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Survey Conducted in The UK Reveals People’s Outlook Towards Cryptocurrencies

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A recent survey conducted by UK based crypto exchange CEX.io has yielded results in regard to the adoption and perception towards digital currencies. The report, conducted in collaboration with research firm, ‘qriously’,  gave a brief idea about the understanding of people when it comes to cryptocurrency and its ownership.

The sample space of the survey consisted of 1,013 respondents with an almost even proportion of gender. However, there existed certain disparity in age groups with only 11% respondents from the 18-24 age group, and the 65+ age group consisting of 23% of the respondents. A wealth disparity was established between the respondents such that the group had portfolios worth less than GBP 500 (USD 633) to those worth over GBP 100,000 (USD 126,700).

According to the survey, only 13% of the respondents owned any form of cryptocurrency. This meant that answers to questions such as ‘how often do you check your crypto balance’ were highly obscure. When crypto holders were asked as to why they choose to do so, an interesting 15% stated that they wanted to “support the ecosystem”.

Some 21% of the respondents were indulged in the crypto industry to fetch benefits with its increase in value in the future. About 18% of the respondents said that they enjoy trading in digital currencies while 21% gave their inquisitive nature towards cryptocurrency as their reason.  When asked about the most appropriate usage of crypto, 14% of the respondents believed it to be investments, while very few of them considered charity, crowdfunding for a property, and retail to be the most appropriate use of cryptocurrency. Almost half (48%) of the respondents choosing ‘none of the above’.

When asked about what they expect from the crypto industry in the future, 32% stated that the integration of day to day activities (such as payments, transactions) while 27% want to see its introduction in ‘real world applications’. An interesting statistic was what would make the people more indulged into investing in crypto, to which 28% of the respondents felt that they would purchase crypto if they understood it better, 7% would if it were easier to buy and more accessible, 12% said they would if they knew how to store it safely, and 11% would if they could use it to purchase real-world goods.

Although only 13% of the sample space was invested in the industry, UK leads most of the other countries in terms of Bitcoin searches and mainstream crypto adoption. The survey gave a general idea of the perception of people towards cryptocurrencies, but more importantly, gave insights to facilitate wider adaptation and accessibility to users.

Previously, a survey conducted by HBUS showed a rise in crypto awareness with an increase in investments by 10% since 2018.

 

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Mueller Report Makes Bitcoin Link to Russian Interference in 2016 US Election

The much-anticipated Mueller Report on interference in the 2016 US Presidential Election claims that Russian intelligence used Bitcoin to secure computer infrastructure for hacking purposes.

The ‘Report On The Investigation Into Russian Interference In The 2016 Presidential Election’ suggested that there is evidence that Russia attempted to smooth the path for Donald Trump by using hacking to target Hilary Clinton’s campaign for the presidency, although no collusion by the current president was proven. The report stated:

“…cyber intrusions (hacking) and releases of hacked materials [were] damaging to the Clinton Campaign,” adding “The Russian intelligence service known as the Main Intelligence Directorate of the General Staff of the Russian Army (GRU) carried out these operations.”

The report accuses the GRU of hacking into computer hardware used by Democratic National Committee (DNC) and the Democratic Congressional Campaign Committee (DCCC), leading to email leaks damaging to Clinton’s campaign. One of two military units of the GRU allegedly ran “a bitcoin mining operation to secure bitcoins used to purchase computer infrastructure used in hacking operations“, according to details in the report.

The report indicates that a Russian IT unit stored the Bitcoins on UK cryptocurrency cloud mining service and exchange CEX.io and used mined Bitcoins to purchase the domain name “dcleaks.com” on April 19, 2016. The Russian agents were successful in bypassing the UK based exchange’s strict strict KYC/AML policy, common to all cryptocurrency exchanges.

In January 2018 U.S. Treasury Secretary Steven Mnuchin suggested that such activity was a concern commenting at the time that cryptocurrency agencies, not unlike conventional banking, had tight KYC regulations. Clearly, this is an area that will come under scrutiny following the Mueller report revelations.

 

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