 42.9 percent, and 30.7 respectively have responded that they too have no idea what are those.   

It was also noted that in question eight, a small percentage of the participants have presumed that Ethereum is the same as bitcoin. Others have even confused the latter with other stuff like gas due to the “scientific-sounding” name of ETH.   

At the tail end of the survey, the search term “best cryptocurrency” topped the list followed by “what cryptocurrency to mine” and “how to buy cryptocurrency” taking the third spot.   

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