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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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Survey: Crypto Awareness, Use Doubles Since 2018, Adoption Lags

Survey: Awareness and Use of Cryptocurrency Doubled Since 2018, Adoption Lags

According to a recent report, 12% of cryptocurrency holders are long-term investors, and while awareness may have doubled from the 2018 count, adoption lags.

The survey conducted by HBUS, the US partners of Huobi cryptocurrency exchange, sampled 1,067 American cryptocurrency investors between the period of March and April, revealing a swooping rise in cryptocurrency investments from 8% in 2018 to 20% so far in 2019.

In gauging the income levels of those who invest, the source stated that about 19.58% of the respondents actively involved in holding cryptocurrencies had an average of USD 99,000 annual income, still with a sizeable potential of those in the six-figure range likely to invest in the industry.

While it may appear that a lack of proper education constitutes a major drawback in the adoption of cryptocurrencies as investment vehicles, especially in the retail sector, the survey did find that more than half of the people questioned about cryptocurrencies were quite knowledgeable and must have been facilitated on a peer-to-peer basis. In contrast, earlier this month Fidelity Investment conducted a survey targeted at institutional investors, which revealed only 22% of them actually owned one or more cryptocurrencies, further corroborating previous findings suggesting individuals are more prone to invest in the industry.

It’s an established fact that security and regulation are the utmost concern for all investors alike willing to engage with the digital asset industry. To this effect, several initiatives promising robust infrastructural layouts and specifically targeting institutional investors are currently ongoing.

The involvement from mainstream investment companies seemingly has a hold on the investment appetite, and the recent months have seen a significant rise in ingenious integration of digital asset trading systems into the traditional circles.

Recently, Fidelity Investments announced the imminent launch of its trading platform; to which some have suggested that the news had a positive influence on the recent market dynamics. It goes without saying that the seam between the traditional investment circles and the emerging niche of digital assets are becoming thinner, thereby having a rather positive impact on the overall growth of the industry.

 

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Huobi Launching HBUS Crypto Exchange In United States

Huobi has announced that they are launching a cryptocurrency exchange in the United States named HBUS via a strategic partnership. Registration is already open and deposits of Bitcoin, Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash, Tether, DASH, Civic, and TrueUSD are already being accepted. Trading will go live on 10 July 2018.

This is part of a continuing effort by Huobi to expand globally. Huobi was originally founded in China but was forced to leave the country in September 2017 following the cryptocurrency trading ban. Huobi moved its headquarters to Singapore, has launched an exchange in Australia, and will be launching an exchange in London before the end of 2018 to target the European market.

Huobi is usually ranked among the top 3 cryptocurrency exchanges in the world with trading volumes between USD 500 million and USD 1 billion per day, alongside Binance and OKEx. Huobi will technically be the biggest cryptocurrency exchange in the United States, and will be a competitor to Coinbase, who has long dominated the United States market. This is going to create a beneficial situation for cryptocurrency traders in the United States. Competition is always positive since both Huobi and Coinbase will lower fees and increase the level of their services so that customers choose them.

Indeed, HBUS is offering daily withdrawal limits of USD 200,000 for full verification, which is orders of magnitude higher than Coinbase. If HBUS becomes successful then perhaps Coinbase will consider raising their limits.

HBUS is trying to increase registration numbers by offering up to 0.1 Bitcoin for free and 100 days of free trading. Due to state regulations users in Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington cannot register.

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