It’s been a tumultuous month for the bitcoin community. A series of scandals has seen the price of the leading crypto-currency fall by over 50% from its peak of almost $1200 in December.
There’s been no shortage of criticism of bitcoin from economists and leading business people who see its recent woes as the start of its decline.
Yet despite all of this, the price is rising again and advocates of digital currencies remain optimistic.
Their outlook has been boosted by other news such as HRMC’s updated guidance that VAT is not chargeable on bitcoin transactions, which addresses a major spur to bitcoin-related innovation in the UK.
So is bitcoin real or still a passing fad? What needs to happen for it to move from its status as a water-cooler topic, to a genuine financial tool used by many people?
In February we surveyed 2,065 adults on their awareness and usage of bitcoin.
Our research identified three of the challenges facing these emerging currencies: security, usability and the language of crypto-currencies. Recent events have highlighted that these issues remain a challenge that the bitcoin sector needs to overcome.