RSS feed Get our RSS feed

News by Topic

BizReport : Ecommerce archives : April 21, 2014

Survey: Bitcoin making more waves

Bitcoin is still fairly unknown to the bulk of consumers, but it is gaining ground. That is the takeaway from a new survey out which indicates nearly half of consumers now at least know about Bitcoin. . .even if they haven't used it yet.

by Kristina Knight

Bitcoin is a currency developed in 2009 and allows shoppers to buy products without transaction fees and without offering up personal information; the payments can be used internationally. While many SMBs have embraced the payment option because there are no fees attached, some experts aren't certain Bitcoins are a good idea.

Whether or not Bitcoins are 'good' or 'bad' isn't in question for this survey; what is in question is how pervasive the payment option is. The news is good for proponents of Bitcoin - more than 46% of consumers now say they are familiar with what Bitcoin is; that is an increase of nearly 13% since January 2014.

Other interesting findings from the survey include:

• 60% said they 'would use' Bitcoin for online purchases, 28% said they would use it for in-person transactions
• 4 surveyed (March 2014) said they are using Bitcoin to make purchases; only 1 person noted they used it for purchases in February and January surveys

The survey was conducted by SurveyMonkey in collaboration with BlueShift

As for how mainstream Bitcoin has become, Jumio has formed BISON, the Biocoin Identity Security Open Network; members come from the eight leading Bitcoin networks. BISON is set up to spread the word about Bitcoin options for consumers.

"We believe that crypto-currencies, and Bitcoin chiefly among them, are an important new part of the payments world, however, to reach their full potential it's time to instill a higher degree of confidence in the system," said Daniel Mattes, Jumio founder and CEO. "The vast majority of Bitcoin users are honest and engaging in a range of legal transactions, but a small minority are not and that threatens the entire ecosystem especially during this formative period. BISON is designed to minimize the problem by weeding out those who use false or manipulated IDs which is a strong indicator of intended fraud or other illegal activity."

Image via Shutterstock

Tags: bitcoin, Blueshift, ecommerce, ecommerce payments, Jumio, SurveyMonday

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.