Published in Mobiles

People prefer buying cryptocurrency over an iPhone

by on16 January 2018

Proving that people will always invest in something expensive, ephemeral  and stupid

Pundi X, Foundation and, have released a State of Cryptocurrency report, which claims that people would rather waste their cash on cryptocurrency than an iPhone X.

The report is supposed to show how popular cryptocurrency is but it forgot to point out that the iPhone X is as popular as the Boston Strangler and most sane people would rather spend their money on root canal work than an iPhone X.

The survey, conducted in India, Indonesia, Japan, Russia, UK, and the USA revealed that people prefer buying cryptocurrency over an iPhone. Around 70 percent of the respondents agree that most people will be using Bitcoin or other cryptocurrencies in the next ten years.

The survey titled "the State of Cryptocurrency report" covers a range of respondents from 18 to 59 years old. The findings indicate the interest of cryptocurrency among the mainstream is high. Although only 8 percent of them currently own Bitcoin or other cryptocurrencies, over one third (39 percent) of the respondents consider buying cryptocurrencies in the next six months.

More than 59 percent of respondents think bitcoin or cryptocurrency is digital money; 11 percent believe it is coin or a bank note; 23 percent don't know what cryptocurrency is. When asking about what they want to use cryptocurrency for, 35 percent said they use cryptocurrency for trading or investment; 35 percent said they want to spend cryptocurrency and make purchases. Twenty-seven percent of them use it as a store of value.

When asking about what the respondents will do with  $1,000, 33 percent of them chose to save the money. However, 12 percent of them will spend it on cryptocurrency; 11 percent investing stock or bond; only seven percent thought an iPhone X was a good idea and six percent said they would give it to charity. Only one percent of the respondents want to use $1,000 to buy a VR headset or a drone.

Nearly half of the cryptocurrency owners have held bitcoin or other cryptocurrencies for more than six months. Seventy six percent of them made at least two transactions in the last three months. 23 percent have traded cryptocurrencies more than ten times in three months. When transacting cryptocurrency, security, privacy, and zero transaction cost are top three most important factors.

Bitcoin, Litecoin, and Ethereum are the top three cryptocurrencies

Among the people who own cryptocurrencies, 75 percent of them could spot  bitcoin, 35 percent knew Litecoin, 30 percent identify Ethereum, 27 percent  Ripple, 21 percent could identify Dash.  More than 20 percent of them know other cryptocurrencies.

Online exchange platforms are places where people are considering buying their cryptos

Zac Cheah, CEO, and Co-founder of Pundi X said: "From this survey, we confirmed that the uptake of cryptocurrency is high and most people consider cryptocurrency a valuable asset. As the interest of owning cryptocurrency among the mainstream is growing, there are still some challenges for the mass adoption. One of them is 'how to buy and spend' issue.

"Few cryptocurrencies have already proven themselves as a purpose that benefits the average consumers more than cash does regarding financial inclusion and asset sharing but difficult for everyday transactions. We believe that this will improve as more and more innovative startups, like Pundi X, NEM and, are providing solutions to tackle this issue and bring them into the real economy."

Last modified on 16 January 2018
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