One in Three Australians Knows About Bitcoin, Mobile Payments On The Rise

Gauging everyday people’s interest about Bitcoin and digital currency is not as easy as it may sound. Not just because most people on the street have absolutely no idea as to what Bitcoin is or does, but also because it’s hard to put those results into demographics and statistics. Australia-based Fair Go Finance recently conducted a Bitcoin survey during “The Future of Money”, and these are their findings.

Bitcoin is Relatively Known in AustraliaFair Go Finance Small

Conducting a Bitcoin survey during an event such as “The Future of Money” – which is attended by financial experts from all aspects of life – gives Fair Go Finance a proper idea of how much people know about this disruptive digital currency. And with 3,148 people completing this survey in April of this year, the results were made publicly available just a few days ago.

Keeping in mind all those statistics are representative of Australian citizens, 34% of the people who completed the Fair Go Finance survey have some knowledge about Bitcoin. As most of our readers will be aware, Australia has been the center of attention in terms of Bitcoin taxation in the past year. With one in three surveyees knowing what Bitcoin is, it looks like Australia could be a potential hot spot for digital currency activity in years to come.

But what makes such a survey truly interesting is the representation of the sexes. Finance is a world dominated – for the most part – by males, even though there are many capable women to be found in the financial sector. Bitcoin is often criticized as being a male-centric world as well, despite having some very powerful females among its core believers.

In Australia, however, there isn’t such a big gap between men and females in terms of knowledge – or lack thereof – about Bitcoin. Of all respondents, 43% of males stated they have knowledge of Bitcoin, whereas 28% of females have heard of Bitcoin. On the other hand, 72% of females and 57% of male surveyees had never heard of Bitcoin before;  both quite interesting statistics in their own right.

One of the most common misconceptions about Bitcoin is that is “only something the kids use”. Nothing could be further from the truth.  The gap between Generation X and Generation Y is nearly non-existent. In terms of Bitcoin knowledge, 34% of Generation X and 33% of Generation Y know about bitcoins. These numbers indicate this new technology and payment method is being used by the “previous generation” as well.

The Future of Mobile Payments to Include Bitcoin?fairgofinance-infographic

Several countries around the world are looking to evolve towards a cashless economy, where people will rely on other forms of payment to make life more convenient. Traditional financial institutions would like nothing more than for everyday consumers to use their bank, debit and credit cards more often, as the associated fees per transaction will help their business grow.

That being said, our society may very well bypass the idea of using card transactions as well, and jump directly into mobile payments. According to the Fair Go Financial survey, 30% of Australians expect to use their mobile phone for all financial transactions by 2017, which is just a year and a half from now. Plus, 37% of respondents stated they will use a mobile device for the majority of their financial needs by that time.

When mobile payments become a mainstream occurrence, the question becomes whether or not Bitcoin will play any role in this evolution. Even though Bitcoin payments are mobile-oriented in most cases, global adoption has not taken off just yet. However, as more and more people will look to use their mobile device for everyday payments, Bitcoin may very well be the solution they have been looking for.

“The Bitcoin story continues to unfold and while Cryptocurrencies haven’t had as much traction in Australia, it is encouraging to hear support from the likes of Commonwealth Bank which seems to be embracing, if not pioneering the shift here. That said, there is still a lack of awareness in Australia as only 34% of Australians in our survey indicated they were aware of Bitcoin. There has been a lot of expectation, or perhaps pressure, put on cryptocurrencies for 2015 so it will be interesting to see where we end up. Nevertheless, the continued attention and focus on Fintech will be very beneficial to the industry.” – Fair Go Financial

Source: Slideshare

Images courtesy of Fair Go Financial, Future of Money and Shutterstock