Australians are getting to learn more about Bitcoin and other cryptocurrencies. However, some Australian residents still hold some misconceptions about the crypto industry. Widespread myths about Bitcoin and cryptocurrency among Australians have been revealed in a recent survey organized by Finder.com.
One of the major misconceptions the Australians hold is the belief that Tesla CEO and famous billionaire, Elon Musk, is the brain behind the creation of Bitcoin.
The survey concentrated on eight questions related to Bitcoin and blockchain innovation to each participant out of a thousand to rate their knowledge of the growing industry.
Summary of the Survey by Finder
Finder, a comparison platform, had interviewed over a thousand Australians to grasp the amount of knowledge they possess about cryptocurrencies.
The platform’s Consumer Sentiment Tracker used to rate the total responses from the participants revealed that over 98% of the participants couldn’t answer all eight questions that required either a true or false answer.
The belief that Elon Musk is the developer of the number one crypto asset is held by over 56% of the survey participants. The men that were interviewed were 62% more likely to make the blunder than their female counterparts. This misconception has long been denied by Elon Musk but is still held by the majority of Australians polled.
Another question that churned out conflicting responses is about the taxation of Bitcoin. A whopping 59% of the participants believe that profits from crypto trading are not taxed. However, Finder.com had mentioned that returns from crypto trading are treated as an investment income and are susceptible to tax.
The survey further reveals that 44% of participants hold the view that Bitcoin is over 15 years old. Another 44% believe that the Bitcoin reserves are inexhaustible and can be mined infinitely.
As regards the number of altcoins in circulation, 39% are certain that there are only less than a hundred other cryptocurrencies aside from BTC.
A whopping 31% have rated BTC way above its current market value, placing its value at over AU$100,000 which equals $77,000 while another 31% thinks Bitcoin cannot be used to purchase any commodity which happens to be very wrong as thousands of businesses in Australia accept payments in cryptocurrency.
Surprisingly, 22% of the participants think Bitcoin is a physical currency and can be carried about.