The cryptocurrency market and the blockchain industry is entering its 11th year of existence in 2019 and has managed to create quite a storm in this short decade. In the beginning, nobody was willing to be associated with the cryptocurrency market or its ins and outs, but with time, we have seen that governments and regulatory boards are studying the market in order to find suitable regulations.
But the cryptocurrency market remains a very niche space. A very small percentage of people know about it and within that, even lesser people own cryptocurrencies and understand what they are.
Surveys Around the World
In a recent study, researchers found that 40% of the Chinese population are open to investing in cryptocurrencies. They surveyed 5,000 people about their knowledge about and willingness to enter the cryptocurrency market and found that 40% of them were likely to want to invest in the cryptocurrency market and a smaller portion of that only claimed to understand it.
In the 60% who said that they would not invest in cryptocurrencies, a very prominent reason for that decision was because they found it too hard to use the wallet applications and exchanges that help people get into the cryptocurrency market.
For a long time, the cryptocurrency market has just been viewed as alternative investment avenues and strategies. And it has also been a very millennial trend, being involved in the cryptocurrency market.
The same survey was done in other parts of the world and came back with similar results. While people are okay with investing in the cryptocurrency market, not many of them understand the blockchain technology or how and what to do with them.
People from the UK responded saying 93% of them had heard about Bitcoin and/or blockchain, but out of that only 23% of responders claimed to understand the technology well enough. Another interesting statistic that came out of the UK was that one in five people thought that they are as common as cash or card.
Latest News : ICE Announces Bakkt Partners
Lack of Know-How
One of the biggest barriers in the cryptocurrency market is the lack of know-how. People are very unsure about the market and it is a very exclusive one at that. To make it more inclusive the cryptocurrency community will have to make space and time to teach newbie and make the market inclusive.
These statistics from around the world just go towards proving the same. To make the cryptocurrency market more inclusive there are many changes that need to be made. The other trend that is on the rise is that most universities and colleges across the world offer at least one course on the blockchain and/or cryptocurrency market.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
Subscribe to get notified on latest posts.