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Author Topic: How many consumers own cryptocurrency?  (Read 437 times)
ukr2net
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August 27, 2018, 07:17:36 PM
 #1

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.

https://i.imgur.com/k3WdeKu.jpg
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August 27, 2018, 08:31:10 PM
Merited by AmoreJaz (2), BitHodler (1)
 #2

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.

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August 27, 2018, 10:15:40 PM
 #3

Look at the chart we see the number of users is also less. It can be done in the concentrated population of each country. Developed countries have more conditions to develop. Accordingly, human beings are quick to reach the goals of humanity.

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August 27, 2018, 11:11:37 PM
 #4

So i am one of the few belgiums with coins NICE

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August 27, 2018, 11:12:09 PM
Merited by LFC_Bitcoin (1), BitHodler (1)
 #5

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.

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August 28, 2018, 04:22:39 AM
Merited by AmoreJaz (2), BitHodler (1)
 #6

statistics like these are always going to be unreliable specially when done online. doing a research like this is not something easy that you just ask a question and get answers! it is a complicated scientific process of selecting your groups, dividing them up, asking the right question, and a lot of other things.
for instance if you ask a group of people in a bar if they drink alcohol, you can't use the result to say 99% of people are alcoholics!

using trading volume of exchanges such as localbitcoins is better but that is still false results because it is again too focused. Turks may not even use localbitcoins for all we know. they may use other channels to trade bitcoin P2P. for example where i live people don't even know about LBC! they use Telegram, forums,... to find each other and trade. so their volume is not recorded anywhere and it is high.

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August 28, 2018, 05:59:30 AM
 #7

Using 1000 respondents only to get the estimated percentage of those who own crypto currency in a country sounds B.S to me and that is a very unreliable data with a lot of bias. I am pretty sure this was something conducted on the Internet and the demographics within each location is even unknown which is quite important considering some of the indicators that could affect people converting their funds into crypto as well. I just feel this is an extremely incomplete data.

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August 28, 2018, 06:09:34 AM
 #8

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




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August 28, 2018, 07:08:46 AM
 #9

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!
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August 28, 2018, 08:01:54 AM
Merited by BitHodler (1)
 #10

I am pretty sure most people in those countries with crazy hyperinflation almost never buy Bitcoin to curb inflation, most of them just sell it for the US dollar and buy goods and services with that.

Basically with most hyberinflation or during communism in certain countries, that was how the middle class/rich paid for things; in US currency.

Its more stable than Bitcoin and less volatile.

Only people who bought BTC instead of USD are the ones who are in danger of getting it repossed or stolen. Hence the BTC was a safer choice.

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August 28, 2018, 09:11:09 AM
 #11

People in Turkey are better off buying USD than crypto during this bear market, but then again, their "pride" will prevent most of them from doing it. Then it's also heavily frowned upon to dump your Liras within the community.

I'm not at all convinced that there is any serious (regardless of how little) interest from people there to buy crypto, or at least not more than was the case before everything started to go backwards for their currency.

I feel sorry for those in Turkey who just want to have a normal life, but it's nearly impossible with the hostile overall sentiment there. If you buy into EUR or USD you're an enemy of the state and you'll experience the consequences of that.
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August 28, 2018, 09:34:35 AM
 #12

I am pretty sure most people in those countries with crazy hyperinflation almost never buy Bitcoin to curb inflation, most of them just sell it for the US dollar and buy goods and services with that.

Basically with most hyberinflation or during communism in certain countries, that was how the middle class/rich paid for things; in US currency.

Its more stable than Bitcoin and less volatile.

Only people who bought BTC instead of USD are the ones who are in danger of getting it repossed or stolen. Hence the BTC was a safer choice.

18% of People in Turkey Own Crypto Compared to 8% in the US. Some of Turkey’s residents have claimed they are losing faith in fiat currencies as a whole. And some users have reported using cryptocurrencies because of the Turkish lira’s weaknesses, and because of political and financial turmoil the country has been enduring over the past few years.
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August 28, 2018, 10:42:11 AM
Merited by LFC_Bitcoin (1)
 #13

Anyone else who thinks "8% of Americans have Crypto" seems extremely high?

This means eg you have a family-party with 12 people - one of them has crypto (well, you)
Family-Party with 24 people - two of them have crypto.

The Case for Bitcoin:
https://bitcointalk.org/index.php?topic=4882599.msg43979219#msg43979219


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update 2018: not total newb anymore i guess- now turned megalomaniac
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August 28, 2018, 11:11:32 AM
 #14

18% of People in Turkey Own Crypto Compared to 8% in the US.

I do not understand how you can possibly believe this.

Look at Localbitcoins volume.

https://coinmarketcap.com/exchanges/btcturk/

That is the biggest Turkish exchange.

You're telling me over 15 million people running for the exit into BTC will generate just over 2 million dollars of Bitcoin volume?

It's one piece of shit survey probably of a couple of thousand people.

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August 28, 2018, 11:19:10 AM
 #15

Anyone else who thinks "8% of Americans have Crypto" seems extremely high?

This means eg you have a family-party with 12 people - one of them has crypto (well, you)
Family-Party with 24 people - two of them have crypto.

Yeah, there’s no way it’ll be as high as 8%. You’re probably looking at the true % being less than 1%. Lots of people (average joe’s) are NOW aware of bitcoin but I almost guarantee less than 1% will own any.

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August 28, 2018, 11:31:45 AM
Merited by nightways (1)
 #16

The main problem with these is that, when you do a research on politics to get info on who will vote for who it makes a bit sense, you can ask 1000 random people on different places and see who will vote who, however if the questions is regarding something as specific as owning cryptocurrency, asking 1000 people in a country doesn't really reflect the end result as well.

You can ask 1000 people but there is like 80 million people living in turkey, hence its impossible to really even be close to it.
Also where have you asked, have you asked just modern cities or have you also asked people from more eastern middle east borderline cities where people are not even using internet that commonly ? I doubt so.

Basically this is all a wrong guess from the part of the people who made this and probably not even remotely close to the real results. Considering the lira dropped in august and this was done in June, OP is also quite wrong.

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August 28, 2018, 12:00:49 PM
 #17

I am pretty sure most people in those countries with crazy hyperinflation almost never buy Bitcoin to curb inflation, most of them just sell it for the US dollar and buy goods and services with that.
Exactly, people in Turkey are doing the same thing than the folks in Venezuela, they simply use Bitcoin ,or any other online payments system that supports the US dollar, to sell it in the black market for fiat currency. The buyers are probably people from the upper class or companies who need foreign currencies to import goods.

The whole "Bitcoin is saving people in X or Y country" is a fallacy, the US dollar is saving people in countries with hyperinflation.

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August 28, 2018, 06:47:51 PM
 #18

For such magnitude of research, it cannot state exactly the right data on consumers using cryptocurrency in those regions. Coupled with the fact that this is an online research which is subject to a lot of bias anyway. A larger audience when considering the population of each country itself will suffice, but for this, I do not expect anyone to just simply use that to judge the condition of ownership of cryptocurrency in this region or even state this as a reference at all.
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August 28, 2018, 07:00:25 PM
 #19

Nice picture. Not sure if all those numbers are real.
I always thought that China is a big empire in crypto, and all the holders are from that Asian part. Because of the fact that they have the biggest exchange in crypto, Binance, their citizens should be benefited about depositing and withdrawing money from and to their banks.
Interestingly, the US is not in top 3.
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August 28, 2018, 10:32:57 PM
 #20

Romanian adoption of BTC has surpassed the United States by 50%? Somehow, I doubt it! Cheesy

This "survey" definitely feels fishy, and it's obviously intended to fit a narrative about economic crisis as a trigger for BTC adoption. I'm pretty skeptical towards that narrative.

the sample size is very small, representing only about 1000 individuals from each country. and how did they randomly selected those people?

Not only is the sample tiny, but I never trust these little online/mobile surveys. I don't think respondents are representative of their countries at large, and I also don't think respondents always answer truthfully (because it's just a throwaway survey).

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