A new poll carried out by UK-based market research firm YouGov indicates that a majority of UK shoppers would rather not pay for their merchandise using digital currency like bitcoin.
The poll was conducted on behalf of Venda, an e-commerce platform.
Of a sample size of 2,052 adults in the United Kingdom, 71 percent said they weren’t keen on having bitcoin as a payment option. 8 percent of respondents said they wanted the option, as they felt digital currency like bitcoin is indeed a valid currency.
Those in favor of paying for their goods with digital currencies had other reasons, too. 6 percent said they enjoy the anonymity of these types of payments. 5 percent said they enjoy the discounts they receive from some merchants, and another 5 percent like they fact they needn’t carry cash.
Poll data suggests 43 percent of UK consumers don’t trust bitcoin, and 24 percent felt it a poor investment vehicle.
“…our research warns of a fundamental mistrust of Bitcoin and need for more education on how these virtual currencies actually work if they are to truly take off. A time may come where consumers can pay in-store using Bitcoin, but for now the fact that the price of a Bitcoin is in constant flux means that it’s simply not a viable way for businesses to take money for products,” said Eric Abensur, CEO of Venda, according to The Drum. “Even those that are currently taking payment by Bitcoin for products or services are, by and large, converting that to a standard currency for safe keeping and further use.”