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Author Topic: How many consumers own cryptocurrency?  (Read 359 times)
Coin_trader
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August 28, 2018, 11:40:18 PM
 #21

That data could not be used as a pattern to assess how many people are owning cryptocurrencies since the sample size does not represent even the third part of a country but it can be used as a reference to tell that cryptocurrencies are getting more popular and those numbers could go higher as the time flies, cryptocurrencies are really a threat for the fiats.

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August 29, 2018, 08:21:22 AM
 #22

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As Lira collapses, Turks are piling into Cryptocurrency. Every fiat currency has ended in devaluation and eventual collapse, right from the Roman Empire in the 1st century AD to modern times.

These are certainly interesting statistics.

I don't know if the figures are accurate. If yes, then it certainly shows how bitcoin and some other major cryptos are already being used for the purpose of storing value in times where fiat may not hold its value at all. This is obviously reflected in the high adoption rates in Turkey. I'm not sure whether Venezuela was neglected in this, but I certainly would have expected them to show up as a high adoption nation as well.

These are all tangible benefits bitcoin brings as a decentralized alternative to fiat, and it can be easily seen in times of economic crisis.

However, I really doubt that just because of the Turkish inflation crisis, bitcoin will get pumped or bought heavily as a result. Even if adoption is increasing, the volume is simply not there to influence the market that much.

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August 29, 2018, 07:22:40 PM
 #23

18%, or over 15 million people, of the Turkish population owning BTC is fucking laughable.

https://coin.dance/volume/localbitcoins/TRY/BTC

Turkey's entire BTC volume on Localbitcoins hasn't managed to get above 30 BTC per week this year. Get real.

The figure everywhere will be less than we expect and more than we know about.

Thank you for trying to set the records straight. Ever since the issue of Turkey challenges with their currency has surfaced, its has been one conjecture over the other and I won't be surprised of someone is going to write an article very soon (if it had not been written) linking the current upturn in the price of bitcoin to the economic woes being faced by the Lira in that part of the world.

Countries have their challenges with the value of their currencies at every point in time. It is when the now universal, that it becomes a global issue. Greece has had its own and that didn't lead to surge in crypto. Zimbabwe has witnessed theirs that didn't make the value of bitcoin reach the moon. Nigeria went through its own sometimes last year but crypto price didn't touch $50,000 now Turkey and people are trying real hard to make everything about them. The question we need to ask is how much is the percentage of citizens of Turkey investment in crypto?
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August 29, 2018, 09:29:30 PM
 #24

That data could not be used as a pattern to assess how many people are owning cryptocurrencies since the sample size does not represent even the third part of a country but it can be used as a reference to tell that cryptocurrencies are getting more popular and those numbers could go higher as the time flies, cryptocurrencies are really a threat for the fiats.

Actually these days people remain anonymous on their asset holding, because this was a confidential matter and considering it involves a lot of money. Bitcoin and other cryptocurrency has it own secrecy depending on how you understand the true purpose of it. Mostly the strong and dedicated holders doesn't have it opened to public or even the closest friends they had. For my own understanding on this the actual numbers cannot be determined, because some are using offline wallets; so the numbers are infinite.


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August 30, 2018, 12:41:59 AM
 #25

While I believe it's delusional to think "most people" are exchanging their local fiat for bitcoin, it's also a mistake to use localbitcoins for accurate measurements anymore. Honestly the site sucks, there are way too many honeypots. I would be scared to use the damn thing at this point, unfortunately at least in my case, the fear of being victim of a honeypot has given me yet another reason to not even sell small amounts to help paying some bills in there, so I just hold.

If I was in Turkey I would try to find some local ads elsewhere or in forums, look for people selling, or if using localbitcoins then be super sure that it's not some cop getting paid to wreck people's life that are just trying to save their wealth from disappearing.

Ideally the end goal is that they realize going back into fiat will cost them more than holding. It is then when some may start working under the radar in exchange of BTC, selling goods for BTC and so on, instead of going through the hassle of going BTC to fiat back and forth.

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August 30, 2018, 01:05:25 AM
 #26

That data could not be used as a pattern to assess how many people are owning cryptocurrencies since the sample size does not represent even the third part of a country but it can be used as a reference to tell that cryptocurrencies are getting more popular and those numbers could go higher as the time flies, cryptocurrencies are really a threat for the fiats.
For now, of course many people are still afraid to invest on cryptocurrency since many negative news/fake news about this market. But I also believe that in the future, cryptocurrency will run this market. Its good to see that many countries are slowly adopting cryptocurrency, and for the record a lot of people are interested to use cryptocurreny, if this market becomes more stable, expect investors to come again.
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August 30, 2018, 07:50:51 AM
 #27

the sample size is very small, representing only about 1000 individuals from each country. and how did they randomly selected those people? that kind of statistics is not a good basis for study purposes. but thanks for the effort for giving us idea what stage we are now in crypto
I agree with you, but I haven't found better one. Maybe someone will post here some better stats) Crypto is evolving more and more thru the world!
It is not even about finding a better one, it is just simply on how reliable the existing one is and if it is not reliable, then there is no point even considering it in the first place. Based on what a lot of people have mentioned, without having to reiterate, this is an unreliable data, when considering a lot of factors such as the number of respondents that was used to finalize the whole thing and come into a conclusion.

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August 30, 2018, 05:52:31 PM
 #28

There is no correct polls. Because there is no end to the outcome of the polls: How were people chosen to participate? How was the poll conducted? Who paid for it? Who answered questions? How many people responded to the poll? And so on. The survey shows only preliminary data, but the number of people can be very different from the survey.

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August 31, 2018, 08:23:32 AM
 #29

That data could not be used as a pattern to assess how many people are owning cryptocurrencies since the sample size does not represent even the third part of a country but it can be used as a reference to tell that cryptocurrencies are getting more popular and those numbers could go higher as the time flies, cryptocurrencies are really a threat for the fiats.
This data does not reflect anything. For instance the population of Turkey presently is about 79.5million. Kindly take just 1000 respondents out of this equation and see what you have. This is just unreliable and cannot be used for any form of reference in whatever way.

I am not sure how the data is even collected or in what area of part of a specific demographic is used, but the fact that the total number of respondents used is not realistic when compared to the main population simply invalidates that statistics.

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August 31, 2018, 10:19:45 AM
 #30

That data could not be used as a pattern to assess how many people are owning cryptocurrencies since the sample size does not represent even the third part of a country but it can be used as a reference to tell that cryptocurrencies are getting more popular and those numbers could go higher as the time flies, cryptocurrencies are really a threat for the fiats.
For now, of course many people are still afraid to invest on cryptocurrency since many negative news/fake news about this market. But I also believe that in the future, cryptocurrency will run this market. Its good to see that many countries are slowly adopting cryptocurrency, and for the record a lot of people are interested to use cryptocurreny, if this market becomes more stable, expect investors to come again.

People are not afraid to invest but they did not want to take risk since cryptocurrency prices are based on demand and supply, that is the reason why people cannot fully trust bitcoins right now.

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September 03, 2018, 09:51:28 PM
 #31

As Lira collapses, Turks are piling into Cryptocurrency. Every fiat currency has ended in devaluation and eventual collapse, right from the Roman Empire in the 1st century AD to modern times.



Dunno if there are any data bias within this data set or not. There is just insufficient proof either way.

I definitely find it fishy that Turkey would have such high adoption rates compared to some other developing countries, with nearly one fifth of the citizens owning BTC. Even when assuming that this data is legit and not biased (which it probably is, as people could be picked and chosen for the survey to create false conclusions), most of these people are likely still only using bitcoin to cash out to another fiat currency like the USD, because of lack of general merchant acceptance of the coin.

Is it necessarily a bad thing though, that adoption could be not as high as what this chart shows in certain countries? Absolutely not. It means that BTC adoption is still low overall across the globe, and demand is still quite low right now. It means that there are much more undiscovered demand and potential that has yet to be realised within BTC right now, which from an investment point of view, makes bitcoin a great long term asset to hold.

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September 03, 2018, 11:17:30 PM
 #32

There is no correct polls. Because there is no end to the outcome of the polls: How were people chosen to participate? How was the poll conducted? Who paid for it? Who answered questions? How many people responded to the poll? And so on. The survey shows only preliminary data, but the number of people can be very different from the survey.

The survey was paid by ING, the full result can be found [Survey] Have you ever heard of cryptocurrency? (with more details) We were talking about it in the Economic section.
It was conducted by OpinionWay if I remember correctly (or IPSOS) and ~15,000 persons answered to the survey

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September 04, 2018, 11:24:10 AM
 #33

Quote
As Lira collapses, Turks are piling into Cryptocurrency. Every fiat currency has ended in devaluation and eventual collapse, right from the Roman Empire in the 1st century AD to modern times.

These are certainly interesting statistics.

I don't know if the figures are accurate. If yes, then it certainly shows how bitcoin and some other major cryptos are already being used for the purpose of storing value in times where fiat may not hold its value at all. This is obviously reflected in the high adoption rates in Turkey. I'm not sure whether Venezuela was neglected in this, but I certainly would have expected them to show up as a high adoption nation as well.

These are all tangible benefits bitcoin brings as a decentralized alternative to fiat, and it can be easily seen in times of economic crisis.

However, I really doubt that just because of the Turkish inflation crisis, bitcoin will get pumped or bought heavily as a result. Even if adoption is increasing, the volume is simply not there to influence the market that much.
Could be interesting but does not mean it is useless. If we are to look at it in a generalized way, a lot of people for example in turkey will still want to believe in more traditional assets which could be a safe haven than the crypto space that is extremely volatile. That is not even the major case here now!
My main bone of contention is the huge prejudice in the data as on a normal day, I cannot expect just 1000 people to speak for me in my country where we are populated in millions.

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September 04, 2018, 11:29:31 AM
 #34

Turks are doing great choosing cryptocurrency as an investment because it is a good asset. however,  japanese people are cool because if you see their economic growth, crypto has a big factor, and checking also zimbabwe, even thou you don't have fiat in the mall you can use atm or any e-currency,  cashless in other words.

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September 04, 2018, 12:03:43 PM
 #35

I honestly believe that the whole Turkish citizens are converting their savings to crypto currencies story to be hyped up just to draw attention. Sure, some of them might actually have bought themselves into crypto, but it's negligible in the grand scheme of things.

It brings us back to how people were speculating that back in 2013 the pump from $30 to $250 was caused by people in Cyprus massively converting to Bitcoin, which obviously wasn't the case. Back then speculation had at least some right to develop since there was a pretty decent pump going on, while right now the market hasn't even been dented by Turkish "demand".

The volume on the exchanges there has increased marginally, which just points out there isn't really much action going on.
crypto is increasingly popular, the more they feel the benefits of their own fiat currencies and this is very important to balance everything. The government might be able to better control the circulation of crypto currencies so that it does not really kill fiat currencies that are indeed the country's characteristic.

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September 04, 2018, 12:07:46 PM
 #36

The downfall of USA's usage of cryptocurrency is due to the rejection of their ETF's it is quite interesting that Turkey paves the way on it. It will be very significant in the future that turkey is the leading user and consumer of crypto but USA and China are the leading source of crypto, especially erc-20 tokens. This is notable that China is the most dominant producer of crypto, while Turkey is the number one and the leading consumer.

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September 04, 2018, 01:06:49 PM
 #37

As Lira collapses, Turks are piling into Cryptocurrency. Every fiat currency has ended in devaluation and eventual collapse, right from the Roman Empire in the 1st century AD to modern times.



Well, cryptocurrency is doing great today because many countries are using it. Even though it has a low percent but still its great to know that it increasingly became popular in many countries. Nowadays that technology become popular and its innovation are spreading, even though all of us have a bitcoin in our account but still we need to verify it in our head

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September 04, 2018, 07:21:12 PM
 #38

I think not even remotely close to what it can be, I believe bitcoin and crypto can be really getting at the hands of the people with some sort of more global and easy to use debit card and if you could use that debit card everywhere and if you could create it a lot cheaper than banks debit cards than you can make the consumers use bitcoin and crypto a lot easier however right now we are talking about how banks are greedy and they are making huge amounts of profits from their credit cards and all that however their debit cards are free yet bitcoin debit cards are incredibly expensive and they charge you insanely high amounts no matter where and how you spend it.

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KenChanYu
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September 04, 2018, 10:34:25 PM
 #39

I think not even remotely close to what it can be, I believe bitcoin and crypto can be really getting at the hands of the people with some sort of more global and easy to use debit card and if you could use that debit card everywhere and if you could create it a lot cheaper than banks debit cards than you can make the consumers use bitcoin and crypto a lot easier however right now we are talking about how banks are greedy and they are making huge amounts of profits from their credit cards and all that however their debit cards are free yet bitcoin debit cards are incredibly expensive and they charge you insanely high amounts no matter where and how you spend it.
On this situation right now this showed a progressive approach to the world, and i think the people now were very much transparent on what cryptocurrency brought to each and everyone's financial capabilities. Banks and local transactions money transfers litterally accepted those middleman sectors whom assist the management of funds transfer from fiat to digital currency, vice versa can be able to performed as well. Right now the numbers of consumers is increasing and the basic of how they use their funds was for trading purposes as main investment.

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