Bank of Canada Report: Bitcoin adopters are more likely to carry cash

The Bank of Canada recently released a 2018 Bitcoin Comprehensive Survey to assess Canadian citizenship and use of Bitcoin. When examining the survey data, the report observed that the probability of bitcoin cognition was affected by age (degree of cognitive decline with age), gender (feeling less likely by women), and place of residence (are living outside of British Columbia) )Impact. The report estimates that as education and income increase, Canadians are more likely to be aware of Bitcoin and whether they can correctly answer any financial knowledge questions raised in the survey. Interestingly, the report claims that the possibility of owning Bitcoin increases with unemployment. The likelihood of bitcoin recognition increases as financial literacy increases, while ownership decreases. This means that the more financially a person is, the less likely they are to have a cryptocurrency. The report adds that typical Canadians value the security of online transactions more than twice the Bitcoin adopters, which is almost twice as large as the former. In addition, the report states that adopters tend to carry more cash than non-adopters. However, they are also more likely to accept cashless status. This may be because people who use cryptocurrencies may be more inclined to decentralized management and tend to distrust centralized banking solutions.