Skip to main content

Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

Despite the risks that come with storing crypto assets with third parties, the findings of a new study suggest many cryptocurrency holders still trust exchanges with the safekeeping of their funds. Conducted by Binance Research, the study finds that 60% of “the general population store their cryptocurrencies on an exchange.” In contrast, 26% of the respondents use cold wallets and only 11% are using hot wallets.

Security of Funds Remain a Key User Concern

Dubbed the 2021 Global Crypto User Index, the study’s findings “are based on a global survey issued to over 61,000 crypto users across 178 countries and regions.” The study survey, which ran from September 15 to October 25, 2020, explored questions surrounding the respondents’ demographics. Researchers also sought to understand the crypto holders’ attitudes, preferences, adoption, and motivations 
towards cryptocurrency investment.

Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

Meanwhile, the study findings show that despite the high percentage of the respondents who prefer storing funds with an exchange, security of the same assets remains a key. As the findings show, 28% of respondents prioritize an exchange’s “reputation of being secure” when choosing the best platform to buy cryptocurrencies.

Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

The concern receiving the next highest consideration is the “intuitive user experience and user interface.” On the other hand, only 3% of the respondents prioritize an exchange’s reputation for being compliant with regulations.

Crypto as a Source of Income

In terms of the number of users that derive their income from cryptocurrencies, the study findings show that 51% of respondents said yes. From this figure, about 15% say cryptos are a primary source of their income while for the remaining 36% these constitute a secondary income. Still, the findings show that 48% of the respondents still consider crypto a hobby.

Meanwhile, the other key findings of the study include the popularity of decentralized finance (Defi) in South East Asia where 52% said they use Dapps. Overall, 66% of all Dapps users are using Defi applications.

The findings also suggest that a majority of users have less confidence in stablecoins with 78% saying they “would rather use bank coins instead of stablecoins.”
Furthermore, findings suggest “adoption is primarily driven by the expected future utility for crypto assets.”

Do you agree with the findings of this study? You can share your views in the comments section below.



from Bitcoin News https://ift.tt/36mjOqy
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more