Why only 6.2 percent of American citizens own Bitcoin?

Yatsan

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Quote from: TheYankeesWin! on January 28, 2020, 08:01:54 AM

Quote from: Leviathan.007 on January 13, 2020, 06:27:49 AM

That's clear
Because bitcoin is banned in America and known for dark stuff

It is not banned in America

and 6.2 percent of 300 million is around 18.6 million owners of bitcoin.

A lot of Americans don't own Apple Stock
A lot of Americans don't own Microsoft Stock

Imagine, we have a growing community of bitcoin and cryptocurrency enthusiasts, we have more than 2million members here on our forum, and having 18.6 million of american using bitcoin in their own way is quite too big already. What if we consider the other country? This is what cryptocurrency is comprised of, a million people leading to huge demand of bitcoin and cryptocurrency, that is why we could expect possible growth for years, and we should consider understanding its value because I believe that too soon, bitcoin could be widely accepted in countries that banned it, as we emerge the world where unity is what we need.

darkangel11

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Quote from: Swordsoffreedom on January 16, 2020, 12:48:54 PM

In the USA, it was 0% in 2009 and in 2019 its 6.2%. The beauty of bitcoin is that it’s not only limited to one country rather its distributed globally. Today we have bitcoin adoption in regions where there are no banks or people are out of banking system due to different reasons. If you see global adoption of bitcoin, it is very much at satisfactory level.

If only there was even 1% of people worldwide we'd be in some crazy world where Bitcoin is valued at 100k USD or more. 6% is a very good number. Most fiat currencies don't have 6% of use worldwide, so just think about this in a broader spectrum.
I don't know why everybody likes to give the US as an example when the country is in fact behind on crypto adoption especially compared to Japan, South Korea, Hong Kong, Estonia, Malta and many others.

philipma1957

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Quote from: tvplus006 on January 17, 2020, 09:24:31 AM

Quote from: bitbunnny on January 16, 2020, 01:05:18 PM

I think that such low percentage of people who owe Bitcoin is not specific for US only. Similar situation is in most countries and realativley small number of people in world is using Bitcoin because many people are not familiar with Bitcoin or cryptocurrencies in general at all. That might sound incredible to people from Bitcoin community who maybe have the feeling that everyone is using Bitcoin but that is reality.
What we need is much better promotion and education about cryptocurrencies, we need to encourage people to use crypto and to trust it. That is not a case now, at least not for majority.

I've previously shared my thought that Satoshi didn't think this through in Whitepaper. After all, it was possible to make a certain percentage of each block go to the account of a specially created center. And this center was engaged in promoting bitcoin among the population. Then we would have now not 6.2 percent, but all 100.

An interesting idea. I think the issue of 6.2 percent is not the problem. USA has made some difficult tax laws regarding bitcoin.

They handicapped it after 2017. That big run-up scared some old school rich guys so they made restrictive tax rulings for 2018 and on.

BTC does not work for the little guy in the USA with the new rules.

It is okay for wealthy people as you can safely stash 5 wallets with 10 BTC in each and if you need to leave America you have some wealth to access.

Every sale or use in the USA of BTC is tax reportable. So it can be a hassle to use it.

Ie if I sell 50 items and buy 50 items a year in the marketplace here. That is 100 reportable events and it creates a lot of paperwork.

Worse coin to coin trades are reportable if I do 5 trades a day that is 1825 reportable events. Plus if I trade 1 btc for 150 ltc on some exchanges it will micro report the trade. so that single order may take 300 ½ ltc moves to do which means even though I did 1 trade of btc to ltc it will need 300 entries each one will need to be calculated for possible capital gains. This is a fucking killer for a day trader in the usa.

TheYankeesWin!

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Quote from: Leviathan.007 on January 13, 2020, 06:27:49 AM

That's clear
Because bitcoin is banned in America and known for dark stuff

It is not banned in America

and 6.2 percent of 300 million is around 18.6 million owners of bitcoin.

A lot of Americans don't own Apple Stock
A lot of Americans don't own Microsoft Stock

tvplus006

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Quote from: bitbunnny on January 16, 2020, 01:05:18 PM

I think that such low percentage of people who owe Bitcoin is not specific for US only. Similar situation is in most countries and realativley small number of people in world is using Bitcoin because many people are not familiar with Bitcoin or cryptocurrencies in general at all. That might sound incredible to people from Bitcoin community who maybe have the feeling that everyone is using Bitcoin but that is reality.
What we need is much better promotion and education about cryptocurrencies, we need to encourage people to use crypto and to trust it. That is not a case now, at least not for majority.

I've previously shared my thought that Satoshi didn't think this through in Whitepaper. After all, it was possible to make a certain percentage of each block go to the account of a specially created center. And this center was engaged in promoting bitcoin among the population. Then we would have now not 6.2 percent, but all 100.

bitbunnny

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I think that such low percentage of people who owe Bitcoin is not specific for US only. Similar situation is in most countries and realativley small number of people in world is using Bitcoin because many people are not familiar with Bitcoin or cryptocurrencies in general at all. That might sound incredible to people from Bitcoin community who maybe have the feeling that everyone is using Bitcoin but that is reality.
What we need is much better promotion and education about cryptocurrencies, we need to encourage people to use crypto and to trust it. That is not a case now, at least not for majority.

puertorikosena

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These numbers are true. Indeed, most people have not heard at all that cryptocurrencies exist and what bitcoin is. But it seems to me that in a few years the situation will change dramatically in favor of cryptocurrencies.

Swordsoffreedom

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In the USA, it was 0% in 2009 and in 2019 its 6.2%. The beauty of bitcoin is that it’s not only limited to one country rather its distributed globally. Today we have bitcoin adoption in regions where there are no banks or people are out of banking system due to different reasons. If you see global adoption of bitcoin, it is very much at satisfactory level.

huige007

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I believe that people who rely more on Bitcoin are the less developed countries whose inhabitants find ways to survive and thus see Bitcoin as a heaven-built avenue. Therefore, they are struggling to turn their little fiat into bitcoin to exchange or hold fast-growing expectations. Countries like the U.S. with a good economic base won't have too many people dependent on keeping bitcoin, the government has taken care of the basic needs like employment.

That is very true, bitcoin is getting popular and familiarize in the areas where people are not financially much stable. Usually the young generation and students find this market interesting to work. They use it as a mean to earn for their daily living. On the other hand in developed countries people have multiple opportunities for earning.

Leviathan.007

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I believe must of the bitcoin whales are american. that 6.2 percent is not a little number.

johnwest

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6.2% is a great percentage if you compare it with other countries like India. I dont think there is even 1% of the population is into crypto. Its hard to educate people the advantages of crypto and what it will do to the society in the future. I think the Americans are fortunate enough to have all the technologies first hand and we may see more people into crypto after an ETF.

ice098

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Quote from: tvplus006 on January 16, 2020, 10:27:20 AM

Quote from: aamirsuh on January 12, 2020, 04:26:21 PM

Bitcoin is becoming more and more common. But there are a lot of people who don't know Bitcoin. It's unreasonable to think that all of these people would buy bitcoins. I don't think that's gonna happen. However, more investors can enter the market than today's investors.

I also think so, that the usual knowledge about BTC is not enough. Although most people have heard about bitcoin, they do not know what its advantage is over the dollar. In addition, there is still a difficulty for many to make a payment, because it does not work like a credit card.

For me 6.2% only of American are using bitcoin because they dont need it and also the crypto world. Wanna know why? Its because they are one of the most progressive and rich countries all over the world and each of their citizens earn a lot of money because of their high valued dollars. Believe it or not even the maids and gasoline boys on US are rich because of their good salary and because of that I dont think many of them will prefer trading here in the crypto world.

tvplus006

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Quote from: aamirsuh on January 12, 2020, 04:26:21 PM

Bitcoin is becoming more and more common. But there are a lot of people who don't know Bitcoin. It's unreasonable to think that all of these people would buy bitcoins. I don't think that's gonna happen. However, more investors can enter the market than today's investors.

I also think so, that the usual knowledge about BTC is not enough. Although most people have heard about bitcoin, they do not know what its advantage is over the dollar. In addition, there is still a difficulty for many to make a payment, because it does not work like a credit card.

arimamib

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Quote from: Twentyonepaylots on January 16, 2020, 09:52:53 AM

Quote from: chaoscoinz on January 16, 2020, 07:36:14 AM

I think that it is because their isn't any major promotion being done by any prominent enough figures. On top of that, people just flat out are unaware of Bitcoin. Only those who frequent the world wide web (internet) and are tech enthusiasts (in one way, shape or form). My mother or grandmother doesn't have a clue what cryptocurrency is nor have they heard of it, say maybe a short news clip on tv that nobody really pays much attention to. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

Biggest factor about this small number is the lack of knowledge regarding bitcoin and/or cryptocurrencies. Another will be the general panic that bitcoin underlies, people are still scared to invest on bitcoin. Third and this could be related to the second reason, elderlies, particularly boomers are reluctant in investing to bitcoin, this creates a domino effect which then disallows bitcoin to get into its target audiences.

I rather think it happened because of the lack of knowledge from the people there to use bitcoin, so if compared to their monthly income I think they will be able to buy bitcoin but maybe they don't know to buy and invest in it therefore they don't have many users there .

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Quote from: chaoscoinz on January 16, 2020, 07:36:14 AM

I think that it is because their isn't any major promotion being done by any prominent enough figures. On top of that, people just flat out are unaware of Bitcoin. Only those who frequent the world wide web (internet) and are tech enthusiasts (in one way, shape or form). My mother or grandmother doesn't have a clue what cryptocurrency is nor have they heard of it, say maybe a short news clip on tv that nobody really pays much attention to. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

Biggest factor about this small number is the lack of knowledge regarding bitcoin and/or cryptocurrencies. Another will be the general panic that bitcoin underlies, people are still scared to invest on bitcoin. Third and this could be related to the second reason, elderlies, particularly boomers are reluctant in investing to bitcoin, this creates a domino effect which then disallows bitcoin to get into its target audiences.

senne

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Bitcoin is indeed pretty famous and popular in USA of all the countries but the acceptance rate is pretty low all around the world. The global average is far less than the 6.2% of the USA's. So in a way for the developing currency like Bitcoin, 6.2 is a pretty decent percentage.

I guess the percentage is pretty high in some Asian countries where the utility is high as well. Where vendors are actually accepting Bitcoin and people are using it for more than just trading purpose.

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Quote from: chaoscoinz on January 16, 2020, 07:36:14 AM

I think that it is because their isn't any major promotion being done by any prominent enough figures. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

Promoting BTC and cryptocurrencies is very problematic, many advertising companies either have an explicit ban on cryptocurrencies in general (next to pornography or gambling) or meeting such requirements which cannot be met by most of the companies.

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Quote from: Johnii on November 10, 2019, 01:33:06 PM

According to this article , only 6.2% of a highly developed country like the US of America own Bitcoin , which seems unreasonable among the crypto community who rely on the Americans for Bitcoin to be mass adopted quite fast around the world. Here is the link of the news:
https://www.tronweekly.com/bitcoin-advisory-founder-shares-research-that-shows-6-2-percent-of-american-citizens-own-bitcoin/

well maybe 6.2 in america but what about other part of the world?like europe and asia?and now african countries and other continents are getting entered crypto world?and besides AMERICA dont speaks for the whole world so no matter if how little the americans uses or hold bitcoins what is important is how much Bitcoin they owned?what if those 6.2 represent the 30-40% of bitcoin holds in the world?so it was not bad after all right?

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I think that it is because their isn't any major promotion being done by any prominent enough figures. On top of that, people just flat out are unaware of Bitcoin. Only those who frequent the world wide web (internet) and are tech enthusiasts (in one way, shape or form). My mother or grandmother doesn't have a clue what cryptocurrency is nor have they heard of it, say maybe a short news clip on tv that nobody really pays much attention to. Many aren't aware of Bitcoins existence and unless its backed by celebrities & politicians most wont bother touching it being that their fiat works just fine for them.

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Quote from: Icygreen on January 06, 2020, 10:21:15 AM

Sorry, there is not 20 million people in the USA owning Bitcoin or other digital assets. A Generous estimation would be 1.1% which is 3.85 million people and even that still seems high. Perhaps even .5% could be more accurate.
Bitcoin is still seen as an ultra risky asset and largely not understood by a population who barely understand the difference between a web browser and google search. No way does 20 million people own this yet. Perhaps not even worldwide. I could be wrong there but I don't see any evidence of that yet.

Exactly

And if the above quote is correct, which I 100% believe it is, then where will be be when something like 25% own it? What will cryptos marketcap be then?

The big jump hasnt happened yet.

Quarter million to 1 million BTC is mathematically in the cards

Topic: Why only 6.2 percent of American citizens own Bitcoin? (Read 1535 times)