70% of Bitcoin Users Don't Understand How It Works, Gomining Survey Finds

A new survey conducted by Bitcoin (BTC) mining platform Gomining revealed a surprising knowledge gap among cryptocurrency enthusiasts, which may be slowing down broader acceptance.

Nearly 17 years after Satoshi Nakamoto mined the first Bitcoin, most users still do not feel confident about its fundamental principles despite the market capital reaching trillions of dollars.

Users Know Bitcoin is Important, But Don't Know How It Works

The survey, shared exclusively with BeInCrypto, identified a direct correlation between cryptocurrency education and market participation.

Only 34% of survey participants felt "very confident" about the Bitcoin ecosystem, while most expressed confusion about how Bitcoin operates.

Some survey participants indicated feeling frustrated by conflicting online information and persistent industry educational barriers. Although many are willing to engage more actively with Bitcoin, they often feel hindered by the complexity of core concepts.

"Over 70% of users admit feeling overwhelmed when trying to learn about this topic," the survey stated.

This barrier suggests education may be as crucial to acceptance as price action or regulatory clarity.

When asked about their comfort level explaining Bitcoin to friends, only 9.6% said they would "sound like an expert." Meanwhile, 66.3% of survey participants indicated they could only explain basic things or would struggle to articulate anything.

What Are the Biggest Challenges for Bitcoin Users?

The survey highlighted the greatest challenges. 28.2% of users pointed out "how mining works" as the most confusing aspect of Bitcoin.

Subsequently, "technical terms" were also presented as a major concern, with 22.2% of survey participants highlighting it as a challenge. Meanwhile, 26.5% said they do not know when to buy or sell Bitcoin.

Collectively, these pain points highlight the emotional and practical complexities users face even after entering the cryptocurrency ecosystem.

In this context, 36.6% of survey participants wanted practical step-by-step guidance to help them understand the market.

Meanwhile, 30.8% wanted short explanatory videos, while 33.4% preferred practical examples and case studies. Interestingly, only 26.1% said simple, non-technical explanations would make them feel comfortable in this space.

Although many users are not opposed to learning, these preferences indicate the industry lacks comprehensible and accessible resources. In this context, many users remain hesitant or confused about Bitcoin, not due to lack of interest, but due to lack of clarity.

This educational gap may be slowing down the acceptance process, as understanding how Bitcoin works at a basic level remains a barrier for most people.

Notably, this survey was conducted as Bitcoin becomes increasingly popular, with traditional investors and organizations rushing into this field. Experts suggest the increase in Bitcoin treasury companies might eventually bring them into the ranks of top Wall Street businesses in the coming decade.

Notably, this survey was conducted just less than a month ago in the last week of June, with over 2,600 participants from North America and Europe.