73% of Britons do not know what cryptocurrencies are

The British institution supervising financial markets, the Financial Conduct Authority (FCA), presented a report with research on the level of knowledge of British people about cryptocurrency. Their attitudes and awareness of their use were also checked.

"Cryptocurrencies are easy and quick profit"

The very goal of the study was to diagnose the main threats posed by digital tokens for British consumers. Their rapid development and ongoing fashion driven by online influencers, businessmen as well as affiliate programs often create false illusions. It turns out that the vast majority of Britons believe that cryptocurrencies are a way to get a quick income, without having to make more effort and risk.

Every fourth consumer does not know what cryptocurrencies are

The results of the research clearly showed that the majority, as many as 73% of the respondents, do not know what cryptographic assets are and for what purpose they were created. The remaining part, which is fluent in the topic, is most often men from 20 to 44 years old. The report also says that only 3% of all respondents made a transaction related to cryptocurrencies, of which 50% of them are transactions with a value not higher than 200 GBP.

Despite relatively small transactions, research has shown that very few traders carried out earlier research before making a decision to buy virtual coins. What's interesting,

Christopher Woolard, Executive Director of Strategy and Competition at FCA, said:

“This research gives us evidence that we didn't have before about consumer interactions with cryptographers. This will help ensure that we are acting on an evidence-based approach to protect consumers and the integrity of the marketplace. The results suggest that while cryptography may not be well understood by many consumers, the vast majority of them do not currently buy or use it. While research does suggest some harm to individual crypto users, it doesn't suggest much of an impact on wider society. Nevertheless, cryptos are complex, volatile products - consumers investing in them should be prepared to lose all their money. "

According to the surveyed, the most popular cryptocurrency is Bitcoin (50% of the votes of people who buy or buy tokens). In second place with the result 34% is Ethereum.

BROKERS OFFERING BITCOIN - OVERVIEW

The next step of the FCA, in cooperation with the National Bank of England and HM Treasury, is conducting research on the ban on the sale of selected types of cryptographic assets individual investors in Great Britain. This idea it was initially presented in October last year.

The full content of the FCA report