A new study has revealed misconceptions held by both bitcoin users and non-users regarding the digital currency’s usability, functionality and anonymity.
The research , carried out by Rutgers University, found that, while the technology’s new users were put off by its perceived complexity, more experienced users generally displayed poor understanding of how bitcoin works and overestimated how much privacy it offers.
The researchers, headed by Janne Lindqvist , the university’s assistant professor of electrical and computer engineering, set out to understand why more people have yet to adopt bitcoin as a payment method given its potential to advance how individuals manage their finances. Further, it sought to inform bitcoin developers on how they can improve the technology’s user experience.
The team conducted interviews with 10 users and 10 non-users – aged 18 and over and living in the US – to discover their opinions and understanding of the digital currency. Bitcoin users were recruited from online sources such as Reddit, while non-users were found locally.
The Rutgers team further probed people with experience of using bitcoin, asking questions regarding its more technical aspects and their user experience. In addition, they queried the participants on other factors, such as privacy and security, investment activity, regulation and familiarity with other payment systems. Knowledge deficits
The questions revealed that, of the 10 non-users, four had never heard about bitcoin while the remaining six were aware of it based only on information gleaned from the media or social networks.
Perhaps as a result, many of the non-users perceived the digital currency as being technically complicated and "foreign".
The user participants demonstrated a low level of understanding about the mechanics of the bitcoin protocol, often revealing limited knowledge when asked about topics ranging from defining components and terms of the bitcoin system to the mining process."Many of the users’ […]
