Bitcoin Survey: Virtual Currency Gaining Some Users

PayPal announced this week that it will begin accepting payments from customers that use Bitcoin. Bitcoin is an internet-based system of currency that isn’t regulated by any government authority or official banking institutions. Though Bitcoin has been around for awhile, this step is likely to have a big impact on its usage. So just how many have used Bitcoin or other virtual currencies? And how many are interested in doing so?

bitcoin

Bitcoin

In Ask Your Target Market’s latest survey, 13% of respondents said they have already used virtual currency such as Bitcoin. In an April 2013 survey, just 8% had used virtual currency like Bitcoin, so there has certainly been an increase over the past year and a half. In addition, 41% said that they haven’t used it, but they have at least heard of Bitcoin. And 46% said they’ve never heard of it.

Virtual Currency

Of those who haven’t already used Bitcoin or similar forms of virtual currency, just 5% said they would definitely be interested in doing so. 28% said they would probably be interested in using Bitcoin or similar forms of virtual currency. 44% said they would probably not be interested in using virtual currency. And 23% said they definitely would not be interested.

In general, 12% of respondents said they definitely think it would be beneficial to have a global system of virtual currency. 37% think it would probably be beneficial. 34% think it probably wouldn’t be beneficial. And 18% think it definitely wouldn’t be beneficial.

Concerns

But like any virtual system that has to do with money, there are concerns about security and scams. 42% of respondents said that they would worry about scams related to virtual currency so much that it would likely prevent them from using it. 44% said they might worry about scams related to virtual currency. And just 14% said they wouldn’t worry about scams.

You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.

Photo Credit: Bitcoin, business, tablet, boardroom, ipad from Flickr

What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.

Results were collected on September 30 via AYTM’s online survey panel.

ABOUT THE AUTHOR: Anne Pilon
Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.