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Topic: The State of Cryptocurrency Report (Read 306 times)

legendary
Activity: 2044
Merit: 1075
Leading Crypto Sports Betting & Casino Platform
July 11, 2022, 02:48:41 PM
#19
There are too many "news" about bitcoin all around the world, doesn't mean that it makes sense and to be fair not all of that matter neither. I could whip out a 100 page news article based on what happened just in June of 2022, does it mean it would all be valuable? Reports are like that, they are comprehensive and kudos for not getting bored while getting all of these ready, but that doesn't change the fact that it's a bit useless and doesn't need to be this detailed.

I always defended the idea that bitcoin is not something complicated, and doesn't need this much backroom information, just buy it, hold it, and profit. That's how you make money, why care about all the little things?
hero member
Activity: 1092
Merit: 747
July 11, 2022, 03:47:45 AM
#18

17. Gold and fiat money are still the preferred stores of value
Quote
More than any other financial instrument, gold was the top choice as a store of value, with majorities of adults in every market saying they trusted it as a way to keep wealth they would need access to within a year or two. After gold, local currency was favored in most places,
though Colombians and Argentines preferred the U.S. dollar. In light of sanctions imposed after Russia’s invasion of Ukraine, Russians have the least faith in the U.S. dollar compared with all other options for storing wealth.

Pretty interesting isn't it? What do you think about this report? What part do you agree or disagree with?

Actually Bitcoin is just 13years old, and as such many people finds it a bit difficult to believe to be a better store of value than gold and fiat currency which has been in existence for centuries till date, and if you could properly carry out a detail investigation you will see that those who soo much believe in gold and fiat currency as a preferable means for store of value compared to bitcoin are people within the age bracket 45yrs and above, because they have used to it and blinded to adopt to the new change and scared of its volatility, while those below the age 45yrs sees Bitcoin as a better investment and a good medium for store of value, which i just pray let it not be too late before these our fathers discover Bitcoin as a better means to store value.



Quote
19. Will central bank digital currencies pose a challenge to crypto?
Quote
Even as over 90 governments pilot or scope issuing a central bank digital currency, we’re a long way from a global consensus that countries should issue their own CBDCs. Adults in several European and Asia-Pacific countries are unsure or skeptical, while Latin Americans are generally more positive.

central bank bank digital currencies can never pose any challenge to cryptocurrency, because they are totally birds of different features, first, cryptocurrency is universal, unique, fast means of payment, the most stress-free means of payment and reliable means of payment that surpasses regional barriers, government policies and e.t.c, which is actually what people crave for, and for that reason will make them choose crypto to central bank digital currency

legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
July 11, 2022, 03:01:57 AM
#17
I highly respect the annual The State of Cryptocurrency reports. They are all-encompasing, unbiased, and to the point. Now onward with some of the points themselves.

7. Owners view crypto as an asset and are in it for the money
Quote
A majority of crypto owners (66%) primarily see cryptocurrency as a way to make money rather than send it  although it should be noted that over a third of them occasionally use their cryptocurrency as a means of payment.

13. A rising share of Americans favor heavier regulations on cryptocurrency
Quote
A market selloff, especially among so-called stablecoins, has brought calls for a bailout and prompted some policymakers to speak to the need for increased regulation of the cryptocurrency space.

I will say this very bluntly; People who only bought the currency to short it, and won't even use it to buy anything at that end, are getting burned right now in this bear market, and I couldn't care less about them. If people have to be burned to realize that crypto is not a currency and not money making tool, then so be it (I mean we don't see anybody stacking up dollars they bought for euros and saying that "this huge stack of dollars will one day become valuable", right??!?)

Some people do it because it's their job - real traders who make a living out of it - but others who think that they can still get money for free need to learn the hard way that it's not possible; by losing their investments in bear markets.

And then people want the government to make more regulations and protections from their own selves. Well sooner or later, they are slowly going to realize that the Fed staffs don't care jack about policies that normal people can very well practice themselves, as fortunately there are still some sane people left in governmental positions.

So these crypto regulations will go exactly the way as the gun control regulations, the porn regulations, and the "books in the library we don't like" regulations: To naught. Because as these people found out, it is so much easier to just abstain from using the resource than to force the government to forcibly take it away.

So don't expect anything in the way of cryptocurrency regulations to be passed through on a federal level.

The only exception to this cold fact is the group of stablecoin regulations, because they came from the government itself, not from partisans (on either side) who are beating the drum because they don't like something. Everything else is just white noise in the gov-sphere.
newbie
Activity: 17
Merit: 0
July 11, 2022, 01:46:53 AM
#16
This seems like an issue that on the surface is not a big deal, but it kinda is. It's mostly perpetrated by crypto influencers who constantly fill everyone's heads with the prospect of hitting it Lambo or moon in the next cycle, so people hold on to it in hope that in the next cycle it will hit an even bigger high and they can cash out. However, there's also the issue of availability, as in there are few available options to spend your crypto (direct payment for a good or service), and that just makes things harder for people to spend it. Then they convert it to FIAT if they can and pay that way, but with that, well, nothing really changed, it actually goes against the core crypto principles. OK, the situation is a bit better than it was 5 years ago, but still.
However, Bitcoin is incredibly new when you compare it to other fiat currencies. Plus, it's a completely new concept as well, which takes some time for adoption. I understand why companies aren't willing fully jumping on board, because there's a risk for them. Especially with the volatility. For anyone that has ever owned a business, you'll understand that constant cash flow is vital, especially when you're working on a contract basis, and you don't get paid until like after 30-90 days after you've completed the work. If you factor that in, you might wait 90 days for payment for work you've already done, and taken a hit for due to materials, and wages then it drops, and becomes a lot less than you paid out.

At the moment, Bitcoin doesn't suit everyone due to the volatility. The volatility does mean it's especially attractive to speculative investors though.
Agree! Volatility is the main reason why many people are sceptical about adopting it. And anonymity is another factor that is the biggest hurdle that resists many governments from legalising it.
legendary
Activity: 3024
Merit: 2148
July 08, 2022, 06:03:42 PM
#15
So, in a nutshell, the majority of Bitcoin's adoption comes from investing/speculative trading, and not even "store of value". That's kinda bad, because if Bitcoin will stop showing high performance, holders will move on to other investments. And such shrinking of the market would probably make it more volatile, like it was in the earlier days, and would further limit Bitcoin's attractiveness as a payment method or store of value.
hero member
Activity: 2030
Merit: 578
No God or Kings, only BITCOIN.
July 08, 2022, 04:58:47 PM
#14
7. Owners view crypto as an asset and are in it for the money
Quote
A majority of crypto owners (66%) primarily see cryptocurrency as a way to make money rather than send it — although it should be noted that over a third of them occasionally use their cryptocurrency as a means of payment.
This means they prefer it to be a store of value and 66% is quite high for a holder, the future is good. It seems a little bit disadvantage for me if it will not be used for payment purposes or other means but the crypto is becoming larger and storing Bitcoin was more likely the best choice rather than spend it, alts is there for that I guess for purchasing or other means of payment.
legendary
Activity: 2338
Merit: 1084
zknodes.org
July 08, 2022, 04:25:50 PM
#13
7. Owners view crypto as an asset and are in it for the money
A majority of crypto owners (66%) primarily see cryptocurrency as a way to make money rather than send it — although it should be noted that over a third of them occasionally use their cryptocurrency as a means of payment.
which in practice it is. Crypto owners see it as an asset that will make money. crypto is an easy but risky way to make money, many investors are starting to join in crypto, this indicates crypto is still an asset in which there is money and their profits. Crypto as a means of payment is still very minimal.
legendary
Activity: 1498
Merit: 1116
Top-tier crypto casino and sportsbook
July 08, 2022, 01:57:06 PM
#12
7. Owners view crypto as an asset and are in it for the money
I quite agree with this, despite the original intention behind the creation of crypto is to serve as currency, the potential it has to make one rich is what is most enticing. Just as mentioned, many will rather use other means of payment rather than their crypto, in particular bitcoins.

9. Beyond Bitcoin, crypto owners are an optimistic group
for real, we will never buy bitcoin if we are not optimistic about the value. This optimistic trait associated with owning bitcoins, and as crypto owners has translated into other of our endeavor's. You can generally find crypto hodlers more optimistic about an investment than the regular individual without crypto because of where bitcoin was and is today.

11. Crypto owners are the most optimistic about their future personal finances
The testimonies of how it has changed some people's life financially heightens optimism.
legendary
Activity: 1596
Merit: 1288
July 08, 2022, 09:36:45 AM
#11
All analyzes that are related to adoption in a direction and analyzes during the last 3 months in a direction and future analyzes will be completely different, there have been substantial and continuous changes in the past months, so relying on previous data would be wrong.

It will take a few months to notice that everything is completely different.
legendary
Activity: 2044
Merit: 1018
Not your keys, not your coins!
July 08, 2022, 09:35:25 AM
#10
Plus, a global recession will always effect the price.
Recession is here but is it financial recession or monetary recession. Today I see one Euro can be exchanged for one USD. Anything wrong here? Why does the Euro lose its value and have a 1:1 exchange rate to US dollar.

Quote
It's a pretty easy prediction to make. Buying power will be down, since everyone will be penny pinching. Unless, people decide to take the risk, and try to secure their future by investing at low prices, but honestly I don't think many will do that, especially those that are exceptionally poor, and living pay check to pay check, which if you listen to statistics, most people are living pay check to pay check.
Recession makes pocket hard to be filled. More people will have to mainly take care of their own lives rather than investment. They will have more prorities to do rather than spend money for investment and live with fear that they will lose it.

After recession, a lot of time needed to turn painful people to positive ones and convince them to invest again.
legendary
Activity: 2968
Merit: 3684
Join the world-leading crypto sportsbook NOW!
July 08, 2022, 07:05:20 AM
#9
5. Crypto owners aren’t shunning traditional financial services — they’re power users
Quote
But in fact, consumers who own crypto report using more financial services providers than the general population. Far from shunning traditional finance, crypto owners seem to embrace it.  

I like numbers and positive news, being a "Bitcoiner" but generally I don't buy too much into sentiment reading. No surprise that owners are positive... man who has [thing] believes positively about [thing], you know how it works Wink You ask a Bitcoiner, you get a Bitcoiner answer.

Nevertheless, these power user thing, makes sense too. If you're using all these different financial services, you'll have to be exposed at some point to some crypto-related promo/scheme. Paypal user eligible for "Bitcoin" buy? Who'd not be tempted.

I do like that they seem to differentiate owners from users.
hero member
Activity: 798
Merit: 1045
Goodnight, ohh Leo!!! 🦅
July 08, 2022, 06:20:04 AM
#8
At the moment, Bitcoin doesn't suit everyone due to the volatility. The volatility does mean it's especially attractive to speculative investors though.

 Hey Welsh, I've got some questions for you on the previous thread,that's just by the way.
I'm a big fan of Satoshi's brainbaby,yeah but there's something everyone is confused about.
Does this fact make bitcoin ideal to replace FIAT as it's claimed?
If it doesn't then is that supposed to mean that companies (if they choose to) should rather assume btc as a legal tender and not a store of wealth? How's that even possible?
You're just gonna realise that there's alot more to do,if not,then bitcoin wasn't made for everyone and the goal isn't be coming a legal tender.
N/B This is inwardly my ideology,do well to make yours known with already proven facts if the are to the contrary.
voice of the people
Sandra Kiss
legendary
Activity: 2674
Merit: 1226
Livecasino, 20% cashback, no fuss payouts.
July 08, 2022, 05:03:06 AM
#7
Most of it's not a surprise but I think the "men/women" thing needs to be explored differently. I saw a recent report actually shared also on this forum, wish I could track it down, but it said women actually ranked higher in all different regions in terms of utility, which suggested they weren't owners/holders but users (they buy BTC and use it, or they use wallets etc.) whereas men were speculators (buy and hodl and never use).

Sentiment should be tested not just with owners but users who may not consider themselves owners. You know like those crypto journalists, who have to declare what they hold and some don't even own any crypto but are highly knowledgeble.
staff
Activity: 3304
Merit: 4115
July 08, 2022, 04:59:37 AM
#6
This seems like an issue that on the surface is not a big deal, but it kinda is. It's mostly perpetrated by crypto influencers who constantly fill everyone's heads with the prospect of hitting it Lambo or moon in the next cycle, so people hold on to it in hope that in the next cycle it will hit an even bigger high and they can cash out. However, there's also the issue of availability, as in there are few available options to spend your crypto (direct payment for a good or service), and that just makes things harder for people to spend it. Then they convert it to FIAT if they can and pay that way, but with that, well, nothing really changed, it actually goes against the core crypto principles. OK, the situation is a bit better than it was 5 years ago, but still.
However, Bitcoin is incredibly new when you compare it to other fiat currencies. Plus, it's a completely new concept as well, which takes some time for adoption. I understand why companies aren't willing fully jumping on board, because there's a risk for them. Especially with the volatility. For anyone that has ever owned a business, you'll understand that constant cash flow is vital, especially when you're working on a contract basis, and you don't get paid until like after 30-90 days after you've completed the work. If you factor that in, you might wait 90 days for payment for work you've already done, and taken a hit for due to materials, and wages then it drops, and becomes a lot less than you paid out.

At the moment, Bitcoin doesn't suit everyone due to the volatility. The volatility does mean it's especially attractive to speculative investors though.
full member
Activity: 616
Merit: 161
July 08, 2022, 04:49:43 AM
#5
1. Cryptocurrency is mainstream
Quote
A wide array of U.S. consumers have avidly adopted cryptocurrency over the last few years, but most of these crypto owners still view it as an asset in their portfolio rather than a form of payment

This seems like an issue that on the surface is not a big deal, but it kinda is. It's mostly perpetrated by crypto influencers who constantly fill everyone's heads with the prospect of hitting it Lambo or moon in the next cycle, so people hold on to it in hope that in the next cycle it will hit an even bigger high and they can cash out. However, there's also the issue of availability, as in there are few available options to spend your crypto (direct payment for a good or service), and that just makes things harder for people to spend it. Then they convert it to FIAT if they can and pay that way, but with that, well, nothing really changed, it actually goes against the core crypto principles. OK, the situation is a bit better than it was 5 years ago, but still.
staff
Activity: 3304
Merit: 4115
July 08, 2022, 04:37:03 AM
#4
I agree with this. People must realize that we are not always "UP ONLY", we should experience corrections or pullbacks or bear markets like how other markets behave. Because through that, I believe Bitcoin will grow healthy, especially in terms of price, it is naturally driven by the people; the buyers and sellers.
I'm happy that this CEO is not the same as others who are manipulating the minds of some people who are just giving "hopium" and not looking on the other side.
Plus, a global recession will always effect the price. It's a pretty easy prediction to make. Buying power will be down, since everyone will be penny pinching. Unless, people decide to take the risk, and try to secure their future by investing at low prices, but honestly I don't think many will do that, especially those that are exceptionally poor, and living pay check to pay check, which if you listen to statistics, most people are living pay check to pay check.

Although, I don't think the CEO is doing it out of the kindness of his heart. There's likely a motivation behind it, after all he's a businessman.
legendary
Activity: 3178
Merit: 1054
July 07, 2022, 11:21:58 PM
#3

The past few months have been one helluva of a time for those of us in the cryptospace. The major thing which I believe has kept us going is trust and optimism in Bitcoin. Today, I stumbled upon a report by Morning Consult on The Crypto Report: Our Analysts on the State of Cryptocurrency. Below are some of the key findings

1. Cryptocurrency is mainstream
Quote
A wide array of U.S. consumers have avidly adopted cryptocurrency over the last few years, but most of these crypto owners still view it as an asset in their portfolio rather than a form of payment

19. Will central bank digital currencies pose a challenge to crypto?
Quote
Even as over 90 governments pilot or scope issuing a central bank digital currency, we’re a long way from a global consensus that countries should issue their own CBDCs. Adults in several European and Asia-Pacific countries are unsure or skeptical, while Latin Americans are generally more positive.

Pretty interesting isn't it? What do you think about this report? What part do you agree or disagree with?

agree though there are some that is not really agreeable but yes they are true.
because cryptocurrency prices are going up and down, users of crypto will normally just see the coins and tokens they hold as investment and not a currency. one article i've read was that he tends to hold his coins for more 2-3 years to see the price going up before selling.

the leader in CBDC is China, i guess that makes European and Asia Pacific countries skeptical, they are waiting how US will handle this technology so these countries will have a model.  China's is already ahead of CBDC, they could implement it on the countries that makes transactions with them which they are likely going to win this CBDC race.

Latin American Countries embraces China's  leadership though. according to the news, some the Caribbean islands are already using Chinese CBDC. the Venezuelans and Argentinians are up for it.
legendary
Activity: 2506
Merit: 1394
July 07, 2022, 10:47:05 PM
#2
(.....)
12. Bitcoin prices falling away from owners’ expectations
Quote
Cryptocurrency owners’ optimism may well prove to be misplaced as we enter what the CEO of Coinbase recently described as a “crypto winter.”
(......)
Pretty interesting isn't it? What do you think about this report? What part do you agree or disagree with?
I agree with this. People must realize that we are not always "UP ONLY", we should experience corrections or pullbacks or bear markets like how other markets behave. Because through that, I believe Bitcoin will grow healthy, especially in terms of price, it is naturally driven by the people; the buyers and sellers.
I'm happy that this CEO is not the same as others who are manipulating the minds of some people who are just giving "hopium" and not looking on the other side.
hero member
Activity: 1120
Merit: 887
Livecasino.io
July 07, 2022, 10:03:57 PM
#1
The past few months have been one helluva of a time for those of us in the cryptospace. The major thing which I believe has kept us going is trust and optimism in Bitcoin. Today, I stumbled upon a report by Morning Consult on The Crypto Report: Our Analysts on the State of Cryptocurrency. Below are some of the key findings

1. Cryptocurrency is mainstream
Quote
A wide array of U.S. consumers have avidly adopted cryptocurrency over the last few years, but most of these crypto owners still view it as an asset in their portfolio rather than a form of payment

2. Men, millennials and high-income households continue to drive cryptocurrency adoption
Quote
As of May 2022, 17% of U.S. adults said they or someone in their household owns cryptocurrency. Cryptocurrency ownership surged in July and December 2021, most likely due to a drop in the price of bitcoin — the most popular cryptocurrency — and surrounding media coverage as consumers “bought the dip.” But demographically, the new crypto owners looked very similar to those who already owned crypto: They were mostly high-earners, millennials and men.

3. Crypto owners come from all walks of life and are disproportionately ethnically diverse
Quote
Cryptocurrency owners are also a more ethnically diverse group than the general population.

4. Bitcoin is the most popular cryptocurrency among U.S. adults
Quote
By a wide margin, bitcoin is the most popular cryptocurrency owned by U.S. adults — which is why it is often considered synonymous with the term “cryptocurrency” itself, and why fluctuations in its price cause broader market impacts. Threequarters of cryptocurrency owners say they have some bitcoin as of mid-June 2022.

5. Crypto owners aren’t shunning traditional financial services — they’re power users
Quote
But in fact, consumers who own crypto report using more financial services providers than the general population. Far from shunning traditional finance, crypto owners seem to embrace it.  

6. Crypto owners use alternative financial services more than the general population
Quote
Cryptocurrency owners are seeking out better ways to pay, although that is not necessarily why they own cryptocurrency

7. Owners view crypto as an asset and are in it for the money
Quote
A majority of crypto owners (66%) primarily see cryptocurrency as a way to make money rather than send it — although it should be noted that over a third of them occasionally use their cryptocurrency as a means of payment.

8. Crypto purchase intention remains strong despite declining trust and challenging economic conditions
Quote
This purchase intention is likely driven by an opportunistic desire among consumers to “buy the dip” as prices of cryptocurrencies have fallen — especially in June, when many institutional investors were forced to liquidate their leveraged positions.

9. Beyond Bitcoin, crypto owners are an optimistic group
Quote
Consumer sentiment in the United States is plummeting, but cryptocurrency owners remain relatively optimistic, despite significant price volatility in bitcoin and other digital assets in recent months. However, market turmoil is leading more Americans to say that cryptocurrencies should be more heavily regulated.

10. Consumer sentiment is considerably higher among crypto owners
Quote
Over the course of 2022, Morning Consult’s Index of Consumer Sentiment has hit a new series low, dropping 13.5% since mid-January. Confidence among cryptocurrency owners, however, has held up relatively better and is down only 8.1% over the same period. The ICS among cryptocurrency owners is currently 15 points percentage points higher than among all U.S. adults.

11. Crypto owners are the most optimistic about their future personal finances
Quote
Cryptocurrency owners are more optimistic than the average U.S. consumer across all five components that make up Morning Consult’s Index of Consumer Sentiment. Morning Consult data shows that cryptocurrency owners tend to have loftier price expectations that, if they came to fruition, would likely benefit owners’ personal finances.

12. Bitcoin prices falling away from owners’ expectations
Quote
Cryptocurrency owners’ optimism may well prove to be misplaced as we enter what the CEO of Coinbase recently described as a “crypto winter.”

13. A rising share of Americans favor heavier regulations on cryptocurrency
Quote
A market selloff, especially among so-called stablecoins, has brought calls for a bailout and prompted some policymakers to speak to the need for increased regulation of the cryptocurrency space.

14. Adoption drivers differ globally
Quote
Capital controls and extreme inflation are associated with higher levels of cryptocurrency use at the country level, but overall, gold and fiat money are still the preferred stores of value around the world. Global citizens disagree on whether governments should issue central bank digital currencies, with wealthier countries tending to be more skeptical.

15. Seven of the top 10 adopter countries have some form of capital controls
Quote
Nigeria leads in cryptocurrency activity, with 55% of adults in the country saying they buy or sell crypto at least once a month. On the other end of the spectrum are Japan and China at 7% and 8%, respectively. (China banned cryptocurrency trading in September 2021.) The United States falls within the bottom half of countries surveyed. Only 16% of U.S. adults say they buy or sell cryptocurrency at least monthly. Most of Western Europe and North America also fall below the median for cryptocurrency usage. In countries where we see the highest level of cryptocurrency use among the general population, we can point to some similarities: They tend to be lower-income, and seven of the top 10 have some form of foreign exchange or capital controls. Some countries, such as Turkey and Argentina, have experienced extremely high inflation in recent months, which may also be encouraging the retail use of cryptocurrency.

16. Cryptocurrency use is only weakly correlated with inflation rates
Quote
The most recent annualized inflation rate data from official sources — April or May, depending on the country — and the share of people saying they have bought or sold crypto in the last month show a positive correlation. However, outliers experiencing extremely high inflation, such as Argentina and Turkey, disproportionately drive this relationship. If we remove those countries, the correlation drops from .5 to .21, a weak relationship.

17. Gold and fiat money are still the preferred stores of value
Quote
More than any other financial instrument, gold was the top choice as a store of value, with majorities of adults in every market saying they trusted it as a way to keep wealth they would need access to within a year or two. After gold, local currency was favored in most places,
though Colombians and Argentines preferred the U.S. dollar. In light of sanctions imposed after Russia’s invasion of Ukraine, Russians have the least faith in the U.S. dollar compared with all other options for storing wealth.

18. The top reason for interest in crypto varies by country
Quote
In China, the United States and Russia, the top ”major reason” men gave for their interest in cryptocurrency is “I believe it’smore private”. Globally, investment is the driving reason for cryptocurrency adoption

19. Will central bank digital currencies pose a challenge to crypto?
Quote
Even as over 90 governments pilot or scope issuing a central bank digital currency, we’re a long way from a global consensus that countries should issue their own CBDCs. Adults in several European and Asia-Pacific countries are unsure or skeptical, while Latin Americans are generally more positive.

Pretty interesting isn't it? What do you think about this report? What part do you agree or disagree with?
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