Bitcoin has gained notoriety quickly over the past few years, as more people become familiar with cryptocurrencies. While the majority of the public is still skeptical regarding the safety and security of the currency, bitcoin's user base has been growing.
However, although bitcoin enthusiasts say the payment system has made major gains over the past few years, a new study shows the cryptocurrency is still widely misunderstood, even by those who use it.
Limited Understanding
A peer-reviewed study conducted by Janne Lindqvist of Rutgers Wireless Information Network Laboratory showed both users and non-users of the cryptocurrency have only a basic understanding of how bitcoin works and how safe it is to use.
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For those who have yet to try bitcoin, the study indicated they worried about adopting the currency and saw setting up an account as too difficult.
Users Misinformed
Surprisingly, the study also showed that many of those who use bitcoin regularly also found the system difficult to understand. Not only were bitcoin users misinformed about the level of security bitcoin transactions provide, but they also struggled to wrap their minds around how bitcoin transactions are carried out.
Government Backing Important
Another factor from the study that garners attention was that both users and non-users were keen for further government intervention for Bitcoin. While users typically expressed anti-government views and said less regulation was important to them, they still said that backing from the government would make the bitcoin system more secure.
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