Hello Fellow Crypto Billionaires. The report I am about to enroll in was published at the start of the year, yes more than 6 months has already passed, nonetheless, I found the report very fascinating and encourage you to deep dive into the original report as well.
Disclaimer: I did not participate in the research group, nor do I have any private interest in the outcome of the research, nor do I own the research or any results of it. The results are made public by Binance Reseach and can be found here: 2021 - Global Crypto User Index
Introduction
Throughout the last couple of years we have seen a massive increase in crypto adaptation, both from private and public organisations. We have seen the rise and fall of different coins and projects merely due to a tweet or a publication. More and more services are built upon and opened to cryptocurrencies and blockchain technologies. In the research conducted by Binance Reseach, the organisation which provides the most popular trading platform with the biggest range of services opened to the customers, researchers look at the facts provided by the users. The research is based on a global survey issued to over 61 000 crypto users across 178 countries. The survey ran from 15th of September to 25th of October 2020 and explored questions surrounding the respondents’ demographics as well as their attitudes, preferences, adaptation and motivations
Key findings
Affiliation:
- 52% of cryptocurrency owners do not consider crypto as a hobby, but a source of income;
- For 15% of users, crypto is their primary source of income;
Reasons to buy crypto:
- Most people(55%) own crypto as part of a long-term investment strategy;
- Out of other reasons 27% of voters chose Fear of missing out(FOMO);
Purchase behaviour:
- 65% of cryptocurrency owners own BTC;
- 63% of cryptocurrency owners funded their cryptos with disposable funds;
- Four times(12%) as many people regretted their decision to not purchase cryptos(vs the percentage of people who regretted buying crypto)
Exchanges:
- Most customers value security(28%), followed by UI/UX(25%) and available trading pairs(23%)
- As 60% of cryptocurrency owners store their assets on an exchange, security is their most important consideration;
Usage:
- Most cryptocurrencies(39%) are bought and HODL’ed;
- Other use cases include Staking & Lending(22%) and payments(11%);
- Using crypto as medium of exchange may not be perceived as the most important use-case(21%), but is partially already playing that role(38%);
Interesting findings by the author(PressF)
Who are cryptocurrency users:
- Crypto Natives:
- Are more likely to be self-employed;
- Are much more likely to have undergone higher education;
- Are generally power users with a good understanding of Bitcoin;
- General Crypto Users:
- Are predominantly male(95%);
- Usually have at least an undergraduate degree;
- Average age 34 years old;
Learning about cryptocurrencies and relative technologies:
- 80% of the general population lists online channels as the most important source when it comes to learning about crypto.
- Comment by PressF - I personally find this extremely interesting as we might see a first of a kind sighting throughout our history where major knowledge passes through online channels. Distracting itself from traditional means.
Usage:
- Crypto usage is widely expected to be normalized over time;
- Crypto usage is still dominated by “Hodling”;
- Crypto usage is driven by DeFi DApps picking up;
Conclusion
I strongly encourage you to read yourself the full report -> 2021 - Global Crypto User Index
The more you understand the business area the better decisions you can make for your future self. Invest always at first in yourself and only then comes everything else.
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