Crypto users rise by 189% in a mere couple of years
Even with the current scenario of volatility in the market, the total number of users in the crypto and digital assets world has shown a significant rise by near to 200 % in a matter of just a couple of years. The continuing COVID pandemic has compelled the majority of individuals to chuck fiat. This shift has alleviated the surge in global crypto adoption. As a matter of fact, a study showed that presently there are over a hundred million users of crypto across the globe. Precisely, Bitcoin.com says there are 101 million crypto users in its 3rd Global Cryptocurrency Benchmarking Study.
The study was accomplished by the University of Cambridge. The Study explored various aspects such as the crypto industry’s regulation, safety, development, mining and user profiling. Despite the volatility display of crypto prices, the total user base in fact enlarged by 66 million in just a couple of years. In the second Global Cryptocurrency Benchmarking Study marked 35 million crypto-asset users worldwide. Using the same study, an upgrade of this approximation points at 101 million distinct digital asset users spread over 191 million accounts till Q3 of 2020.
This indicates a 189% rise in the total digital asset users since the last report in 2018. The phenomenon can be attributed to an increase in total accounts by 37% and a larger part of accounts being connected to individual users. Which led to an increase in minimum total users on every service provider. Talking about crypto mining, BTC stays the most mined offering shadowed by ETH. With 89% of respondents mining Bitcoin, the report states BTC as the prevalent crypto-token, trailed by ETH at 35% and BCH at 30%. The region-wise analysis shows different mining popularity ratings.
A study observed that Ethereum is more widespread between Latin American crypto miners. On the flip side, Bitcoin is well-liked among miners sited in APAC and North America. Regional variations can be noticed with regard to the mining of privacy tokens. There is 28% variance in Western regions as compared to the global average in mining privacy coins and about 19% hashers from European and North America mine Zcash and many are engaged in mining Monero.
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CBW - External Analyst