2021 - Global Crypto User Index

[zasad@]

https://research.binance.com/en/analysis/global-crypto-user-index-2021

Introduction to the survey
"This first-ever report with a global scope and focus on crypto retail users examines data from over 61,000 crypto users around the world, shedding light on the motivations, behaviors, and preferences of this growing audience.

Bitcoin continues to reign: BTC, which is held by 65% of users who own any crypto, continues to be the most popular cryptocurrency. 30% of BTC owners allocate 1-20% of their crypto portfolio to bitcoin.

Top uses for cryptocurrencies: even though most cryptos are hodled (39%), users also use their digital assets for staking & lending (22%), and payments (11%). And while using crypto as a medium of exchange may not be perceived as the most important use-case (21%), actual usage (38%) suggests that crypto is taking the function of money more than users anticipate."

FULL REPORT:
https://research.binance.com/static/pdf/Global_Crypto_Index_2021.pdf

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[SFR10]

even though most cryptos are hodled (39%),

Unfortunately, that also means those that are responsible for the 39%, are using cryptocurrencies ^{[especially BTCitcoin]} for the wrong reason and shouldn't be labeled as true BTCitcoiners.

60% of users keep their digital assets within exchanges.

That's quite shocking and significant at the same time...
^{- Someone needs to point them to the following known phrase: "Not your keys, not your coin!"}

[kryptqnick]

I wonder how representative this research is because even though 61,000 people participated, it doesn't automatically make it unbiased. I was surprised to see that 38% use cryptos due to distrust in the current financial system because I thought there were way fewer people who cared about things like that.
But then again, the research says 60% of people store coins on crypto exchanges, and that's a very sad number if this is true since it seems that it was already stressed a lot of times that it's important to own your keys...
It was also surprising for me that 78% favor fiat over stablecoins. I think it's a good thing if there's such low trust to coins like Tether, but is that truly the case?

[dkbit98]

I am suspicious whenever I see that Binance is doing some research and I look for some hidden motives they have for promoting their exchange and business.
In their report they say that 60% of people are holding coins on exchanges, 26% in cold wallets, 11% in hot wallets, and they obviously claim they have reputation for being secure.
Maybe it's true that lot of people are holding Bitcoin on exchanges but only source they used for this was simple google form for their users that anyone could reply multiple times if they want.
 

[buwaytress]

It's actually probably expected that people hold crypto in exchanges. Totally not surprised by it at all. Have said many times that apart from users I meet on forum, most people (I want to say all but let's be nice) met who get into Bitcoin do so at exchanges and want to keep it there. Simply don't want to risk losing their private keys when they barely can remember email passwords.

Plus, it's Binance research. Expect the sample population to be Binance audience. Stakers and lending haha.

[tranthidung]

Top uses for cryptocurrencies: even though most cryptos are hodled (39%), users also use their digital assets for staking & lending (22%), and payments (11%). And while using crypto as a medium of exchange may not be perceived as the most important use-case (21%), actual usage (38%) suggests that crypto is taking the function of money more than users anticipate."

How many of digital assets are used for leverage tradings - cross or isolated. I can not find it in the report but this information will be interesting.

Some other details I see from the report

• Reasons to buy crypto: 31% for short-term trading opportunities (page 6)
• Stable coins: 78% would rather use bank coins instead of stable coins (page 7)
• Demographics: age groups from 22 - 49 are dominated components of the crypto user population. The age group from 22 - 29 is the second highest and only  a little lower than 30 - 39. They are young and more adaptive. They are future of the crypto market.
• Male - female ratio is skew on the male as same as past records: Bitcoiners' Demographic over years

[DdmrDdmr]

Seems like an interesting enough read, and even if there is possibly going to be a Binance bias, bearing that in mind, it’s still rather informative, even if we presume it profiles with better exactitude their customer base.

<…> 1. The methodology doesn't mention how they contact the crypto user.<…>

They mention some of the specifics here: https://research.binance.com/en/analysis/global-crypto-user-index-2021:

Distribution of the survey
The survey was translated into eight different languages (English, Spanish, Russian, Turkish, Chinese, Vietnamese, German, Dutch) and disseminated via a web-based questionnaire for a global audience, along with a dedicated survey for the Chinese market.
The respectively used channels included:
•   Social networks (e.g., Twitter, Telegram, Kakaotalk, VK, WeChat)
•   Reddit forums)
•   Direct emails to Binance.com users
•   Banners on Binance.com and CoinMarketCap.

Later on, within the above link, they mention some of the basis of their methodology, from which reading I infer that some of the data is cooked in order to try to better represent the survey population (i.e. as they do with voting intention poll, where we do not simply see counts). Every page on the survey includes a footnote with specifics considered for the question being treated.

[robertjack]

https://research.binance.com/en/analysis/global-crypto-user-index-2021

Introduction to the survey
"This first-ever report with a global scope and focus on crypto retail users examines data from over 61,000 crypto users around the world, shedding light on the motivations, behaviors, and preferences of this growing audience.

Bitcoin continues to reign: BTC, which is held by 65% of users who own any crypto, continues to be the most popular cryptocurrency. 30% of BTC owners allocate 1-20% of their crypto portfolio to bitcoin.

Top uses for cryptocurrencies: even though most cryptos are hodled (39%), users also use their digital assets for staking & lending (22%), and payments (11%). And while using crypto as a medium of exchange may not be perceived as the most important use-case (21%), actual usage (38%) suggests that crypto is taking the function of money more than users anticipate."

FULL REPORT:
https://research.binance.com/static/pdf/Global_Crypto_Index_2021.pdf

Bitcoin is proving to be a useful tool for bolstering the existing infrastructure. There are several aspects of this device that don't work well. Banks stop making loans during a crisis, just when people need them the most, because the availability of credit money can be unpredictable. There is no reason to give people who need small loans inexpensive credit.But, so far, Bitcoin doesn't seem to have done anything to address these issues, and it's unclear if it would.

Making fiat credit money more useful to all is just that: job. It needs patient control. You must go out into the world and find people who are not part of the financial system, then allow lenders to have goods that will attract them.It takes a lot of wrangling with people who make a lot of money by lending money. Nothing can happen on its own only because the world has a new commodity. Bitcoin lenders pledge something akin to a modern political party — people's wealth! However, they seem to be just another group of bankers so far.

[Ararbermas]

Maybe it's true that lot of people are holding Bitcoin on exchanges but only source they used for this was simple google form for their users that anyone could reply multiple times if they want.
 

Yep most of the pll right now is holding bitcoin but some are holding through exchanges. This isn't surprising actually since panic buying always happened wherein every time bitcoin is rocketed..

Unfortunately some falls to scam exchanges because of greediness and also there are some holders for long term also, but don't have any back up to open their accounts again.. Lol  percentage of lost bitcoins is increasing as well.

[leea-1334]

Later on, within the above link, they mention some of the basis of their methodology, from which reading I infer that some of the data is cooked in order to try to better represent the survey population (i.e. as they do with voting intention poll, where we do not simply see counts). Every page on the survey includes a footnote with specifics considered for the question being treated.

At least they sort of mention it,,, so we know that is transparent in a way and can expect why the results are as such! But I think there is a lot of work that needs to be put into how all these big exchanges and companies do their research. It is usually not even academically accepted in most cases. Looks professional but is not at all.

[Kamarah]

Electronic money is being popular across countries. In 2021 the index of electronic money users also increased. Specifically:
Switzerland: 11 percent
Turkey: 16 percent
Philippines: 20 percent
Vietnam: 21 percent
Nigeria: 32 percent
      Source: Local news

[hector3115]

Thank you, a really interesting report. It can be shown to those who do not believe in the effectiveness of investing in crypto.

[leea-1334]

Electronic money is being popular across countries. In 2021 the index of electronic money users also increased. Specifically:
Switzerland: 11 percent
Turkey: 16 percent
Philippines: 20 percent
Vietnam: 21 percent
Nigeria: 32 percent
      Source: Local news

Do you start to see a pattern here? Where there are more and more unbanked people like in Nigeria and Vietnam, there is more willingness to adopt new forms of currency that are digital and give more people access.

Not everyone can have private bank account and checkbook like in Switzerland.

But everyone can have a cheap smart phone app for digital money:)