Most U.S. Consumers Uncomfortable with Using Alternative Currencies

A new survey shows that U.S. consumers are mostly unaware of Bitcoin and the concept of alternative currencies, and also would never use them.

Even though financial services professionals are increasingly paying attention to Bitcoin, most U.S. consumers are not, according to research released yesterday by The Street. The overwhelming majority (76%) of the consumers surveyed in the study said they were not familiar with Bitcoin. And 79% said that would never consider using Bitcoin, the survey, conducted by GFK North America, a market research firm, found.

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Younger consumers were no more likely to be aware of Bitcoin than the older respondents, the survey found. But they were more likely to be willing to use crypto-currencies; 32% of the respondents between 18-24 years old said they would consider using an alternative currency like Bitcoin. Only 11% of the respondents over 65-years-old said they would be willing to use an alternative currency. Additionally, 57% of the respondents in the 18-24 age range believe that Bitcoin helps the global economy, the survey found.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio