Are there New people joining crypto for the first time - page 2.

Renampun

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Quote from: LordMiguel on February 23, 2021, 07:54:17 PM

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I don't think half the world's population knows what Bitcoin and cryptocurrencies are...
In my city, there are still many who haven't heard of Bitcoin at all, even though the city I live in is classified as a developed city. many know or have heard of Bitcoin but on average are afraid to start investing because they are not confident.

Lucius

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Ever since I have been on this forum, there has always been information about 0.5% - 1% of the total world population who are in some way actively involved in the world of cryptocurrencies. This roughly brings us to a number ranging from 40 million to a maximum of 80 million people who own/trade cryptocurrencies.

As for the data on the number of Internet users, the latest data say that it is around 4.66 billion, which is about 60% of the world's population. This does not necessarily mean that those who have internet have heard of Bitcoin, but neither does that of the remaining 4 billion who do not have internet access, no one has heard of BTC - because these people may have access to television, radio and newspapers.

Source

Of course, as the OP noticed, it's not the same to hear about something and understand what it's really about - I think a very small percentage of people can at least somewhat explain what Bitcoin is - and from my own experience I can say that out of 100 average people I'm talked about it, maybe 1 or 2 know some basics.

DdmrDdmr

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I doubt we’ll find a reliable statistic that depicts the crypto funnel and the associates numbers from a potential lead to a regular user. Speed will vary widely per country based on needs, regulation, background and so forth, so even trying to set a common ground would not be as simple in a multidimensional model.

I came across a stat on Statista on the "share of respondents in selected countries who said they used or owned cryptocurrency" in 2020. I don’t really trust their surveys too much (I’ve seen some prior stats on crypto on my country that seemed way-off), but their global consumer survey rendered the following results on the previously stated intent:

See: https://www.statista.com/chart/18345/crypto-currency-adoption/

Although it doesn’t state it specifically, the prior data seems derived from questions that adjust to a 12 month moving windows (see https://de.statista.com/download/2020_Statista_Global_Consumer_Survey_Questionnaire_American_English.pdf). It is about usage, not awareness, so it's way into the funnel really.

hugeblack

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The accreditation stage does not require people to know Bitcoin but rather the money that is pumped into it.

- Companies and investment institutions have begun to buy bitcoin, which means that we are still early to accept cryptocurrencies.
- Many countries do not adopt cryptocurrencies, and the majority that did accept them was for the purpose of imposing more taxes.
- We have to differentiate between forecasting and taking it as a reserve.

If Bitcoin is considered a safe haven (the market capacity is over 10 trillion), then alerting people or using it will only be a matter of time.

lovesmayfamilis

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Knowing and hearing are two different things, in my opinion. And a lot depends on the country. In some countries, there is strong propaganda against bitcoin. He is called the bubble, pyramid, and terrorist currency. If such a policy is constantly pursued, then many simply will not invest their time in more in-depth study. The very word "Bitcoin" has been heard by many, but what will happen next, whether they will be interested in Bitcoin and its study, depends on the hearer himself.

akirasendo17

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people who are tech-savvy are the ones who are joining and discovering that they have a lot of things that can be done, some are people who are just curious, some are investors who just want to earn because of the pandemic, but in reality, I think, there is an only low percentage of people who join because they thought the only way to earn or have money is by working in the real world sooner or later they will found the reality, and they will be surprised.

pakhitheboss

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As per a study, till 2016 over 3.4 billion people have internet coverage & which is increasing on an average of 640,000 people have gone online every day.

Assuming the above figure is correct then yes most of the world's population is aware of cryptocurrency and in large about Bitcoin. As media is more focused on Bitcoin than any other cryptocurrency.

Still, a long way to go it is just the beginning.

ololajulo

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The pseudonymous nature of the space makes it difficult to know the rate of adoption by new people. Just for bitcoin alone we have over 500 million wallets though some do have bitcoin and many can have more than one of this, for altcoin same applies. CEX have the chances with KYC to know the size of new users although this information may not be shared by exchanges. Also some users keep their coins on exchanges, which could be difficult to attach users outside the exchanges. The way new fund comes in could give an idea of how many wealth individuals had been taking position in cryptocurrency.

LogitechMouse

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Day by day, for sure the are people who are joining crypto.
Day by day, there are people worldwide who have saw or at least heard it in either other people or in social media.

I don't agree with what you said though that half of the people worldwide heard about crypto. Not all of the people around the world have access to internet and in fact, there are still people who have access to the internet but unfortunately didn't heard anything about crypto. Most of the people joining are possible coming from the first world countries like US.

cryptoaddictchie

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Yes it is becoming a hype or trending subject now all over the globe. But I think we're not yet on full adoption stage cause for example, I still have friends that still when they heard bitcoin, they asked me question, what is that. I thought its just a hype digital money with no real value, and that'd where they are wrong isn't it?

But in fairness I saw a huge traffic from new users or inquiries about it. So adoption stage is kicking in but not totally, we are still early.

mk4

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Especially in bigger and more modern countries like the US, bitcoin and crypto definitely is more of a household name today. But regardless, while most people have heard of it, only a very small minority only have a clear understanding on what Bitcoin is and what it's for. Heck, dare I say that most people here on Bitcointalk doesn't even have a good understanding on Bitcoin as a lot of people are here solely for collecting bounties.

Darker45

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Almost 50% of the world's population? I highly doubt it. Or if the number is that high, I would say less than 10% of those who have heard or encountered Bitcoin and crypto in one way or another either don't have any idea what they truly are or are not actively into it.

I suppose every single person who truly knows about cryptocurrency knows about Bitcoin. Bitcoin, after all, is somehow bigger than crypto itself. Most likely, there are less than 100 million Bitcoin wallets in existence.^[1] If that's the case, there are definitely much lesser wallet owners. Even rounding off the Bitcoin wallet owners to 100 million, that's still only a little above 1% of the total world's population.

The point is that global saturation is far from happening and there are still billions of people who have yet to hear the good news.

[1] https://www.buybitcoinworldwide.com/how-many-bitcoin-users/#:~:text=With%20that%20said%2C%20one%20Bitcoin,64%20million%20wallets%20in%20existence.

jackg

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https://bit.ly/387FXHi lightning theory

Half the world døbt have internet so there's a good $4bn people who don't know about bitcoin.

Hearing and knowing about something isn't adopting it. The moment you realised the bank would give you a loan was not the moment you owed them for that debt...

There's only $1-1.5tr invested in crypto, that isn't a lot of money realistically. I heard apple had cash holdings a while back of $200 billion for example are the standard population at the moment have more money than institutions overall (for now).

LordMiguel

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I think by now. Almost half of the world population have heard about crypto and alway know one or two things about crypto and bitcoin. i think the crypto ecosystem has saturated globally and it is nolonger something new to some everyone. Also knowing about bitcoin and cryptocurrency is entirely different from it's usage, storage and operation. people do hear about crypto in the news and also in adverts.
Are there people somewhere that have not HEARD about bitcoin please.
if there is nobody, then crypto and blockchain technology has passed the stage of adoption. we are moving to the next stage.

Topic: Are there New people joining crypto for the first time - page 2. (Read 321 times)