British Gamblers Still not Totally Sure about Cryptocurrencies

What do you think about cryptocurrencies? Do you understand what they are, and would you use them? A YouGov survey has looked at the attitude of British people, including gamblers towards them and it’s not great news.

When it comes to understanding how cryptocurrencies work, it’s clear that most people just don’t have a clue. The survey found that 74% of the general public respondents didn’t just know how they work, they didn’t even know about cryptocurrencies.

When it came to gamblers, 75% didn’t know just how they work. Despite that fact, 17% of British gamblers said they’d be happy to use them in the next 12 months. The figure for all those asked was a little lower at 11%.

An increasing number of online casinos are now accepting cryptocurrencies such as Bitcoin to be used as payment methods. The mere fact that casinos are doing this is a major step forward for cryptocurrencies. They are not going to use a payment method that isn’t secure.

But it seems that the vast majority of gamblers aren’t willing to embrace these new payment methods. It appears that the fact they just don’t understand them is the reason. The opinion that they are not trustworthy still exists and it’s a hard hurdle for cryptocurrencies to get over.

The YouGov survey found that nearly 54% of respondents hold that opinion. Just over half believe that cryptocurrencies are suspicious. One concern is that 52% of gamblers don’t see cryptocurrencies as long-term propositions.

As is often the case, the younger you are, the more you seem to understand the new kid in town. 13% of younger gamblers said they would be prepared to switch from a bank account to using a cryptocurrency.

They don’t share the view that cryptocurrencies will be here today but gone in the not-too-distant future. Their view is that they are here to stay and are the long-term way in which online financial transactions will be made.

There are still concerns of course over the volatility of cryptocurrencies. It was looking good for Bitcoin when going through the $60,000 mark but has slipped below that level since to around $55,000.

Not that this volatility should scare gamblers off as 17% of them replied that they would be more likely to go onto a stock market and take risks, compared to 12% for the general population. Among younger gamblers it was 25% willing to take a risk.

Cryptocurrencies are being used though. Over the past year, almost one in seven British adults have used Bitcoin for a financial transaction. That’s not the most popular payment method though with 24% having used Etherium and 18% using Binance coin. It’s an interesting survey and it’ll be interesting to see what the figures would be in a year or so.