Cryptocurrency to me is…

By TradingBull | TradingBull_articles | 29 Jan 2021


  • A Currency
  • A Technology
  • An Investment

This was a question asked in the recent Crypto.com Adoption Report. The report’s aim was to understand users’ opinions on the current state and future barriers of crypto adoption globally. It also aimed to provide additional context regarding the actual usage of cryptocurrencies around the world today. This question in particular focuses on that later topic, aiming to provide clearer insights into how people currently perceive and utilize cryptocurrencies within the digital ecosystem.

The report collected responses from nearly 16,000 crypto traders around the world, coming from different social, economic, and technical backgrounds. There were respondents that had decades of experience actively trading cryptocurrencies, as well as recent adopters with modest holdings. But across these different respondents, a clear trend still emerged. The results showed only 21% of respondents saw cryptocurrency as a “currency,” 26% saw crypto as a “technology,” while the vast majority (54%) of respondents indicated that to them, cryptocurrency is an “investment.”

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What is going on here? Do people not see what is in that second part of the word cryptocurrency? Do they not appreciate the technical barriers and intermediaries cryptocurrencies have overcome? Or are they more focused on what these capabilities will hold in the future, rather than what they offer today? 

The distribution of these responses demonstrates the early realized potential of Digital Assets. The technologies that make these assets usable as a currency are still being developed and proven in the market each day. It is difficult for most people in the crypto space to see the current state utility of cryptocurrencies because of this. Therefore, most participants view them as an investment; functionality that can be speculated upon in the hopes of future developments and deeper adoption. While a perception of cryptocurrencies as an investment vehicle alone is a simplistic view of their potential as a technical infrastructures and means of value transfer, it is the reality of the progress that has been made so far.

 Have you utilized the technical offerings of cryptocurrency to perform an action in a more automated, secure or faster way? Have you used crypto as a currency, a way of paying for goods and services or transferring value? Or are you like the majority of people, investing in and speculating on the full potential of these capabilities in the future?

 

Daniel Pinto - Market Analyst @ TradingBull.io

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