Is Bitcoin Expanding Its Reach?

Bitcoin is slowly gaining more notoriety as the currency is adopted as an acceptable form of payment by a growing number of merchants. However, the cryptocurrency is still struggling become a household name as its use remains confined to a small percentage of the population. A recent study by

showed that although the cryptocurrency has gained some traction, rich, white males still make up the majority of bitcoin's user base.

A survey entitled "Who Really Uses Bitcoin" showed that the vast majority of bitcoin users were still young people aged between 25 and 34. Responses from 3,515 bitcoin users showed that nearly 60 percent were under the age of 35.

The figures also indicated that women are still reluctant to use cryptocurrencies; more than 90 percent of the people surveyed were male. However, the report pointed out that the number of bitcoin savvy women who responded was marginally higher than in previous surveys, suggesting that initiatives aimed at getting the cryptocurrency into women's hands could be working.

The majority of respondents reported an income of $50,000 or more, though the data showed that the number lower income users was on the rise. More than 40 percent of the bitcoin users questioned had an income of 49,999 or less, with 21 percent bringing in less than $25,000 annually.

The survey showed that bitcoin appears to be extending its reach into new demographics, albeit slowly. CoinDesk cautioned that some of the results regarding race could be skewed as the majority of participants came from North American and Europe, but said the data itself provides a good picture of the cryptocurrency's users.