Bitcoin used to be a fringe asset, but that's changing. The momentum is growing. This is in no small part due to people knowing more people who have Bitcoin or other cryptocurrencies. Word gets around, and people start to imitate what others are doing just because their doing it.
Source: maxpixel
Canada is one nation that saw 72% increase in bitcoin ownership from 2016 to 2017. The 2017 Bitcoin Omnibus Survey (BTCOS) conducted by the Bank of Canada last year between December 12 to 15 showed that approximately 5% of Canadians own Bitcoin which is up from 2.9% from the previous year's survey.
Sources: pixabay, pixabay
True, 5% isn't a lot, by 72% increase in one year says something about the increasing popularity of crypto. With bull run the at the end of December, this might have increased as well, but we'll only find out in next year's survey. More people could have been attracted into investing as the prices soared high.
The reason for purchasing Bitcoin seems to have changed from the 2016 to 2017 survey. In 2016, it appears that the majority of Canadiansbitcoin holders (39%) did so for transactional purposes. The used BTC to pay for things and send money to other people who presumably paid for things as well. But during the bull market of December 2017, the ballooning transactional fees coincided with a shift in holding bitcoin, where 58% of Canadian bitcoin owners said they were using it as an asset for investment.
As the price soared, people might've recognized bitcoin as a big player in the asset class of investments. Many people probably thought that Bitcoin was "going to the moon" and they feared missing out. Fear of missing out (FOMO) likely drew many into becoming Bitcoin owners.
There are many speculations for why more people are getting into bitcoin and crypto. Making money surely is a driving force. Some people don't even understand bitcoin and crypto yet are getting into it. According to the Bitcoin Omnibus Survey of 2017, 12% of respondents said the main reason they bought Bitcoin was because "my friends own bitcoin."
Despite an overall low percentage of ownership in Canada, the survey indicates that bitcoin has become a recognized brand name. Even though only 5% of the population may own Bitcoin, 85% of Canadians are at least aware of bitcoin. In the 2016 survey, awareness of bitcoin was at 64% of the Canadian population.
Are factor that may be driving an increased awareness is from the cryptocurrency mining business. Canada has favorable conditions for mining due to the surplus of electricity leading to more affordable energy rates, as well as cooler average temperatures which also helps to reduce electricity costs for cooling.
With the downfall of Bitcoin in 2018 from its meteoric height at the end of December 2017, it's possible next year's survey will show a decrease in crypto ownership. If it does, then that means people don't understand that they shouldn't have bought bitcoin when it was high if they got screwed over that way. Judging from Ontario, the most populated province, it seems there will indeed be a decrease in crypto holders. In another survey, 4% of Ontarians used to own crypto but had sold it off, while 5% still own crypto assets.
Instead of seeing a decrease in Bitcoin ownership, there should be an increase in ownership if people understand that they need to buy low. Bitcoin is valued much lower and is likely going to climb again. The opportunity is knocking, and maybe some people understand how the market works more and are ready to answer the call.
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It is both ways, some countries adopting bitcoin in their land but others isn't. They even ban its usage and prohibit their citizens to use such currency. But im still adamant that one day btc will be the face of business world and become a mode of exchange. Hopefully. ..
Yes it will take time for things to change.
I think it’s great that more people are getting into it because of friends or family. I am getting some of my friends into it right now but I am very cautious myself so they take my advice and step slowly into the realm rather than blow a boat load of money. I envision one day where bitcoin is the worlds reserve currency whereas the fiat American dollar currently holds that title.
It would be something, but I think that will take a while if it does happen. 20 years? barring a financial crash, then it could be a few years...
I was and still am a little skeptical on Bitcoin. It's background and massive pump and dump last winter give me pause. It was actually Steem that brought me into the crypto world. I saw a practical real life use in place for it.
I think one of the barriers Bitcoin faces are the processing times, fees and how much it is valued at. The largest flaw in it being a currency is the wild speculation revolving around it. It is hard to see many retail businesses accepting it as a form of payment given it can drop in value within minutes or hours of accepting it, and within a short time can lose such a high percentage of value. I really can't see it being used in the traditional sense a currency is used for much of the sales world.
I do however think that crypto will continue going up, especially as more real world applications are found using the various blockchains. Now that the corrupt fiat creators and their circles in the wall street crowd are close to entering, if nothing else it will create a bubble like we say with dot coms, housing and wall street.
Yup, that's a big problem for business use. Charge X relative to USD, then the value goes down relative USD and you got less money now... :/
Yes, in current phase we have some games which happening like, Pump and dump game, manipulation by whales and influence of Centralisation in my opinion. But still people are adopting the Crypto Sphere and that's the power of Cryptocurrency and we are not far from good times.
This journey is mixed for us and we saw few updates which spread the light but prices really disappointed everyone but we have to understand one thing that, market is human driven and it will be driven by thousand emotions and soon we will see some good times.
No matter what, the adoption is not decreasing and in my opinion people will going to take this as an opportunity and will going to try to build their Crypto Portfolio.
We really had tough journey and everyone faced the rough times, but as we all know, everyday is not the same say so we have to keep faith and patience and let's hope for the best.
Wishing you an great day and stay blessed. 🙂
Yeah, adoption will only get bigger :)
True.
Great points! More and more people in my life are joining and buying crypto.
Future looking bright!!
The appeal of appeal, the majority of the callee will echo.
good information, you have a lot of bitcoin..