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Author Topic: The number of Canadians who own bitcoin doubled in 1 year  (Read 175 times)
LeGaulois
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July 15, 2018, 07:15:55 PM
 #1

https://www.bankofcanada.ca/wp-content/uploads/2018/07/san2018-23.pdf
Quote
Why do people own Bitcoin?
An important question in studying Bitcoin and other digital currencies is why people own
Bitcoin. The answer to this has implications for central banks as issuers of cash and as they
research the costs and benefits of central-bank-issued digital currencies (see, e.g. Engert and
Fung (2017)). The 2017 BTCOS aimed to delve a bit deeper into this question by asking how
often owners used their Bitcoin for two purposes: to pay for goods and services and to send
money to other people. For this section, we make the distinction between transactors—those
who used Bitcoin for one of these purposes at least once per year—and non-transactors—
those who used Bitcoin at most “once or twice, but not on a regular basis.” Bitcoin owners
were split roughly evenly between the two groups, with transactors and non-transactors each
making up about half the population.
If half of Bitcoin owners do not use it to transact, there must be other reasons to hold
it. To investigate this, the BTCOS asked Bitcoin owners to choose their main reason for
owning it from a predetermined list (Table 3a). In 2017, the driving motivation for Bitcoin
owners was to hold it “as an investment,” with 58 per cent of owners choosing this response.
In second place was “My friends own Bitcoin” at 12 per cent, and the other response options
were all below 10 per cent. These reasons provide an explanation for the large number of
non-transactors, who overwhelmingly held Bitcoin as an investment (77 per cent) compared
with transactors (38 per cent). Unsurprisingly, Bitcoin transactors stated that they own
it to buy goods/services on the Internet (12 per cent), but also because their friends own
it (11 per cent) and it is a cost-saving technology (11 per cent). Therefore, a minority of
respondents are using Bitcoin for transactions.


The Bank Of Canada wanted to know what were the reasons for ownership during the rise in Bitcoin prices. The Canadian number aware of bitcoin increased by 20 percent during 2017. And now, 85% of Canadian citizens are aware of Bitcoin
- 12% own Bitcoin because their friends own it
- 58% use it as an investment

So the majority is just holding and a minority really uses it as a currency

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July 15, 2018, 09:28:06 PM
 #2

-snip-
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.
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July 15, 2018, 09:57:39 PM
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 #3

Thanks for sharing OP.
Sad to see a growing % of bitcoin holders not even interested in using it, but guess that was expected.

...
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.

You could equally apply the same criticism to the most popular answer (58%) of "I hold it as an investment". If you only care about fiat value, you're less likely to do your homework (on security etc).

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July 15, 2018, 10:13:14 PM
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-snip-
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.

That is true imagine that these 12% got discourage because of the prices or if the market prices falls down again, these 12% will be the ones that will make the negativity in the market and contribute to the downtrend. But still considering the statistics that were provided it seams like Canadians do know the potential of cryptocurrency it is just up to then to educate the remaining 12% and hopefully it does not grow.

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July 15, 2018, 10:27:27 PM
 #5

It more important to let people know the benefits of bitcoin as a currency which is spendable than to tell them that bitcoin is strictly an investment tool. Put yourself in the shoes of a newbie who was told that bitcoin gives extraordinary profit but has not seen any remarkable increment in price over the past three months. You are likely to sell under panic. People have to be taught to understand that their transactions done in bitcoin are extremely safe,anonymous, fast and with extremely very minimal charges. This will keep more people in the market than raising their hopes of being rich in the next second.
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July 15, 2018, 10:32:48 PM
 #6

-snip-
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.

That is true imagine that these 12% got discourage because of the prices or if the market prices falls down again, these 12% will be the ones that will make the negativity in the market and contribute to the downtrend. But still considering the statistics that were provided it seams like Canadians do know the potential of cryptocurrency it is just up to then to educate the remaining 12% and hopefully it does not grow.
Even if there are signs of a "financial bubble," this is still considered to be positive and increasingly mature. One of the notable signs is that governments have recognized the potential and are increasingly interested in co-workers. Canada is a country with open policies with cryptocurrency and it is a right decision by the government of this country.
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July 15, 2018, 10:44:25 PM
 #7

-snip-
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.

That is true imagine that these 12% got discourage because of the prices or if the market prices falls down again, these 12% will be the ones that will make the negativity in the market and contribute to the downtrend. But still considering the statistics that were provided it seams like Canadians do know the potential of cryptocurrency it is just up to then to educate the remaining 12% and hopefully it does not grow.
Even if there are signs of a "financial bubble," this is still considered to be positive and increasingly mature. One of the notable signs is that governments have recognized the potential and are increasingly interested in co-workers. Canada is a country with open policies with cryptocurrency and it is a right decision by the government of this country.

 This is a great news.. The global awareness is increasingly high after the series on news posted on social media, print, and the broadcast media, this create a tremendous advertisement for Bitcoin, everyone in looking into looking into the price market of Bitcoin posted on the treed. If we really look into the countries which is Liberal on Bitcoin transaction, then we can say that Bitcoin entry into the crypto market change the general market atmosphere globally.

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July 15, 2018, 10:57:45 PM
 #8

-snip-
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.
I don't know that I'd equate participating in Ponzis or doublers with owning bitcoin on the recommendation of a friend.  That doesn't compute, at least not in my head.  This is Canada, not Indonesia or the Philippines, where entire families own bitcoin because they have careers in spamming bitcointalk.  I'd say it's more dangerous because they might own bitcoin solely as an investment, just like people who bought internet stocks back in the 90s, and they all sold at once when the market crashed.  That could be a bad thing if these Canadians (or people from any country) own a lot of bitcoin and decide to exit the market together.

But hey, it's all good.  I'm surprised the % aware of bitcoin is as high as 85%.  That seems inflated.

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July 15, 2018, 11:19:33 PM
 #9

-snip-
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.
I don't know that I'd equate participating in Ponzis or doublers with owning bitcoin on the recommendation of a friend.  That doesn't compute, at least not in my head.  This is Canada, not Indonesia or the Philippines, where entire families own bitcoin because they have careers in spamming bitcointalk.  I'd say it's more dangerous because they might own bitcoin solely as an investment, just like people who bought internet stocks back in the 90s, and they all sold at once when the market crashed.  That could be a bad thing if these Canadians (or people from any country) own a lot of bitcoin and decide to exit the market together.

But hey, it's all good.  I'm surprised the % aware of bitcoin is as high as 85%.  That seems inflated.
I based my answer on: First,this post that I came across.Secondly,I know members of my family who got scammed because of this kind of websites because they heard that a friend of them earned quite a lot of money with cryptocurrencies (I think with trading),obviously anyone who don't actually what Bitcoin is would easily fall for doublers as he heard that "X made a lot of money" like doublers/ponzis promise to people.
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July 16, 2018, 03:21:17 PM
 #10

Thanks for sharing OP.
Sad to see a growing % of bitcoin holders not even interested in using it, but guess that was expected.

...
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.

You could equally apply the same criticism to the most popular answer (58%) of "I hold it as an investment". If you only care about fiat value, you're less likely to do your homework (on security etc).
Yeah, but I am sure it's not only Canadian citizens. If the survey was targetting the worldwide population the trend would show a similar pattern.
It's something I often say here in the forum, Bitcoin is a (digital) currency and should be used as it. It's not like if you buy Bitcoin to become a shareholder. If everyone just holds their bitcoins then the ecosystem will never grow because for example if nobody wants to pay with bitcoin why a merchant should install an option to pay with bitcoin in his shop/e-commerce. People considering Bitcoin as an investment are somehow killing Bitcoin and its purpose.

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July 16, 2018, 04:00:50 PM
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This is very encouraging news because it means bitcoin is getting known by many, there will be more investors in the future. and that will make the bitcoin price go up.

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July 16, 2018, 06:30:32 PM
 #12

Thanks for sharing OP.
Sad to see a growing % of bitcoin holders not even interested in using it, but guess that was expected.

...
"The 12% who owns it because their friends use it" is the dangerous part.That kind of people only follow the hype and don't know with what they are dealing,usually this is the category of people who fall for bitcoin doublers/ponzis.. and get scammed/hacked because they didn't deepen their knowledge on Bitcoin and security measures.

You could equally apply the same criticism to the most popular answer (58%) of "I hold it as an investment". If you only care about fiat value, you're less likely to do your homework (on security etc).
Yeah, but I am sure it's not only Canadian citizens. If the survey was targetting the worldwide population the trend would show a similar pattern.
It's something I often say here in the forum, Bitcoin is a (digital) currency and should be used as it. It's not like if you buy Bitcoin to become a shareholder. If everyone just holds their bitcoins then the ecosystem will never grow because for example if nobody wants to pay with bitcoin why a merchant should install an option to pay with bitcoin in his shop/e-commerce. People considering Bitcoin as an investment are somehow killing Bitcoin and its purpose.

I think people who get paid in fiat are more likely to invest in Bitcoin long-term and not use it for daily transactions, because they already have debit and credit cards with cash back bonuses so it makes no sense to buy Bitcoin only to pay extra transaction fees for essentially the same thing. On the other hand people who acquire Bitcoin either through mining or doing odd jobs online etc. are probably going to spend some of their earnings for paying bills, buying stuff and so on. I would rather use my Visa and pay 0% transaction fees than spend Bitcoin and get screwed twice - once for buying Bitcoin and then for spending it. These taxes can add up quickly and you will lose money. And if Bitcoin goes down in value you will be royally screwed.
Let's see how much money we are going to lose by buying Bitcoin - bank fees for sending money to the exchange, exchange fees , transactions fees to get the coins out of the exchange, even more fees for sending money through our phone wallet for buying coffee. All this pain in the butt for what? No wonder the investors are 58% they are shrewd  Wink
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July 16, 2018, 07:05:18 PM
 #13

Awareness about crypto grows very quickly. Especially after the hype last year. over time crypto will become the same familiar thing as mobile applications.

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July 16, 2018, 07:12:31 PM
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I believe that the more people come to crypto, the sooner the society will be able to refuse the dollar standard and get out of a deep financial crisis. Now the world economy is stagnating and crypto can become a way out of the situation.

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July 16, 2018, 09:12:14 PM
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Canada is super crypto-friendly, the gov even published a guide for Canadians on how to safely purchase crypto. I can;t find the damn link, but I am certain I saw the post or /r/cryptocurrency. Mining is also pretty popular there due to relatively low electricity fees and the cold climate.

All these things incentivise the average Canadian to look up Bitcoin out of sheer curiosity. The fact that the media and the gov are not against crypto means that a person doesn't have any reasons to be hesitant regarding cryptocurrencies. And so it begins...
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July 16, 2018, 09:16:05 PM
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This is a big surprise for me. In the past time, I think Canada is a country that is fighting Bitcoin. But it seems that I was thinking wrong about this. I am very happy that people living in Canada are investing a lot in Bitcoin

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July 16, 2018, 09:17:58 PM
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Today, the price of Bitcoin and the crypto market is rising. I think the reason for the increase in Bitcoin prices is that large Canadian investors are pumping money into this market. Hope my guesses are correct

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July 16, 2018, 09:48:38 PM
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That is a good news for cryptocurrency and for Bitcoin. It is clear that most investors are seeing the potential of cryptocurrency and if this will happen to top wealthy countries, the bulls will surely come back
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July 16, 2018, 10:09:27 PM
 #19

I believe that the more people come to crypto, the sooner the society will be able to refuse the dollar standard and get out of a deep financial crisis. Now the world economy is stagnating and crypto can become a way out of the situation.
Cryptocurrency is becoming more popular all over the world, and in practice there are many countries that accept bitcoin and crypto in their payments and transactions. Canada is one of the leading countries in adopting blockchain technology and cryptocurrency in life and I believe this is a right direction of this country.

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July 17, 2018, 06:56:54 AM
 #20

These numbers are good. It is better to have a high percentage that uses Bitcoin to invest, not tax evasion or dark activities.
I also think that this type of investors  "buy cheap hold and sell high" are achieving some of the price stability, which makes Bitcoin acceptable as a business. [When the price rises they sell their bitcoins thus increasing the supply and vice versa]
As for the weak turnout on Bitcoin, I expect the high prices and lack positive news to be the reason.

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