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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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South Korea Crypto Investors Spent $6,000 Average in 2018

South Korea Crypto Investors Spent ,000 Average in 2018

The Korea Financial Investors Protection Foundation (KFIPF) has published a new report which shows that South Koreans who invested in cryptocurrency last year put aside an average of USD 6,000 per individual, as reported by Finance Magnates.

The original news report in Korean referenced a survey from the Korea Financial Investors Protection Foundation, which was given to about 2,500 adults. Of these, about 7.4% had said that they had bought cryptocurrency. What was more interesting was that, those who had already bought before in the previous survey in 2017, had ended up buying even more, indicating that the belief in crypto had remained high even in a rocky year for crypto markets.

Compared to the results of the survey in 2017, the USD 6,000 figure was up 67%, and there appears to be some explanation. While the majority of crypto investors were millennials in 2017, older – and wealthier – age groups had formed the majority in 2018. Those in their 50s were now the biggest group of investors, followed by those in their 30s, and then those in their 40s.

Nevertheless, crypto investment is still a relatively niche investment in South Korea, with only a 1% growth from 2017. This does mean that it’s not too late for most still considering to dip their toes, to be an early adopter, especially with signs that the crypto market has likely bottomed out, en route to a new growth cycle.

 

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