70% of Bitcoin Users Don’t Understand How It Works New Survey Exposes Alarming Knowledge Gap
Nearly two decades after Bitcoin’s inception, a new survey from mining platform GoMining has revealed a troubling fact: the majority of Bitcoin users don’t understand how their cryptocurrency works. The survey, conducted in late June and involving more than 2,600 respondents from North America and Europe, suggests that the knowledge gap may be one of the biggest barriers to widespread adoption of Bitcoin and blockchain technologies.
Users Know Bitcoin Is Important, But Don’t Know How It Works
Despite Bitcoin’s trillion-dollar market cap and its meteoric rise to the forefront of global financial discussions, only 34% of survey respondents said they felt “very confident” in their understanding of the Bitcoin ecosystem. The majority of the rest either have a superficial or complete understanding of how the network works.
Notably, over 70% of respondents admitted that they felt “overwhelmed” when trying to learn about Bitcoin, largely due to confusing information, technical jargon, and a lack of accessible educational materials.
Users Have a Difficulty Explaining Bitcoin.
When asked if they could explain Bitcoin to others, only 9.6% responded that they could do so confidently as an expert. Meanwhile, over 66% only dared to explain the basics, or said they would have difficulty explaining Bitcoin clearly to others.
This shows that the level of understanding of the current user community is still very limited, despite many of them investing money and time into this ecosystem.
Most Confusing Aspects
The survey also highlighted the topics that users found most confusing:
How mining works: 28.2% said this was the most confusing part of Bitcoin.
Technical jargon: 22.2% noted that technical language was a major barrier.
When to buy/sell: 26.5% said they did not know when the right time to trade Bitcoin was.
These factors reflect both the technical complexity and the emotional component of learning and participating in the cryptocurrency market.
Users Want to Learn, But Need a Clear Direction.
On a positive note, the majority of respondents are not shying away from learning, but they do need more accessible learning tools. Specifically:
36.6% want step-by-step guides that are specific and practical.
33.4% prefer examples and case studies.
30.8% prefer short, visual explainer videos.
Only 26.1% think simple, non-technical explanations are enough.
These numbers highlight the urgent need for a comprehensive education strategy in the crypto industry, not only for newcomers but also for those who are already invested but still do not understand the underlying technology.
Knowledge Barriers May Slow Bitcoin Adoption
While Bitcoin is increasingly recognized by major financial institutions and attracts money from traditional investors, the survey suggests that the biggest barrier to the market’s sustainable growth may not be regulation or price volatility, but rather a lack of understanding.
The knowledge gap not only leaves users feeling insecure, but also prevents them from fully utilizing Bitcoin’s potential – from storing value, trading peer-to-peer, to engaging in activities like mining, staking, or integrating with DeFi.
A Wake-Up Call for the Industry.
As more and more institutions like BlackRock, Fidelity, and pension funds enter the cryptocurrency market, raising awareness and basic knowledge about Bitcoin will not only help individual users make informed decisions, but also lay a solid foundation for the long-term development of this ecosystem.
The true value of Bitcoin lies not only in its price or market capitalization, but also in users’ understanding and belief in the technology behind it. The GoMining survey is a reminder that, to move forward, the market needs more than just capital – it needs enlightenment.