While reviewing the results of our recent poll of bitcoin users in the UK, several predictable patterns emerged. For example, most bitcoin users are men in their 20s or 30s, and 82 percent say there are not enough retailers accepting bitcoin as payment. Yet the survey also revealed some unexpected findings about how UK users acquire and use bitcoin, and how they view regulation and adoption.
More spenders than savers
Bitcoin users are often thought of as long-term holders, and that tendency appears in this survey as well: 63.9 percent of respondents reported using bitcoin as a form of savings. However, the surprising result is that 66.4 percent said they use bitcoin for spending. Respondents could choose multiple answers to the question “What do you mostly use bitcoin for?”, so many people likely identify as both savers and spenders. Those who both save and spend may hold bitcoin for future value while using portions for everyday transactions when merchants accept it. Others who spend but do not save may simply be experimenting with the technology and testing it out as a payment method.
LocalBitcoins is the exchange of choice
Another notable result is that a large share of UK users acquire bitcoin through peer-to-peer methods rather than traditional online exchanges. Nearly 47 percent of respondents said they purchase bitcoin from a broker or another user in a P2P manner. LocalBitcoins stands out as the most popular platform for acquiring bitcoin: among those who don’t use conventional exchanges, 41.7 percent named LocalBitcoins as their primary source. The P2P marketplace BitBargain also ranked higher than some major exchanges, with 18.4 percent, while Coinbase and Circle accounted for 11.7 percent and 6.8 percent respectively. This suggests that many UK users prefer direct, person-to-person transactions over centralized services.
UK citizens believe they’re falling behind other countries
Respondents also expressed concern about the pace of merchant adoption in the UK. Just under 40 percent believe business adoption of bitcoin in the UK is lagging behind other countries. The accuracy of this perception is open to debate. For context, coinmap.org currently lists 322 businesses in the United Kingdom that accept bitcoin, with a substantial concentration around London. While adoption varies by location, no country has yet seen widespread, transformative use of bitcoin at scale. Some cities and regions have embraced bitcoin more enthusiastically than others, but differences in adoption between nations are often modest.
That said, the UK could see improved adoption among businesses and consumers if digital currency regulations evolve in a favorable direction. For now, a strong majority—82.8 percent of respondents—agree that there are not enough places to spend bitcoin in the UK. This sentiment highlights the gap between interest in the technology and the availability of merchant acceptance, and suggests that wider adoption will depend on both merchant willingness and a regulatory environment that supports payment use cases.