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Author Topic: The number of Canadians who own bitcoin doubled in 1 year  (Read 153 times)
timerland
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July 17, 2018, 11:14:27 AM
 #21

This is some pretty interesting stats, but even with the lowish adoption rates for bitcoin as a currency, it's still quite positive to see that people are at least aware of bitcoin more and more now, and some are holding it as an investment.

I'd expect that right now, when we're in the early adopter phase, we see bitcoin more as an investment or speculative tool rather than anything else as demonstrated by the statistics. However, in the future, as adoption rises, bitcoin's use as a currency will increase as well no doubt. The main issue here is the lack of merchant adoption at the moment, and this will improve as time goes on.

Nice to see that a central bank has showed interest in bitcoin (even though they might not actually be supporting it), and looks like Canada probably has one of the highest adoption rates right now across the world.

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LeGaulois
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July 19, 2018, 04:37:03 PM
 #22

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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

Why not? There are cases you may want to pay in crypto. and not fiat. For example, you don't want your wife can figure out you have a premium membership in Pornhub. As the site accepts some cryptocurrencies like zencash, monero, etc you may prefer to pay with it. You may also want to use crypto. to get a better privacy. It's not about I pay with crypto because I want to be swag.
Paying with a card isn't free, there is a fee the shop pays. Imagine if you can pay 1% less if you use cash instead of your card? In my country, we even pay a fee when you use the card with the ATM machine (over $1) and with some banks if you don't use the card (for about $400 monthly) you pay an extra fee to the bank for each month (~$6)
People who are paid with Bitcoin do the opposite, they sell their bitcoins for fiat. Because, in 2018, we still can't pay the house/electricity/etc with cryptos.

For sending money from your bank account to an exchange is free (at least with a SEPA transfer). Yes, there is then the trading fee and the withdraw fee. But let's say you are paid $1,500 monthly, you pay 0.25% to trade and 0.0005BTC to withdraw
So 1500*0.25/100= $3.75 (trading cost)
0.0005BTC=$3.70 (to withdraw=
3.75+3.70= ~$7.50

Banking cost more than $7.50 monthly (in my country)

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July 19, 2018, 04:46:40 PM
 #23

Canada is one of the grown country which is much focused on technology based development. Long back itself the use of cryptocurrencies from the people of Canada were found in large number than that from other neighboring countries. Governments providing support is another major reason for such a increased number of people holding bitcoin as investment and as currency.

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July 19, 2018, 05:42:53 PM
 #24

This very good. It is not just Canada, I believe it is the world all over. People with bitcoin have really doubled globally in the last one year.
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July 19, 2018, 06:32:26 PM
 #25

now citizens of Canada began to understand about the opportunities that exist in cryptocurrency. and the number of bitcoin and cryptocurrency communities increased significantly. this will make the volume of trading cryptomarket bigger.

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July 19, 2018, 06:42:44 PM
 #26

This very good. It is not just Canada, I believe it is the world all over. People with bitcoin have really doubled globally in the last one year.

Yep, and its only just began.... If everything goes to plan for bitcoin the amount of users should at least 10x.  With the last statistics I saw less than 5 percent of people in American even own bitcoin.  It's not going to happen overnight either, this is still going to take some time.
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July 19, 2018, 07:04:26 PM
 #27

Not only has the number of bitcoin holders increased in Canada.  Across the world, people take bitcoins and want to earn their future.
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July 19, 2018, 07:08:54 PM
 #28

It's almost the same trend all around the world, while majority just hodl, a minority really use it as a currency. Which is awesome in the evolution of the blockchain
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July 19, 2018, 07:30:26 PM
 #29

So there is no point here that whether it is Canadian or other international because at the end all of them are holding it. There might be 99% people in XYZ country who might be knowing about the crypto currency but may be none of them are really using it as currency. In fact how many % of them are really trying to even have it as currency. Everyone is here to make profits, have them held as long as they give the profits. Thats all mate. So whether it is Canada or some other country is really question about the demography according to me.

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July 19, 2018, 07:35:12 PM
 #30

Well I don't think that this something that is only happening in Canada, the number of people intressted and involved in bitcoin has greatly increased and that is mainly to last year's price increase that lead to bitcoin becoming the main trend for the last 3 months of 2017, and people seeing how others were able to make huge profits from it in a short time and what bitcoin is capable of doing, people wanted to invest in it and jump on the profit train, and probably that is why the number of Canadian bitcoiners has increased.


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July 19, 2018, 08:58:12 PM
Merited by LeGaulois (1)
 #31

Well I don't think that this something that is only happening in Canada, the number of people intressted and involved in bitcoin has greatly increased and that is mainly to last year's price increase that lead to bitcoin becoming the main trend for the last 3 months of 2017, and people seeing how others were able to make huge profits from it in a short time and what bitcoin is capable of doing, people wanted to invest in it and jump on the profit train, and probably that is why the number of Canadian bitcoiners has increased.

I don't think many people see Bitcoin as a get rich quick tool anymore due to its size and steep entry point. It's one of the main reasons altcoins have been doing well because they are far cheaper to acquire, and there is much more profit to be made in terms of percentages. Bitcoin holders, especially from what I have seen here and around me in real life, are long term minded, ignore altcoins, mostly have a pretty high understanding of fundamentals that makes something a great product, and appreciate decentralization. In easy terms, Bitcoiners are smarter and more mature overall. People investing in altcoins are messed up more often than not....
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July 19, 2018, 10:33:46 PM
 #32

With the last statistics I saw less than 5 percent of people in American even own bitcoin.
That's extremely bullish. If you also consider that most people only enter this industry with a small amount, there is so much room for future growth that we can't even imagine what the price will be in the next 10 years.

A local survey here pointed out that people might park 10% of their savings in Bitcoin if the infrastructure and local adoption increases as well. The average person wants to feel adoption, not just read about it on the internet.

I can definitely see how last year's bull run resulted in more adoption. The price might have gone down significantly from its peak, but we have plenty of new users on board, which is more important in my opinion.

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July 27, 2018, 09:21:16 PM
 #33

Well I don't think that this something that is only happening in Canada, the number of people intressted and involved in bitcoin has greatly increased and that is mainly to last year's price increase that lead to bitcoin becoming the main trend for the last 3 months of 2017, and people seeing how others were able to make huge profits from it in a short time and what bitcoin is capable of doing, people wanted to invest in it and jump on the profit train, and probably that is why the number of Canadian bitcoiners has increased.
Exactly. I see it too.
Others can make huge profits from it in a short time
Everyone wants to invest in it and jump on board the profits, and that's probably why the number of Canadians using them is increasing day by day.
That would make the volume of cryptomarket transactions larger and more profitable for the overall market.

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July 27, 2018, 11:14:59 PM
 #34

What this means for crypto is that there is now a greater participation of people in crypto not just Canada but the entire world.

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