71% of Britons distrust Bitcoin

The future success of Bitcoin on UK shores looks uncertain, with 71 per cent of consumers reporting that they would not like to have the option to pay using the virtual currency. 

In contrast,global transactions of Bitcoin have increased over ten-fold over the last year to an average £40m per day in February 2014, making the virtual currency a hard trend to ignore for some businesses.

The main concern for 43 per cent of consumers was that they did not trust the virtual currency, although the same number also admitted that they don’t fully understand how the currency works, which could explain the distrust. 

This lack of understanding around how new virtual currencies (such as Auroracoin, Litecoin and Peercoin) work was particularly felt among women, with almost half (49 per cent) saying they were unfamiliar, compared to 36 per cent of men. 

In addition, 24 per cent of those that didn’t want to use Bitcoin reported that they were concerned that the currency is unstable, potentially meaning that they would worry about paying more for items compared with other payment methods.

On the other side, The main reason UK consumers would like to have Bitcoin available while shopping online was simply that it is a valid currency, therefore should be available (eight per cent). The anonymity that Bitcoin offers appealed to six per cent of those polled, who like the fact they can make purchases without having to reveal their identity. 

Consumers were also willing to use Bitcoin if retailers were to offer discounts for use of the new virtual currency (five per cent) or if it meant they no longer had to carry cash (five per cent).

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