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Topic: [2019-10-26] Crypto Owners in US Have Risen 81% YTD (Read 363 times)

legendary
Activity: 1526
Merit: 1179
it's better for them to check every exchange in the U.S.  although many people keep their bitcoins in private wallet.
Most of the people using an exchange never actually withdraw their coins to their own wallet.... the only transfer taking place is exchange to exchange where they trade crypto back and forth until it's time to sell.

It would be a better idea to ask an exchange to be specific about unique users who actually made a fiat deposit to buy Bitcoin. Creating an account can be done by people that were here for years already but want to cash out now.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
A lot of people might have created Bitcoin wallets for fun (it takes just a few seconds). But these wallets are all empty, with no transaction ever occurring with them. I am afraid that the survey might have counted these wallets as well.

Most wallets do that automatically for convenience purposes. I however don't for a second think that they counted empty addresses because it's meaningless on its own as anyone can generate addresses out of thin air at any time. It would allow whales to easily manipulate the stats as it is practically free of any cost.

He was probably referring to web-based wallets, as blockchain dot info has.

At which point we again have some really weird statistics:
They claim to have 42 million wallets but we only have 26 million addresses with a balance on the entire chain.
Even if we consider the stupid trend of storing your coins online it's pretty obvious most of those wallets have never been used.

Neah that 14% is simply wrong, we wouldn't be hovering around 10k at that usage and we wouldn't have 300k transactions a day with fees at 1sat/b getting confirmed.





legendary
Activity: 3430
Merit: 3080
That reminds me of how exchanges and other services boasted about how many account registrations they had in the last x number of months.

...and that reminds me of that Well Fargo scandal a couple years ago where they got caught signing up 1000's of clients for accounts they (WF) used to perform their own transactions, without the clients knowledge (let alone applying for Undecided )


savers are just as legitimate as spenders in this economic model.

or in any economic model

the fact is, I and other BTC holders are not just speculating on Bitcoin's future, we're speculating on the USD's future too, USD holders are doing the same thing the other way around. We're looking at the world and predicting a changed future, dollar holders are predicting the future will be similar to the recent past. Both are speculative, as no-one knows what the outcome will be. Maybe both will last forever, maybe they'll both be outrun by some other currency.
legendary
Activity: 2170
Merit: 1427
there is no possible method for counting unused addresses anyway.

unless the address is used, it doesn't appear in the blockchain.
Good point. That invalidates his claim right away.

the only way unused wallets could be miscounted like that would be if a webwallet did so, but you'd be unwise to believe any such unverifiable claims made by webwallet sites, they're pretty heavy on the "marketing rhetoric" (i.e. bs), as you would expect
That reminds me of how exchanges and other services boasted about how many account registrations they had in the last x number of months. One can register an account on even the most compliant exchange, but without verification the account itself is pretty useless. It's a metric that can be manipulated easily, either unpurposely or purposely.
legendary
Activity: 1652
Merit: 1483
Also, what type of owners are they? Real users that use their bitcoins as currency or are they only speculating that the price will increase next year and sell to hold fiat?

those are both "real" users. bitcoin is a form of money, not simply a payment rail---savers are just as legitimate as spenders in this economic model.

if bitcoin's network was limited only to those who frequently spend, it would be worth exponentially less than now. by the same token, if no one ever spent bitcoin at all, they would be worthless since the network relies on transaction liquidity.

this is yin and yang. no need to hate the speculators.......
legendary
Activity: 2968
Merit: 3684
Join the world-leading crypto sportsbook NOW!
Apart from the fact that it's just so easy yet hardly appropriate to use a blanket term these days, I don't know why anyone's surprised there are more US owners of Bitcoin every year (I'm not ignoring the title says crypto but if you own crypto I don't believe you don't own Bitcoin first).

I'd be really interested to know though if this translates to more people buying and investing (and thinking they own Bitcoin), or if actual people are learning to control their own private keys with sole access to that precious bitcoin.
sr. member
Activity: 1150
Merit: 260
☆Gaget-Pack☆
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/



   I think that it is good that cryptocurrencies are starting to gain some recognition but with the case of the U.S, their word is usually the final.
  Right now Zuckerberg is being put through the ringer with investors ready to pull out completely from Libra, which may aid heavily in cryptocurrency adoption.
  I also think that the institutional investors like the idea of having Blockchain technology better than the idea of having a whole cryptocurrency built around one. The transparent public ledger is all the fuss these days, but the token attached to it is stigmatized.
hero member
Activity: 1036
Merit: 514
What is completely wrong is the number, 35 million or one in every 7 Americans.

That would mean that 4 of your colleagues in school or high school would hold crypto, each family would have at least one member holding crypto, in every bar you enter there would be at least 2-3 holders...
Neh, it's impossible.

2,3 even 4% yeah, 14%, simply no!


Indeed, 36.5 million is simply impossible currently. 2,068 participants did not represent the actual 36,5 million, thus it's not even close to accurate.
I'm more curious about how did they survey the number of bitcoin adopters, it's better for them to check every exchange in the U.S.  although many people keep their bitcoins in private wallet.
legendary
Activity: 3430
Merit: 3080
A lot of people might have created Bitcoin wallets for fun (it takes just a few seconds). But these wallets are all empty, with no transaction ever occurring with them. I am afraid that the survey might have counted these wallets as well.

Most wallets do that automatically for convenience purposes. I however don't for a second think that they counted empty addresses because it's meaningless on its own as anyone can generate addresses out of thin air at any time.

there is no possible method for counting unused addresses anyway.

unless the address is used, it doesn't appear in the blockchain. the only way unused wallets could be miscounted like that would be if a webwallet did so, but you'd be unwise to believe any such unverifiable claims made by webwallet sites, they're pretty heavy on the "marketing rhetoric" (i.e. bs), as you would expect
hero member
Activity: 1330
Merit: 569
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/




Its great to read this kind of news although holding might not necessarily mean much in terms of its effect on the market as we haven't seen much to run with but really it shows the level of confidence increasing and going beyond the report from the United States, I have seen increase in the people now interested in crypto even in my own immediate community as colleagues are much more interested than ever. I think the narrative is gradually changing especially the part that relates to crypto being ascribed to a pyramid scheme that would soon fail or crash and the price which it has been hovering is not enough to attract the attention of people who are only interested in the crash of the market put this together has been giving room for gradual development of the market.
legendary
Activity: 2170
Merit: 1427
A lot of people might have created Bitcoin wallets for fun (it takes just a few seconds). But these wallets are all empty, with no transaction ever occurring with them. I am afraid that the survey might have counted these wallets as well.

Most wallets do that automatically for convenience purposes. I however don't for a second think that they counted empty addresses because it's meaningless on its own as anyone can generate addresses out of thin air at any time. It would allow whales to easily manipulate the stats as it is practically free of any cost.

In these examples of "adoption", they count the addresses with an actual balance in them, and when the charts indicate growth, they directly assume it is related to more adoption, but that doesn't have to be the case at all. It's something surveys did years ago and still do it today. They are clueless when it comes to storage distribution, change addresses, etc.
legendary
Activity: 3766
Merit: 1217
14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.

A lot of people might have created Bitcoin wallets for fun (it takes just a few seconds). But these wallets are all empty, with no transaction ever occurring with them. I am afraid that the survey might have counted these wallets as well. If you ask me, I would say that 14.4% looks possible within the 15-29 age group, but not among the general population. Ideally, we should only count those individuals who hold more than BTC0.001 in their wallets, or those who at some point of time had that much BTC in their wallets.
legendary
Activity: 3122
Merit: 1492
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

I'd be curious to see who they surveyed. All I can find is this:

Quote
...according to a survey of 2,068 participants commissioned by Finder.

14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.

Also, what type of owners are they? Real users that use their bitcoins as currency or are they only speculating that the price will increase next year and sell to hold fiat?
sr. member
Activity: 1008
Merit: 355

Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.


In USA, at least Bitcoin is not declared to be a "persona non grata" unlike in China where the stand of its government is quite firm though of course we know that many Chinese are still into cryptocurrency. China is however more interested with developing the advantages and benefits of the blockchain technology and soon can be the big leader in this field where USA seems not that so greatly interested of (that is, compared to China).

In case this is true that there is a significant uptick in cryptocurrency users in USA then at least this is good news for the industry though we have to admit that we still have to eat tons of hamburgers before the widespread adoption and use that we all dream of can come true. Anyway, there is no deadline for that so slowly but surely is much better than nothing at all. That article above is citing many good and encouraging figures, it is a good read.
full member
Activity: 952
Merit: 104
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/






Great news meaning american people are interested about the capability of the this new form of miney came from the new technology. We know the government  of united states is not totally banned bitcoin but the government want to control it as regulated crypto currency. Therefore people is understand well what is new technologies so not surprise they increase a bitcoin users in that country.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
~

If I would count all the so-called people that are holding cryptos in every country according to those surveys we would en with 42 million BTC

But, this has given me an idea, If I have time I'll try to run a survey here, although with all the shitposting I doubt we would get real numbers from other countries but at least some data from serious members. Of course, it will be very biased since from the start the people questioned will be crypto holders but I'm genuinely interested in the people they know and if those hold cryptos, and what's the percentage.

In my case, it's pretty simple, none out of the 8 and 14 former colleagues from middle school and high school are holding any crypto.
One colleague (out of probably 11-20) to whom I usually talk hold some...coins  ....none when it comes to 1-2 degree relatives, 2 when it comes to other friends.

I'll try to run this survey on B&D, I wonder if even biased from the start it will get close to the 14% some claim.

What fascinates me a lot is the fact that the rate of adaptation is almost always measured by something coming from the USA, which would mean that if Bitcoin fails there, it will not succeed anywhere in the world.

Of course, because with all the China, Venezuela, Africa and other 3rd wold countries embracing bitcoin, the money and the buyers are still in the US. Same as the nodes, ATMs, shops, .... Grin
legendary
Activity: 3234
Merit: 5637
Blackjack.fun-Free Raffle-Join&Win $50🎲
2,3 even 4% yeah, 14%, simply no!

There is no doubt that this is a targeted sample of people, obviously those between the ages of 20-40 who understand technology, who somewhat understand what is Bitcoin and why it is worth having it as a long-term investment. Different studies show different results, so we have information that about 5% of Americans own some crypto, but also that 20% of Americans aged between 18-34 years own Bitcoin.

I think all these numbers are relative, and it is impossible to get accurate figures on such a small sample of people in country that has almost 330 million inhabitants. What fascinates me a lot is the fact that the rate of adaptation is almost always measured by something coming from the USA, which would mean that if Bitcoin fails there, it will not succeed anywhere in the world.

In the following links we can see examples of different research on this topic:

https://www.prnewswire.com/news-releases/largest-bitcoin-ownership-survey-reveals-6-2-of-americans-own-bitcoin-while-7-3-are-planning-to-buy-some-300928651.html
https://www.cryptoglobe.com/latest/2019/05/20-of-americans-age-between-18-34-own-bitcoin-recent-survey-reveals/
https://www.cnbc.com/2018/03/16/why-just-8-percent-of-americans-are-invested-in-cryptocurrencies-.html
https://beincrypto.com/1-in-12-americans-own-cryptocurrency-finds-new-market-study/
https://www.rttnews.com/2997766/9-of-americans-own-bitcoin-survey.aspx
hero member
Activity: 1680
Merit: 655
I have a feeling that if that number hits triple digits (north of 100 million people) we might start to see some more pro-bitcoin voices in the legislative assembly both in the congress and the senate floor. Because that's how politics work, if the politicians sees a group rising it's numbers they will find its way to support it to gather some votes in the upcoming election, some might care about the crypto industry in the country but of course the number of potential voters is what attracts them in the first place. It's just like that's how politics work, find an oppress group to promote and be an advocate for it.
legendary
Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
The Chinese has for the first time in history surpassed the amount of millionaires that has existed at a specific time. So the American elite is decreasing and the Chinese millionaires are increasing. Do you think this happened for no reason?

The American economy is getting a lot of pressure under Donald Trump's trade wars with China and I think people in the USA are looking for ways to hedge against this and they are turning to Bitcoin for this. The average American can see the writing on the wall and they are realizing that they will have to do something to protect their wealth, before the house of cards collapse.  Wink
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
~

Good catch. Some respondents obviously overstated their holdings. Cheesy

Actually I don't think the holdings are overstated that much, cut 25-40% maybe but not more, we would be talking about 1/3 of a bitcoin or less than the average wage as an investment, it might be possible

What is completely wrong is the number, 35 million or one in every 7 Americans.

That would mean that 4 of your colleagues in school or high school would hold crypto, each family would have at least one member holding crypto, in every bar you enter there would be at least 2-3 holders...
Neh, it's impossible.

2,3 even 4% yeah, 14%, simply no!
hero member
Activity: 1008
Merit: 531
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

I'd be curious to see who they surveyed. All I can find is this:

Quote
...according to a survey of 2,068 participants commissioned by Finder.

14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.
Exactly what I was thinking - going through a sample size of 2,000 people isn't a lot at all and can easily be inaccurate with a lot of factors, age, location even (people in New York will probably be more interested in Bitcoin then in other cities) and I don't think anyone should be using this metric as something really accurate.

Quote
As a result, about 36.5 million Americans own some form of crypto asset.
The Profile survey also revealed that Americans holding crypto assets have an average of $5,447 in digital coins

Hmmm,  36.5m x5.447 $= 198 billion, total market cap of all coins is 234 billion, ...Satoshi owns another 10 billion...
Yeah, legit!
Lol, nice catch mate!

These statistics are very skewed and a more accurate survey that has people from all the regions if America, in different age groups and a fair range of internet users would be much more accurate and these previous studies are just estimates...
legendary
Activity: 1666
Merit: 1196
STOP SNITCHIN'
Quote
As a result, about 36.5 million Americans own some form of crypto asset.
The Profile survey also revealed that Americans holding crypto assets have an average of $5,447 in digital coins

Hmmm,  36.5m x5.447 $= 198 billion, total market cap of all coins is 234 billion, ...Satoshi owns another 10 billion...
Yeah, legit!

Good catch. Some respondents obviously overstated their holdings. Cheesy

I also heard that Milennials are also more likely to think positively about Bitcoin than boomers. This should make adoption go through the roof at the next recession.

They are, but I'm not convinced that'll improve Bitcoin's prospects during a recession. Millennials are largely the people buying bitcoins. When they're losing their jobs because of the recession and can't pay their rent, what are they going to do -- buy more bitcoins? No, they'll probably be net sellers instead.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Quote
As a result, about 36.5 million Americans own some form of crypto asset.
The Profile survey also revealed that Americans holding crypto assets have an average of $5,447 in digital coins

Hmmm,  36.5m x5.447 $= 198 billion, total market cap of all coins is 234 billion, ...Satoshi owns another 10 billion...
Yeah, legit!

hero member
Activity: 546
Merit: 500
I also heard that Milennials are also more likely to think positively about Bitcoin than boomers. This should make adoption go through the roof at the next recession.
sr. member
Activity: 504
Merit: 250
But what is the true percentage of ownership?

That is the question to ask, imo.

Just because the amount of crypto owners is increasing doesn't mean that adoption is actually increasing for bitcoin as a currency. If people are only treating bitcoin as a speculative asset, then this statistic is really pointless.

Even holding BTC in the long run is far greater than just speculating on price movement in the short term from an adoption standpoint.
legendary
Activity: 1666
Merit: 1196
STOP SNITCHIN'
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/

I'd be curious to see who they surveyed. All I can find is this:

Quote
...according to a survey of 2,068 participants commissioned by Finder.

14.4% of Americans seems awfully high to me. I wouldn't be surprised if the results are skewed because the respondents weren't representative of the population. Some demographics will definitely have a higher propensity to use Bitcoin -- Millennials, internet users, etc.
sr. member
Activity: 588
Merit: 285
From the article: "[The United States] is the country that has the largest number of cryptocurrencies hodlers"

Interesting.

So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.
This is the case with almost every government. My country's government is planning to impose and 10-year ban on anyone holding or trading bitcoins through exchanges, the law is yet to be passed by the judiciary. They have already taken down registered bitcoin exchanges, but dumbshit they don't know about P2P exchanges, it's impossible to stop someone from holding/trading coins anonymously! The main motive of Bitcoins is to have a decentralized currency, I wonder how they're gonna restrict people from using it and catching the ones who do!
legendary
Activity: 4228
Merit: 1313
So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.

What a strange disparity: is it not supposed to be "by, for and of the people"? Or did that cease to be (at least in terms of owning assets) when the government threatened their so-called co-governors to sell their gold to them for a bad price in 1933, and then legalized owning gold again 40 years later?

I agree. I think most people want to be free while most in government want to control and they try to mislead people with promises of "free" stuff.  FDR's gold confiscation was reprehensible in a free society.
legendary
Activity: 3430
Merit: 3080
So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.

What a strange disparity: is it not supposed to be "by, for and of the people"? Or did that cease to be (at least in terms of owning assets) when the government threatened their so-called co-governors to sell their gold to them for a bad price in 1933, and then legalized owning gold again 40 years later?
legendary
Activity: 4228
Merit: 1313
From the article: "[The United States] is the country that has the largest number of cryptocurrencies hodlers"

Interesting.

So while the article seems to say that the US *government* isn't crypto friendly, the individuals are.
legendary
Activity: 2310
Merit: 1035
Not your Keys, Not your Bitcoins
Slowly more and more countries will FOMO into the cryptocurrency craze. In my opinion it's going to be something similar to the gold rush in the wild west, but a modern model Cheesy

It is really encouraging to see such a growth in the US cryptocurrency adoption and I hope this continues to grow. As I've stated before in this room I'm keeping an eye on the African countries as they are the most interested in cryptocurrencies and the global expansion will probably be started by them.
member
Activity: 137
Merit: 10
Many countries are starting to understand the importance of Bitcoin and its blockchain technology. The U.S. is not necessarily one of them. However, the number of Americans holding the cryptocurrency is increasing.

https://bitcoinist.com/crypto-owners-in-us-have-risen-81-ytd/


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