Results from the 2018 Confidence in Crypto survey are in and it’s worth hearing them. 587 respondents covered everything from how many digital wallets they use, to what industry they believe will benefit most from Blockchain-technologies.
Whether you’re an analyst of the crypto trends, a passionate investor or an ordinary fellow, who’s just looking to better understand the crypto community — read along.
People are disappointed in current financial applications
Among the most important findings, people are disappointed in current financial applications, worrying about security and personal data protection (see chart below).
More than a third of all respondents also agreed that the applications lack simplicity to use and integration of services into one screen.
What’s perhaps most worrying is that only less than 13% of respondents expressed the view that the current financial applications are good as they are, concluding that there’s definitely room for improvement.
People use numerous digital wallets and crypto-currency exchange accounts
Most respondents claimed to own cryptocurrencies such as Ethereum or Bitcoin, while a smaller group (one fifth) also own less-known currencies such as XRP, EOS or NEO.
Although the surveyed mostly hold cryptocurrency for Hodling purposes, some also own them to support the industry, as well as to use them for the alternative source of revenue.
To manage all of them many users hop between numerous digital wallets and crypto-currency exchange accounts. Most likely because apps lack integration of all these services into one-screen.
More than two-thirds use 3 or more digital wallets. A similar number of respondents use 4 or more crypto exchange accounts. Naturally, a significant group of those who value their security and don’t use the same username and password everywhere are having trouble keeping track of all the different passwords. Suggesting that there is a pressing need to merge all of these wallets and exchanges into one.
Finance industry will benefit most from Blockchain technology
More than a half of respondents agree that the finance industry will be the one to benefit the most from Blockchain technology and crypto trends. Personal data, logistics, and energy are also considered to get a significant boost from the Blockchain, while asset tokenization, retail, and healthcare finish last on the list (see graph below).
To receive information about Blockchain and crypto as well as form opinions on their trends, respondents trust the social media channels (such as Twitter) and crypto news portals (such as CoinTelegraph). Meanwhile, Reddit and other forums follow closely behind.
Over half of the enthusiasts also invest in ICOs (Initial Coin Offerings) because they believe in the team (or product) or they are keen to make a medium-term profit in the secondary market. Most of them put in between 5 and 10% of their monthly income to this goal. Given that the market delivers, many have plans to increase this share.
Worryingly, many of those who don’t invest in ICOs or are planning to reduce the amount they’re investing into them, cite “Afraid of scams” as the main reason for holding back. This suggests better oversight or verification of the issuer is necessary.
Perhaps not surprisingly, an overwhelming majority agree (or somewhat agree) that the crypto space needs more regulation from the authorities.
Better apps, integration of wallets and exchanges into a single platform, better data protection and better oversight of the issuers you choose to invest into is a necessity. That is what the crypto-community requests of the service providers.
Luckily, all this and much more will be available on the ORCA platform in one year’s time. The platform will be built on top of base layer PYGMY and each release will add new functions and features.