[2019-08-17] Nobl Research: 25 Million Americans Are Considering Buying Crypto

timerland

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I'm not really sure about these surveys. I've never really seen a lot of accurate ones over the times, and have always taken these surveys with a grain of salt.

I have a hunch that these people are only considering buying BTC for 2 reasons:

1. They are waiting for another bull run to start and then are looking to hop onto that train and selling quickly for some profit.
2. They are waiting for more institutional support for BTC before they buy BTC and are likely waiting for a big company to take hold of it.

Quote from: ?? on ??

I'd be interested to see research how many Americans Are Considering Buying Crypto and see it as as currency / payment method rather than investment (which is probably reason the number is high).

Quote from: https://bitcoinist.com/nobl-research-25-million-americans-are-considering-buying-crypto/

Mainstream Adoption Will Not Happen Without Insurance

If we want to see actual mainstream adaption, reject ETF proposal and push Bitcoin legality as currency / payment method instead.
People who buy Bitcoin through ETF don't actually own or hold their Bitcoin.

I'd estimate it at around 80 percent investment, 20 percent payment option. During the 20,000 bull run, it was heavily publicized as a get rich quick method, not a new payment option.

1Referee

legendary

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Quote from: Betwrong on August 18, 2019, 10:52:50 AM

In terms of transaction fees Bitcoin can be perfectly used as a payment system for buying/selling goods/services priced above $100, because fast transaction currently costs less than $1.

Yup. I have had 4 transactions confirmed by the first next block today, and that with a fee of less than $0.20 thanks to native bech32 Segwit. Would that not be enough I just use RBF and bump the fee by approximately a whole cent. It requires some level of understanding, but once you get the hang of it you don't ever want to go back to the 1x address format.

People paying the high fees use the old format addresses in combination with clients that suck at properly estimating the right fees.

PayPal, which is the most widely used form of ecommerce payment option (at least in the western world), charges fees up to $5 when you send money to an international account. If you use the goods and services option, the receiving party swallows a 3-4% haircut. And then you also have to worry about chargebacks, lol.

Betwrong

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I stand with Ukraine.

Quote from: hugeblack on August 18, 2019, 07:41:09 AM

~
I do not think that many may use bitcoin as a currency, especially in the US because of the availability of cheaper alternatives.
~

I don't understand this part. What "cheaper alternatives" do you mean? In terms of transaction fees Bitcoin can be perfectly used as a payment system for buying/selling goods/services priced above $100, because fast transaction currently costs less than $1.

But I think 99% of those 25 million Americans considering buying BTC because they think it's a good investment, and the only thing stopping them is the high level of uncertainty associated with Bitcoin. If their investment will be insured, they will quickly jump in, no doubt about that.

coolcoinz

legendary

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Quote from: hugeblack on August 18, 2019, 07:41:09 AM

There is a difference between "Considering Buying," and actual buying.
I do not think that many may use bitcoin as a currency, especially in the US because of the availability of cheaper alternatives.
As far as investment is concerned, there are no regulations on how to invest so we will not see institutional money or even wealth creation in the industry.

So far it is a good investment opportunity when there is no talk about the usual investment means.

Exactly. If somebody asked me if I'm considering buying a house or a new car I'd say yes, because I know I'm going to need it in a year or two, but I'm probably not going to do it now, unless BTC goes to an ATH in a couple months. It's the same with considering buying and selling I am considering buying if the price hits a low of 4-5k and I'm considering selling if we go to 25k. Is that really relevant for this research or to determine whether I'm bullish or bearish? Rather not.

joelsamuya

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https://emirex.com

There is no denying the fact that more and more people are getting interested to buy cryptocurrency especially Bitcoin and why are they interested can be because of many considerations like the opportunity for good return-on-investment and to protect one's wealth just like what the physical gold is doing during chaotic times. As to how this trend can eventually affect the whole crypto market that is what can be exciting to find out. Will there be a great speculative trend to soon envelop the market? Probably yes or maybe the market is right maturing and unlike before will not be jumping into blue deep water without knowing what they are doing.

hugeblack

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There is a difference between "Considering Buying," and actual buying.
I do not think that many may use bitcoin as a currency, especially in the US because of the availability of cheaper alternatives.
As far as investment is concerned, there are no regulations on how to invest so we will not see institutional money or even wealth creation in the industry.

So far it is a good investment opportunity when there is no talk about the usual investment means.

Vishnu.Reang

sr. member

Activity: 1988

Merit: 453

This is in line with this news:

https://www.cryptoglobe.com/latest/2019/07/cryptocurrency-exchange-coinbase-hits-30-million-user-mark/

They haven't given a country-wise distribution for the users, but I guess anywhere from one-third to half of all the users may be residents of the United States. So the figure of 25 million given by OP looks quite possible. That would mean that around 8% of the US population are either crypto users, or are planning to use crypto in the future.

rodel caling

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Quote from: ?? on ??

I'd be interested to see research how many Americans Are Considering Buying Crypto and see it as as currency / payment method rather than investment (which is probably reason the number is high).

Quote from: https://bitcoinist.com/nobl-research-25-million-americans-are-considering-buying-crypto/

Mainstream Adoption Will Not Happen Without Insurance

If we want to see actual mainstream adaption, reject ETF proposal and push Bitcoin legality as currency / payment method instead.
People who buy Bitcoin through ETF don't actually own or hold their Bitcoin.

A brilliant idea from our mate, but I think if ETF aprroves they have possible bitcoin is become legit and legal currency in United states of America.
They actually US financial want bitcoin how it to regulate and control because they it stable price value and they to collect taxes of the users or holders.

Theb

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This is what I hate about crypto-news websites the article is more like an advertorial rather than focusing on the statistics itself. It's to obvious when you read the article until the end showing that Nobl Insurance has mentioned "Nobl Crypto" Insurance for trading cryptocurrencies. They didn't even tried to connect the 25 million Americans and how it can translate to real holders they just transitioned to another number which is 10% of the crypto users are using as cold storage to protect their cryptocurrencies and even that has no connection on the insurance product they are trying to promote. What I only get in the "news" so far is companies like Nobl Insurance are trying to prepare for the demand of such protection needed when some of those 25 million Americans will actually start trading cryptos themselves.

figmentofmyass

legendary

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i'd be curious to see the full data set, and where they are pulling it from. the report itself doesn't appear to be public.

of course, nobl is an insurance company peddling a new crypto insurance product. the primary conclusion of the report is not really about how many people are considering buying crypto---it's that "the cryptocurrency market requires insurance to sustain its growth".

they are basically arguing most of those people won't buy crypto unless insurance products like theirs become the norm.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Well, if you consider the fact that no formal institutional capital has officially offered trading platforms for their traders to start buying actual bitcoins, then you can understand that there are still a huge amount of people out there that has not bought bitcoins yet. We eagerly await the SEC's decision on submissions that was done, to allow institutional capital to be invested into Bitcoin. Roll Eyes

The price volatility would decrease, if bitcoins was distributed to a lot more people, so I hope this will happen in the near future, because price stability is one feature of a mature currency. Wink

buwaytress

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Join the world-leading crypto sportsbook NOW!

So many carrots dangled in front of people but if the fears of a global economic crisis and severe inflation, with contractions taking away the value of savings and pensions aren't enough to push people to get into bitcoin, then I doubt the mere desire to buy will lead to this "tantalising" prospects of bitcoin price boom.

Let's not find ourselves clutching at straws yeah? Just chill guys.

Jgilpulg

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Although optimism about the global economy is waning, there is optimism about the crypto industry. The study’s findings suggest that we are on the threshold of a tantalizing opportunity of “an accelerating crypto market.”

https://bitcoinist.com/nobl-research-25-million-americans-are-considering-buying-crypto/

Topic: [2019-08-17] Nobl Research: 25 Million Americans Are Considering Buying Crypto (Read 229 times)