Scams, fraud and other negative stories keeping Japanese away from Bitcoin

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Do you know about virtual currencies? graph of japanese statistics

The company Bird, who sell the virtual currency New Century Currency, and the tax accountants Meijidori, together run seminars on tax reduction, presumably including information on tax issues surrounding virtual currencies like Bitcoin. Thus, they jointly sponsored a survey by iResearch into buying and using virtual currencies.

I personally wouldn’t touch Bitcoin with a barge-pole, and as a regular reader of /r/Buttcoin and its sister sub-reddit /r/SorryForYourLoss I know all too well of the scam artists and frauds that infest the virtual money world.

Research results

Q1: Do you know about virtual currencies? (Sample size=6,930)

Know them well (to SQ)3.5%
Know them (to SQ)17.1%
Just heard the term50.5%
Don’t know about them28.8%

Q1SQ: Are you interested in purchasing or using virtual currencies? (Sample size=1,431)

Yes37.0%
No63.0%

Q2: Why are you interested in buying, using virtual currencies? (Sample size=300, multiple answer)

Can use the same currency the world over32.0%
Can send money to other people with no or little fees28.0%
Been a theme on news, etc27.3%
Can cheaply and easily exchange it with dollars, Euro, yen, etc26.3%
Can use with e-commerce24.0%
The number of physical locations worldwide where it can be used is increasing22.3%
Is an investement19.0%
Much cheaper for international transfers18.0%
Interested in BlockChain technologies14.7%
Interested in the FinTech field13.7%
Cheap and easy to exchange between virtual currencies13.0%
Can protect my assets against hyper-inflation, other financial crises12.7%
Can reduce tax (hide assets from tax, etc)12.7%
Laws surrounding the use of virtual currencies have been amended12.0%
Don’t want to miss out4.3%

Q3: In the last year have you bought or held virtual currency? (Sample size=300)

Both bought and held (to SQ1)23.7%
Neither bought nor held (to SQ2)71.7%
Have bought, held, but not recently (to SQ3)4.7%

Q3SQ1: How much in Yen are you currently holding in virtual currencies? (Sample size=71)

Under 10,000 yen14.1%
10,000 to 49,999 yen23.9%
50,000 to 99,999 yen14.1%
100,000 to 499,999 yen23.9%
500,000 to 999,999 yen11.3
1,000,000 to 4,999,999 yen7.0%
5,000,000 to 9,999,999 yen2.8%
10,000,000 to 49,999,999 yen1.4%
50,000,000 to 99,999,999 yen0.0%
Over 100,000,000 yen1.4%

Q3SQ2: Why do you not buy, hold virtual currencies? (Sample size=215, multiple answer)

There have been Mt Gox and other frauds30.7%
Lots of virtual currency fraud, other negative news stories25.6%
Has dodgy, shady, otherwise bad image25.6%
Don’t know how to buy25.1%
Don’t think now is the time to buy25.1%
Don’t need to deal with virtual currencies21.4%
There are lots of overseas exchanges, so it would be unsafe to buy14.9%
Probably lose, won’t make money14.4%
Don’t have friends, family who have dealt with virtual currencies13.5%
Other0.5%

Q3SQ2: Why have you quit buying, holding virtual currencies? (Sample size=14, multiple answer)

There have been Mt Gox and other frauds42.9%
No longer need to deal with virtual currencies28.6%
Lots of virtual currency fraud, other negative news stories28.6%
Few shops, sites where they can be used21.4%
Has dodgy, shady, otherwise bad image21.4%
Price has dropped, I lost money14.3%
Purchasing methods have become more strict, bothersome14.3%
Don’t think now is the time to buy14.3%
Inconvenient compared to other payment methods7.1%

Q4: Which of the following virtual currencies do you know? (Sample size=300, multiple answer)

Bitcoin96.7%
Ripple23.7%
Ethereum22.3%
Litecoin17.7%
HORIEMONCARD14.0%
fujicoin13.0%
Peercoin12.0%
monacoin10.3%
Dogecoin10.3%
samuraicoin9.7%
Stellar9.7%
Dash9.3%
BitShares9.0%
MaidSafeCoin8.7%
eternal coin8.3%
Factom6.0%
NEM5.7%
Satoricoin5.7%
Monero5.0%

Q5: In the future, which of the following virtual currencies would you like to buy, interested in, want to use? (Sample size=300, multiple answer)

Bitcoin87.3%
Ethereum13.3%
Ripple11.3%
Litecoin8.7%
HORIEMONCARD8.0%
fujicoin7.7%
Peercoin5.3%
samuraicoin5.3%
BitShares4.7%
Stellar4.7%
monacoin4.3%
MaidSafeCoin4.3%
Dogecoin4.0%
Dash3.3%
Satoricoin3.3%
eternal coin3.3%
NEM2.3%
Factom2.0%
Monero1.7%

Q5: In the future, which one of the following virtual currencies would you most like to buy? (Sample size=300)

Bitcoin82.3%
fujicoin3.0%
Ethereum2.7%
Ripple2.7%
HORIEMONCARD2.7%
Peercoin1.7%
samuraicoin1.3%
MaidSafeCoin1.0%
Litecoin0.7%
Stellar0.7%
Satoricoin0.7%
monacoin0.3%
eternal coin0.3%
Dash0.0%
Dogecoin0.0%
NEM0.0%
Factom0.0%
Monero0.0%
BitShares0.0%

Q6: Where do you use, would you like to use virtual currencies? (Sample size=300, multiple answer)

 Want toMost want to
Internet shopping51.3%34.3%
Exchange35.7%17.0%
Receiving, making payments, overseas money transmission33.7%12.0%
Physical shops27.0%8.0%
ATM25.7%5.3%
Cafe17.7%4.0%
Ramen shop17.3%3.7%
Sushi shop16.0%2.0%
Yakiniku (grilled meat) restaurant13.3%1.3%
Corresponence courses12.7%1.7%
Donation11.3%2.0%
Dentist9.7%1.3%
Hairdressers8.0%0.7%
Veterinarian7.0%1.0%
Beauty clinics7.3%2.0%
Schools6.0%0.3%
Acupuncturist, chiropractise5.7%0.7%
Izakaya (dining pub)13.0%1.7%
Bar8.0%0.7%
Other0.3%0.3%

Q7: Have you ever attended seminars, study meetings, etc on virtual currencies? (Sample size=300)

Yes, often (to SQ)9.7%
Yes, sometimes (to SQ)19.7%
No, never70.7%

Q7SQ: Were these seminars, study meetings, etc useful? (Sample size=88)

Yes, very much so35.2%
Yes, somewhat59.1%
No5.7%

Q8: What do you think the future holds for virtual currencies? (Sample size=300)

Will become as common as credit cards, electronic cash35.3%
Awareness will grow, but it will have limited application26.3%
Once regulations are in place, it will eventually become commonplace23.0%
Will stay a niche application10.0%
Will just peter out5.0%
Other0.3%

Demographics

Between the 12th and 16th of May 2016 6,930 members of the iResearch monitor group aged between 20 and 69 completed a private internet-based questionnaire. Of the approximately 530 people in Q1SQ who answered that they were interested in or had already bought virtual currencies, 300 were selected to answer the subsequent questions.

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