Study Says Majority of Bitcoin Users Admit They Don’t Understand It

A staggering 70% of Bitcoin users openly admit they don’t fully understand how Bitcoin works, according to a new GoMining survey. Despite Bitcoin’s trillion-dollar market cap and growing institutional support, it remains a mystery to most of its users.

GoMining polled over 2,600 crypto users across North America and Europe. The results? Only 34% said they felt “very confident” about their understanding of Bitcoin. Just 9.6% claimed they could explain Bitcoin to a friend and “sound like a pro.”

Biggest Confusion Points Among Bitcoin Users

The survey revealed the most common pain points users experience while navigating Bitcoin:

• 28.2% don’t understand how Bitcoin mining works

• 26.5% are unsure about when to buy or sell

• 22.2% are confused by technical terms

Even seasoned users struggle with basic concepts like supply limits, wallet infrastructure, and network security. The knowledge gap might create emotional friction and slow down mainstream adoption. Even if it does not hamper adoption on a large scale, it might propel more new investors to trust scam sources.

Why Does Crypto Knowledge Lag in Pakistan Too?

1. Widespread Educational and Awareness Gaps
Lack of accessible education in local languages is a major inhibitor. Most crypto content is in English, alienating many Pakistanis and leading to widespread misunderstandings and mistrust.

2. Regulatory Uncertainty Deters Learning
Pakistan’s unclear or shifting stance (bans on banking cooperation and lack of formal regulation) creates confusion and discourages serious interest.

3. Scam Scare and Loss Aversion
Frequent scams, pump and dump schemes, and crypto cartel-style losses leave many wary. This discourages new users from learning the fundamentals.

4. Investment Without Understanding
Many Pakistanis join crypto trading for quick profit based on YouTube, TikTok, or guru tips. Which is often without grasping what they’re buying or how exchanges function. This gamble mentality drives losses and erodes educational incentive.

5. Cultural and Religious Hesitations
Islamic finance concerns whether crypto is halal or not prevents open curiosity and study.

What Bitcoin Users Really Want

Study also notes that people want a crypto education that is practical, relatable, and easy to digest:

• 36.6% prefer step-by-step guides

• 33.4% want real-world examples or case studies

• 30.8% favor short explainer videos

• Only 26.1% want simplified, non-technical explanations

These findings highlight a pressing need for better educational tools, especially now when Bitcoin has become a massive asset. While interest in Bitcoin is surging, especially among institutions, poor public understanding could keep adoption stuck in neutral.