The recent fundraising phenomena of donating using cryptocurrencies may have taken a dent, after a latest survey suggested a lack of willingness among the public to fully adopt Bitcoin and other emerging digital alternatives to cash.

Last month Charity Times looked at the growing use of cryptocurrencies among charities to boost their income through offering alternative forms of giving.

But latest polling by YouGov has found that just 5% of the public would be prepared to give up their bank accounts and rely entirely on cryptocurrency.

This may indicate that the public continue to see cryptocurrency as a “conventional investment” rather than a form of exchange they can use day to day, YouGov says.

But the survey further suggests that public interest in cryptocurrency could grow, as young people are more likely to back relying entirely on this form of digital currency than older people.

The 18-34 age group is the most likely to support its use, while the over 55s less likely, YouGov found.

Charities to already benefit from Bitcoin donations include the Children’s Heart Unit Fund, which received a cryptocurrency donation worth £38,000 last year. This is believed to be the largest cryptocurrency donation to a UK charity.

Others that encourage cryptocurrency donations include Helping Household Under Great Stress, RNLI, Save the Children and the Turing Trust, which is using digital currencies to tackle exclusion in Africa.

Cryptocurrencies have been developed using blockchain technology, which allows digital information to be distributed in a more transparent way that can help cut fraud.

The current market price of one Bitcoin is £41,788, which is up on last month’s exchange rate of £41,660.

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