A research paper published by the Bank of International Settlements states that cryptocurrency investors are not motivated by "trust in fiat currencies" or regulated finance.
- The Bank for International Settlements found that cryptocurrency investors aren't afraid of banks.
- According to the study, those who oppose cryptocurrencies are not investing in it.
- The study also found that digital nativity (such as using mobile banking apps) increases the chances of investing in cryptocurrency.
- What's the secret to people falling down the crypto rabbit hole? Researchers at the Bank for International Settlements found that there is no fervent hatred of Wall Street or money. But the more concrete things are important: keeping up with technology, being a man, and education.
The BIS released one of its most recent documents on Thursday. It used statistical analysis to refute that cryptocurrency investors are motivated by "trust in fiat currencies and regulated finance."
Data from the US Survey of Consumer Payment Choice was used by analysts to extract the data. It asked 3.273 respondents to rate the convenience of online, bank and cash payments.
It turns out that people trust cash, banks, and online payment apps. Mean responses ranged from 2,7 to 4.
People who rated lower than traditional banking technology were more likely to know about cryptocurrency, but they weren't more likely to invest.
Who invests in the Internet?
People using technology: Those with debit cards were 1,9 percentage points more likely to invest in cryptocurrencies, PayPal users were 2 percentage points higher and those using mobile payment apps 3,5% higher.
This means that a significant number of Americans are more likely to fall into the crypto hole than others. Four-fifths of Americans have debit cards. Nearly 40% have used payment apps in the past year. Cryptocurrency was also more popular with men.
Education can help you decide which cryptocurrency to invest in. XRP investors tend to be the most educated, while Litecoiners have the lowest education. The middle ranks are Bitcoiners.
What is a Bitcoin exchange?
How to cancel a Bitcoin transaction that was not confirmed 4 days ago
You've probably heard of Bitcoin or cryptocurrency exchanges. A cryptocurrency exchange is also known as a digital currency exchange.
It is sometimes called the Bitcoin exchange, as it was the first virtual currency. When people mention cryptocurrency, they think of Bitcoin. There are many virtual currencies in circulation around the world.
A cryptocurrency exchange is simply a place where you can buy and sell digital currencies. Bitcoin Digital, for example, is a crypto-exchange where you can trade virtual currency.
These platforms are designed to make Bitcoin trading easier by taking care of most of the work. The frustration of staring at a computer screen for hours can be eliminated by a cryptocurrency exchange.