Shocking GoMining Report: 70% of Bitcoin Users Clueless About How It Actually Works
Bitcoin’s price might be mooning—but most holders are still in the dark.
A new survey by GoMining reveals a staggering knowledge gap: 70% of Bitcoin users can’t explain how the cryptocurrency functions under the hood. So much for ‘do your own research.’
The Illusion of Understanding
Investors keep piling into BTC like it’s a digital gold ETF—except gold doesn’t require understanding SHA-256 hashing. The survey exposes the uncomfortable truth: hype outpaces comprehension.
Wall Street’s Favorite Casino Chip
Meanwhile, institutional players keep treating Bitcoin like a high-beta tech stock—another asset to leverage, hedge, and occasionally panic-sell. At least they can afford the losses.
Wake-up call: If you can’t explain UTXOs, maybe don’t bet your savings on a magical internet ledger. The market’s irrational—but your participation shouldn’t be.
Users Know Bitcoin Is Important, But Don’t Know How It Works
The survey, shared exclusively with BeInCrypto, identifies a direct link between crypto education and market participation.
For starters, only 34% of respondents feel “very confident” about the Bitcoin ecosystem, with the majority expressing confusion about how Bitcoin works.
Some respondents cite frustration over online conflicting information and the industry’s persistent educational barrier. While many respondents are willing to engage more actively with Bitcoin, they often feel held back by the complexity of Core concepts.
“Over 70% of users admitted to feeling overwhelmed when trying to learn about the subject,” the survey indicates.
This obstacle suggests education may be as crucial to adoption as price action or regulatory clarity.
Regarding how comfortable they would be explaining bitcoin to a friend, just 9.6% said they would “sound like a pro.” Meanwhile, 66.3% of respondents said they could only explain the basics or would struggle to articulate anything at all.
What Are the Biggest Pain Points for Bitcoin Users?
The survey highlights the biggest challenges. 28.2% of users pointed to “how mining works” as the most confusing aspect of Bitcoin.
After this, “technical terms” were also presented as a grave concern, with 22.2% of respondents highlighting it as a challenge. Meanwhile, 26.5% said they do not know when to buy or sell Bitcoin.
Taken together, the pain points highlight the emotional and practical complexity users face even after entering the crypto ecosystem.
Against this backdrop, 36.6% of survey participants want actual step-by-step guides to help them understand the market.
Meanwhile, 30.8% want short explainer videos, while 33.4% prefer real-life examples and case studies. Interestingly, only 26.1% said simple, non-technical explanations WOULD make them comfortable in the space.
While many users are not opposed to learning, these preferences show that the industry is short on intuitive, digestible resources. Against this backdrop, many users remain hesitant or confused about Bitcoin, not due to a lack of interest, but a lack of clarity.
This educational gap could be slowing down adoption, as understanding how Bitcoin functions at a fundamental level remains a barrier for most.
Notably, the survey comes amid Bitcoin’s increasing popularity, with traditional or institutional players flocking to the sector. Experts say the surge in Bitcoin treasury companies could eventually position them among the top Wall Street businesses in the next decade.
I think Bitcoin treasury companies that truly understand Bitcoin will be a force of nature in finance.
These are the new Wall Street TOP companies. In 2035.
If we want Bitcoin to exist forever, it should DOMINATE Wall St.
This is how that is done.
+ YOU should never stop… https://t.co/iECnNkkwkT
Notably, this survey was conducted barely a month ago during the last week of June, featuring more than 2,600 respondents across North America and Europe.
