Britons baffled by bitcoin — even after investing

This post was originally published on this site

A fifth of investors who own cryptocurrencies either know nothing or very little about the digital assets, according to research that is likely to fuel concerns about the risks the fast-growing market pose to consumers.

A survey commissioned by Oxford Risk, a specialist in behavioural finance, found that 36 per cent of people rated their understanding of cryptocurrencies as “poor” or “non-existent” when they first bought the assets. Twenty-one per cent said they lacked an understanding of the market even after they had put money into it.

Fears are growing that the rising popularity of unregulated currencies such as bitcoin and ethereum will put increasing numbers of consumers in harm’s way. The Financial Conduct Authority, the regulator, has estimated that the number of Britons who