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

News and Analysis
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.


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.


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.



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.


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.


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?)


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


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.


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.


Bitcoin Foundation never heard of

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


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.


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.


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

Read Also
Russia loses its future by banning Bitcoin, or another cryptocurrency eulogy

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