Surveys Present South Korea Forward of Japan and US in Bitcoin Consciousness

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessLatest public surveys in Korea, Japan, and the US reveal completely different ranges of bitcoin consciousness and adoption within the three prime bitcoin markets. The nation with the strongest consciousness has the fewest bitcoin exchanges and least quantity of the three.

Additionally learn: Japan Increases Lead – Approves Another Four New Cryptocurrency Exchanges

90% Know of Bitcoin

Cell phone survey specialist Dooit launched the outcomes of its “Notion and Prospects for Bitcoin” survey taken in South Korea this week, native publications reported. The survey was performed between December 1 and four, with 3018 individuals aged 20 or older. The sampling error vary was ± 1.78% share factors, giving it a 95% confidence stage, in keeping with the corporate.

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessConcerning respondents’ familiarity with bitcoin, 44.1% of these surveyed stated, “I’ve heard the identify.” 35.1% stated “I do know [it]” and 10.eight% answered, “I do know [it] effectively.” In the meantime, 10% replied, “I have no idea [it] in any respect.” Altogether, the variety of respondents who’ve heard of bitcoin quantities to 90%.

When it comes to demographics, bitcoin is hottest amongst respondents of their 30s. 29.eight% of this age group admitted to having bought the digital forex. By comparability, 26.three% of their 40s, 22.four% of their 20s, and 23% of their 50s declare to have expertise in buying bitcoin.

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessSouth Korea is likely one of the largest cryptocurrency markets. The Korean received is presently the third most traded forex for bitcoin, behind solely Japan and the U.S. The nation’s largest bitcoin change Bithumb presently has the highest bitcoin buying and selling quantity out of all exchanges worldwide.

Bitcoin buying and selling quantity within the nation has absolutely surpassed that of Kosdaq, the Korean model of the Nasdaq inventory change. This revelation has prompted the regulators within the nation to rush to regulate the crypto market. As well as, the nation’s hottest chat app, Kakao Discuss, has just lately integrated a cryptocurrency change referred to as Upbit with over 110 cryptocurrencies. Kakao Discuss has over 200 million customers and is put in on over 95% of smartphones in South Korea.

eight% Know What a Blockchain Is

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessWhereas a lot of the survey respondents know what bitcoin is, few of them have heard of blockchains. Solely eight% declare to know each what a blockchain is and perceive its relationship with bitcoin.

Nearly all of the respondents, 49.7%, admitted that “I have no idea what it means in any respect” when requested in regards to the time period blockchain.

A few of them had been capable of make guesses relating to the expertise. 18.5% suppose that each bitcoin and blockchains “are digital forex” whereas 6.7% consider blockchain is “the product derived from bitcoin.” Lastly, 5.1% wrongfully guessed that an change buying and selling bitcoin is a blockchain.

Causes for Buying Bitcoin

Out of all respondents, 26.1% stated that they’ve bought bitcoin. This share corresponds to 787 individuals. Respondents who haven’t bought it shared varied causes on the corporate’s web site. “Bitcoin, it’s harmful,” wrote one participant. One other participant shared:

It’s not harmful, it’s simply costly, so I don’t purchase it.

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessAmongst those that have bought, 5.eight% stated that they presently personal bitcoin whereas 20.three% stated that they don’t.

Additionally inside this group of respondents, 48.three% bought bitcoin as a result of they’re merely interested in digital currencies. An additional 23.three% stated they bought it for short-term revenue whereas 15.6% indicated it was for long-term funding. In the meantime, 12.eight% of them bought bitcoin on the advice of others.

In comparison with Japan

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessJapan is presently the chief within the cryptocurrency market, with the Japanese yen occupying the most important bitcoin buying and selling market share. The nation additionally made bitcoin a authorized methodology of cost for all items and companies again in April. Since then, bitcoin adoption and service provider adoption there have grown considerably. Not too long ago, reported on a Japanese survey of 10,000 respondents. 88% of them know what bitcoin is however solely four.7% have bought it.

Amongst Japanese bitcoin purchasers, 42% stated they bought as a result of they had been all for digital currencies; the identical share anticipate it to develop sooner or later. 33% purchased bitcoin as a result of they consider it to be worthwhile. 54% bought it as a long-term funding and 42% as a short-term funding. See full survey outcomes here.

In comparison with the US

Surveys Show South Korea Ahead of Japan and US in Bitcoin AwarenessThe U.S. greenback is presently the second largest bitcoin market behind the Japanese yen. On Monday, crypto PR agency Ditto published a cryptocurrency public information report. The agency performed a survey within the first week of November with 500 respondents over 18 throughout the U.S.

They discovered virtually 70% of respondents are unfamiliar with cryptocurrencies and virtually 90% do now know what an preliminary coin providing (ICO) is. Probably the most knowledgeable section is the millennials with 1 in 5 of them acquainted with bitcoin.

What do you consider these surveys? Tell us within the feedback part beneath.

Pictures courtesy of Shutterstock, Enterprise Watch, and Ditto.
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