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New Survey: More than half of Russian Population Aware of Bitcoin

New Survey: More than half of Russian Population Aware of Bitcoin

Reading Time: 2 minutes by on January 23, 2018 Bitcoin, News

A recent survey by Russian Public Opinion Research Center (VCIOM) indicates 56 percent of Russians are cognizant about cryptocurrencies particularly bitcoin, however, the majority of them do not wish to own the cryptocurrency.

The study reads “Over half of Russians (56 percent) are aware of bitcoins (however, only 13 percent know in detail), and another 14 percent have heard only the term.”

Bitcoin popular among Russia’s Youth

The new survey suggests the youth of Russia are more driven toward the crypto space, with awareness over 75 percent. Moreover, 71 percent of all men have some knowledge of Bitcoin.

The study also points out that the country’s urban area has shown more interest over cryptocurrencies, where over three-quarters of residents in Moscow, the capital, and Saint Petersburg, the country’s second largest city, have awareness about the decentralized digital currency. However, it is a shocker that only nine percent would want to buy it in the future.

“In general, it can be said that bitcoins have not yet gained popularity among our fellow citizens: two-thirds of Russians who heard about them (67 percent) consider investing money in bitcoins as an unprofitable investment, only nine percent suggest that they could acquire them in the future” emphasizes the survey.

Despite bitcoin being fairly popular in the country, 40 percent of the survey participants consider the cryptocurrency as a payment method and not an asset. With regard to security of funds on the blockchain, 36 percent are confident that stealing cryptocurrencies is difficult. In contrast, 33 percent of the participants believe it is easy to steal the digital cash.

Bitcoin & Blockchain: 2017’s most popular words on Social Media

The online trend supports the above survey where 56 percent Russian are aware of bitcoin. As per Medialogia, over 185,000 publications are now actively publishing about bitcoin and the entire cryptocurrency space. Additionally, the trend also reflects on social media.

According to Medialogia, Bitcoin is the most popular word on social media with blockchain taking the second spot. Other cryptocurrency-related topics that make it to the top ten most popular words on social media in 2017 are cryptocurrency, ethereum, and mining.

However shockingly from all the survey participants, 16 percent of them assume bitcoin is banned in Russia while 34 percent believe it can be purchased by anyone.

The poll exhibits the difference of opinion among Russians which mainly have occurred due to the developing crypto space in the country. However, one can not refute the growing awareness of bitcoin’s existence.

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