42% Of Americans Know What Bitcoin Is

Tyler Durden's picture

While 6% believe Bitcoin is an "Xbox game", we are impressed that 42% of Americans polled by Bloomberg know what the virtual currency is. Furthermore, 55% believe it is "not better" that Bitcoin be regulated...

 

 

Source: Bloomberg

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InjectTheVenom's picture

You didn't encrypt that !

Skateboarder's picture

Bitcoins are digital arcade tokens. Did I get it right?

gmrpeabody's picture

Or is it a coin someone tested to see if it were really gold...?

Jack's Digestible Ideas's picture

So 42% know what it is, and 45% believe it should be regulated. This means that there's a large group of people who believe something which they know nothing about should be regulated by the government just because. Am I wrong to be so distraught about this notion?

DoChenRollingBearing's picture

Part Five gets written up when I get my Au...

mmanvil74's picture

For those who still can't grasp what Bitcoin is...

Bitcoin is an invention, like the automobile or electricity.  Bitcoin has a price in USD because it is used to transmit value and record transactions.  If electricity could have been denominated in dollars and purchased in finite amounts, would you have purchased some after it was invented?  If you were smart you would have, or by proxy you could have purchased shares of GE 100 years ago and done very well.  The difference here is that unlike electricity, segments of Bitcoin can be produced and "owned" by anyone.  It's ownership and control are not governed by corporations in the way that banks control the money supply or electricity companies control the supply of electricity.  It's production and ownership is decentralized, which is why it empowers the people who use it and own it.  It is the new form of money, get used to it, or better yet, get some.

Harlequin001's picture

'Bitcoin has a price in USD because it is used to transmit value and record transactions.'

No it isn't. It is bought and held by the majority of speculators who expect to sell it to some other knob head later on for more money.

Pseudonymous's picture

But, you see, the second "question" tells them that it is a currency and goes as far as to insinuate that all currencies (the phrasing is "just like other currencies"... which is just dumb double-talk) are currently regulated, which is of course false.

TwoCats's picture

Glad that 42% of my fellow citizens know what "bits" and "coins" are, and can put two and two together on a multiple choice question.

Jay Leno should be on the streets asking people: "Do you know what Bitcoin is?"  Bet he'd get some real comedy.

Wait.... I've been away from TV for a while.  Is Jay Leno still on late night?

fonestar's picture

I agree that the name "Bitcoin" is deceptive, it makes it sound like a coin, like a thing.  It doesn't really impute that it is a global, decentralized network.

InspectorBird's picture

the "network" may be decentralized, but bitcoins themselves are very much centralized.

http://12160.info/photo/927-people-own-half-of-all-bitcoins

kinda lika dollars and central bank.

 

 

fonestar's picture

Not at all like dollars.  We don't know how many people those addresses represent in reality.  We don't know who exactly owns the Fed but we do know they own all dollars + interest.  So comparitively Bitcoin is very much a level playing field.

silverserfer's picture

 yes, all suckers are welcome!

BLOTTO's picture

Im surprised that the number is that high...

that means, the masses are starting to dig for information outside the controlled MSM=good thing.

fonestar's picture

Many (most?) still heard of Bitcoin through their television set though.  So 42% of Americans have heard of Bitcoin which is far different than saying 42% of Americans know what Bitcoin is.

SilverIsKing's picture

I've read about Bitcoin on ZH, discussed it with you via our posts, and have purchased some Bitcoin.   I still don't know what it is.

fonestar's picture

Well you've purchased some so that's good enough.

wintermute's picture

People happily use smart-phones. The amount of technology which makes a cell-phone usable, let alone a smart-phone it absolutely phenomenal. Bitcoin is very clever, but much simpler in design and implementation.

It is not necessary for every phone user to understand cellular phone systems, integrated circuits, firmware, operating systems, applications.

malikai's picture

I'm pleased to say I clicked on that link, which led me right to this goldmine:

http://www.chron.com/technology/businessinsider/article/Bitcoin-Proves-The-Libertarian-Idea-Of-Paradise-5053528.php

"So the Bitcoin experience gives us a glimpse of Libertarian paradise: What life would be like with as little government interference as possible, in a market free of burdensome laws and taxes."

"Unfortunately, that experience looks like a total nightmare. It's characterized by radical instability, chaos, the rise of a boss-class of criminals who assassinate people they don't like, and a mass handover of wealth to a minority even smaller than the 1% that currently lauds it in the United States."

Man, that's some solid gold shit right there. You should have posted this link.

fonestar's picture

I don't often click on FUD but when I do need a good laugh I click on Business Insider.

itchy166's picture

All I need to know is that the MSM constantly tells me how horrible and scary they are.  Based on that alone, its worth owning some.

Kirk2NCC1701's picture

Ed, It's Leno's last season.  You can tell:  He's getting saucier and more daring each week.

The "I don't care, I'm filthy rich" effect is plain to see. More of us would be more honest, if we did not have jobs or businesses to worry about.

InspectorBird's picture

yes, bitcoin is ponzi of digital arcade tokens. thats pretty much it.

fonestar's picture

...according to a birdbrain.

Skateboarder's picture

I heard bitcoin was the new Pokemon for adults with a lot of spare time on their hands.

fonestar's picture

Maybe if you're a dismissive idiot that lumps Bitcoin in with tech stocks and video games.

Skateboarder's picture

lolololo your statement contains the answer. Bitcoin = tech stocks + video games.

silverserfer's picture

better be careful skateboarder, foenstar has the sword of staoshi, and has defeated the digital monster realitymon.

few can enter his realm(moms attic) and survive 

Skateboarder's picture

What do pokemon and bitcoin have in common? They were both designed by Satoshis!

Harlequin001's picture

Fonestar is talking through his arse, he's already conceded that his data is without substance and he hasn't the first clue about any of the 'hard facts' he persistently refers to.

 

ElvisDog's picture

Just took a look at the 2 month chart of bitcoin. I'm not really seeing a pattern that indicates a rise to six-figures. Fonestar???

http://bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv

Exponere Mendaces's picture

I'm expecting further negative news in relation to the "regulation" aspect. Just long enough so I can double my position. Then as spring starts to roll around, the money that had been parked will flow like melting snowcaps on the mountain peaks, directly into the Bitcoin market.

It only natural that we get a slump from all-time highs, just part of the cycle. Get ready for some bargains and be positioned for the next wave, is what I say.

Or just sit here and bitch, either way.

 

silverserfer's picture

that sould very similar to your feindish master plan on oneday having a girlfriend. 

ElvisDog's picture

You are on fire today, silverserfer, bravo....

Exponere Mendaces's picture

@silver"serf"er

I suppose you're too busy with your construction sign avatar to understand what I'm saying. That's okay, I have no problem making profits while you amuse your barking seal troll friends :)

I'm making my "fuck you" money while you're playing class clown at the ZH mixer. Some people just know their place, you know?

 

Yen Cross's picture

 "Exponere Menace" learns some basic Financial Legaleze... Typical of the processor effaced generation...

JuliaS's picture

Think of how stupid the average person is, and realize half of them are stupider than that.

- George Carlin

TeamDepends's picture

100% of foney know what Bitcoin is and he gon' tell yo ass right now.

fonestar's picture

The people demanded answers. 

fonestar came to spread the word of Satoshi.

InspectorBird's picture

you mean that cryptographer at NSA?

johny2's picture

You like bitcoins because you would like to make profit on back of it. Best to stay away from going fanatical about it, although in your case, it already happened. 

fonestar's picture

Bitcoin is a truly monumental achievement both technically and financially.  If I can't get fanatical about this what is there to get fanatical about?

johny2's picture

that is what I mean. being fanatical about it means your perspective narrows to the point where you think it is the most important thing.

 

I thought about buying it around 70 usd with idea of making some profit, and the oportunity passed while I was thinking about it. It would have been a smart move, and I would have sold it for sure when it reached 700 usd. It is a good idea, but the idea seems also easily copied and repeated. It will face a strong competition from a similar thing backed by regime. Need to estimate correctly the will and power of the people who control the present system. Anyway it is your money, good luck with it.

NidStyles's picture

Except the the tech is not new, and the concept is not either.

nmewn's picture

Good thing what you do on-line can't be tracked ;-)

TwoCats's picture

foney, the only way I know to have a chance of buying/selling bitcoin anonymously is to transact in cash, in-person, while using TOR, and then be sure that your wallet never gets accessed from an IP traceable to you, and never touches an exchange, and never transacts with another wallet you control that does either of those things.  Its a bit like being a drug dealer.