Not need understanding Bitcoin to use it

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The research, conducted by Rutgers University, found that new users of the technology are intimidated by the perceived complexity bitcoin technology, while more experienced users some errors show understanding of the issue of privacy and other misconceptions about the technology.

The researchers, led by Janne Lindqvist, an associate professor at the University of electrical and computer engineering, interviewed 10 users and 10 nonusers – 18 years and over, living in the US – To discover their opinions and understanding of digital currency. Bitcoin users were recruited from online sources such as Reddit, while users will not be found locally.

The Rutgers team surveyed more people with experience in the use bitcoin, asking questions about its technical aspects and user experience. In addition, participants were asked about other factors, such as privacy and security, investment activity, regulation and familiarity with other payment systems.

 

Lack of knowledge

The questions revealed that 10 nonusers four had never heard of bitcoin, while the remaining six were aware of it based solely on information obtained from the media or social networks.

Perhaps as a result, many non-users perceive digital currency as being technically complicated and “foreign”.

Participating users showed a low level of understanding of the mechanics of the bitcoin protocol, often revealing limited knowledge when asked about topics ranging from the definition of the components and terms of bitcoin mining system to process.

“Many of the descriptions of the bitcoin protocol users found how the protocol actually works, and yet this did not prevent them from being able to buy, sell bitcoins”.

In addition, some users mistakenly believe that bitcoin transaction has speeds faster than other electronic payment methods, the team said, citing the credit cards that have higher bandwidth.

 

As for privacy, many experienced users said that this feature is inherent in the bitcoin “and that personal information is not lost during transactions.”

Key findings

Based on responses from all participants, the team reached a number of conclusions:

  1. Users claimed that they cannot use bitcoin due to lack of expertise. The researchers found, however, that users do not need this knowledge to make transactions.
  2. People actively using bitcoin were not well familiar with its mechanics. Only one of 10 participants responded in a way that demonstrated deeper understanding of technology.
  3. Experienced users expressed a desire for government insurance of bitcoin deposits.
  4. There was a correlation between participants’ perceptions of what constitutes a system of payment and ideal aspects of Bitcoin in both groups.

Based on the survey results, the paper offers suggestions for designing Bitcoin and similar cryptocoins to further facilitate adoption.

“Some clear guidelines and classifications what you need to know for someone who just wants to use it, someone who wants to mine, and someone who wants to help build would be very useful. Positive reinforcement on Bitcoin through newspaper articles or tutorials can help the general population to correctly interpret bitcoin ”

 

 

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