Survey: users don’t believe in Bitcoin value advance and hardly trust crypto-exchanges

Special: Read in Russian

From March 31st to April 11th ForkLog in association with Pirate Party of Russia and Roskomsvoboda (Russian Committee for Freedom) has been holding a survey ‘Bitcoin in Russia and CIS countries’. We have prepared a detailed report on the findings which came as a surprise even to the ForkLog editorial board.

Respondents

Among 789 people surveyed, 80% were residents of Russia, 10% of Ukraine, 3% of Belarus, 2% of Kazakhstan, 1% of Baltic states, and 4% from other cointries. More than a half of those surveyed (61%) claimed their involvement in active citizenship.

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49% of the respondents claimed to have average income while just 11% told they had incomes above average. 82% of those surveyed think that distribution and non-profit-making use of information content should be free of charge.

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Attitude towards Bitcoin

52% of the respondents are aware of Bitcoin and actively use the currency while 43% are aware of it yet do not use it. As it turns out, only 57% of our readers actually hold bitcoins. 61% of those surveyed paid for goods or services with cryptocurrency.

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Bitcoin as an investment

39% of the surveyed don’t keep their savings in Bitcoin form yet they’re planning to do so. 24% keep 5 to 20 percent of their free assets in bitcoins. 9% invest all their free assets in cryptocurrency. The rest of the surveyed don’t consider Bitcoin an investment tool. As for altcoins, just 33% of the surveyed use alternate cryptocurrencies as an investment tool.

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Bitcoin ban

Answering the question on governmental attitude towards cryptocurrency, 77% said it was negative, 12% did not know about it, while 10% lived in countries where cryptocurrency is ignored. Only 1% claimed their countries are integrating Bitcoin.

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However, 93% are negative about government attempts to bat Bitcoin, while there is 1% that feel positive about it (does it mean that there were Roskomnadzor employees surveyed as well?)

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71% will carry on using Bitcoin even if it involves administrative or criminal liability. Only 20% claimed that fear of punishment could hinder them.

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67% of those surveyed aren’t ready to actively partake in legalization and intergration of Bitcoin in their country due to lack of interest. 23% are ready to sign petitions and partake in round tables with government representatives. 10% are ready to go radical and even suffer in the name of Bitcoin integration.

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Mistrust towards exchanges

51% of the respondents expectedly do not trust Bitcoin exchanges while 39% still use their services. Exchanges of foreign origins are trusted by 14% of the surveyed while 3% trust only their local ones. There are also 7% of very brave people who trust any exchange whatsoever. Interestingly enough, 14% of those surveyed keep their bitcoins in exchange-provided wallets.

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Bitcoin Foundation never heard of

51% don’t know what is Bitcoin Foundation, while 21% don’t trust foundation’s local agency.

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Block chain and the future

45% of the respondents believe block chain technology to change the world within next 20 years. 13% don’t know what is that block chain thing anyway, and 5% don’t believe in any prospects of the technology. 37% think that some changes are possible in particular countries but not globally.

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To the Moon

The ‘to the Moon’ seems likely to happen only to 10% of those surveyed who believe that by the end of 2015 Bitcoin will have costed over $1,000. Only 3% think that Bitcoin will depreciate, and 5% assume the cryptocurrency value won’t overcome the $200 threshold. More than a half of the respondents (56%), however, think that Bitcoin value will stay within the range of $ 200 to $ 1,000. 26% of the respondents refused to predict the unpredictable.

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ForkLog editorial board wishes to thank all our readers who participated in the survey. Stay tuned!

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