Who Uses Bitcoin?
Who Uses Bitcoin – The Bitcoin. It’s probably the most famous of all cryptocurrencies and the word itself has entered popular usage. Almost everyone knows of it or has at least heard of it. Some are still wary of it and cryptocurrencies in general, while others have been quick to pounce.
Bitcoin is a digital currency that can be used to buy goods and services as well as make financial transactions. Bitcoin is a highly valued commodity worldwide and has seen an enormous increase in value. Bitcoin and other digital currencies could become the means of payment for the future.
At least that’s what many experts believe. Bitcoin has become a global phenomenon, with many imitators and competitors appearing alongside it in the past few years. Although many are becoming more informed of the currency, there’s one question that still needs exploring: Who uses Bitcoin?
Bitcoin – Who Uses the Digital Currency and Why?
Bitcoin is a virtual currency that has the advantage of being free from the intervention of banks and control of governments. This makes it particularly appealing. It is decentralized and used all over the world by members of the public with nothing more than a computer.
The Bitcoin serves the same purpose as conventional currency but it is based exclusively on mathematical calculations. This currency has the power to change the financial landscape massively for the good of the general population. In addition to this, the currency is completely transparent and free from political influence.
Bitcoin has been around for eight years now, with about 16 million coins in circulation. Nobody knows how many individual people own Bitcoin currency. However, almost 25 million Bitcoin accounts have been registered. But who uses Bitcoin?
Surveys have shown that of the richest 10% of the population, 90% own this digital currency. But Bitcoin is used by all kinds of people globally. In the beginning, people were highly sceptical, but a huge hype arose around it and many were pushed to invest.
16 Million Bitcoins – Who Owns Them and Who Uses Them?
Who uses Bitcoin? If you talk to people about this cryptocurrency or accept the broad assessments painted by the media, you’ll get a misinformed view. Many assume cryptocurrency to be the reserve of internet enthusiasts or a hotbed of criminal activity.
Truer is that Bitcoin is used by entrepreneurial investors and speculators looking to buy cheap and sell high. Studies have affirmed that the average user of Bitcoin is male, non-religious, married, and has an annual income of over 50,000 US dollars.
Other studies have shown that cryptocurrencies and Bitcoin are most popular with young men ages 25 to 35. This is likely due to a more open outlook toward the internet and new forms of currency.
There’s also the possibility that younger individuals approach investments as a potential short-term venture and accept the risk. With the Bitcoin produced and processed digitally, it’s little wonder that it’s become so popular with a younger market.
Who Uses Bitcoin – An Assessment
Large companies have been using Bitcoin for a while, including pioneers like Dell, Expedia and Microsoft. They introduced Bitcoin as an accepted payment option years ago. In addition, some shops in Europe have approved Bitcoin as a means of payment.
Many outlets popular with young individuals in large cities are particularly positive toward the currency. In urban areas, people are open-minded to the implementation of cryptocurrency and its uses.
However, this does not mean that Bitcoin and other cryptocurrencies like it aren’t being accepted elsewhere. What’s more, Bitcoin users have likely used the internet for payment transactions for quite some time beforehand.
In addition to this, many charitable donations can now be made in cryptocurrencies like Bitcoin. In many countries, however, cryptocurrency is used as more of a savings product and investment enterprise rather than a means of payment.
In Asian countries, on the other hand, demand for this popular digital currency is growing faster than in the European market. People in Asia are generally more open to the idea of digital money as a spending utility.
Well-known companies based there, with many located in Japan, have made a major entry into the Bitcoin business. Nevertheless, it is the younger generation that pays with Bitcoin. In addition, the fact that there no associated fees when exchanging yen with Bitcoin makes it even more popular.
16 million Bitcoins is no small quantity. Somebody has to be using that much currency for something. A maximum of 21 million Bitcoins can be ultimately produced and many miners globally are working on this production.
Bitcoin users are fully committed to this digital currency. These users can be of any age, though it tends to be young people who remain the most open to Bitcoin. Young users can identify better with the technology associated with cryptographic currency in general.
Things like the blockchain, hash power, e-wallets etc. are much easier to comprehend for those who’ve grown up with internet technology. Older users may have a harder time understanding the specifics as quickly, yet they still have an appetite for investment.
Ultimately, if you can take the plunge and invest in Bitcoin, you’ll no doubt find yourself using it as a payment method at some point in the future. Many have already recognized the potential of the Bitcoin currency and you too could be one of them soon.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.