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Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

Despite the dangers that include storing crypto belongings with third events, the findings of a brand new examine recommend many cryptocurrency holders nonetheless belief exchanges with the safekeeping of their funds. Conducted by Binance Research, the examine finds that 60% of “the final inhabitants retailer their cryptocurrencies on an alternate.” In distinction, 26% of the respondents use chilly wallets and solely 11% are utilizing sizzling wallets.

Security of Funds Remain a Key User Concern

Dubbed the 2021 Global Crypto User Index, the examine’s findings “are primarily based on a world survey issued to over 61,000 crypto customers throughout 178 international locations and areas.” The examine survey, which ran from September 15 to October 25, 2020, explored questions surrounding the respondents’ demographics. Researchers additionally sought to know the crypto holders’ attitudes, preferences, adoption, and motivations 
in direction of cryptocurrency funding.

Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

Meanwhile, the examine findings present that regardless of the excessive proportion of the respondents preferring storing funds with an alternate, safety of the identical belongings stays a key. As the findings present, 28% of respondents prioritize an alternate’s “repute of being safe” when selecting one of the best platform to purchase cryptocurrencies.

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Study: 60% of Digital Asset Holders Store Funds on Exchanges While Half Derive an Income From Crypto

The concern receiving the following highest consideration is the “intuitive person expertise and person interface.” On the opposite hand, solely 3% of the respondents prioritize an alternate’s repute for being compliant with rules.

Crypto as a Source of Income

In phrases of the variety of customers that derive their revenue from cryptocurrencies, the examine findings present that 51% of respondents stated sure. From this determine, about 15% say cryptos are a major supply of their revenue whereas for the remaining 36% these represent a secondary revenue. Still, the findings present that 48% of the respondents nonetheless think about crypto a passion.

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Meanwhile, the opposite key findings of the examine embody the recognition of decentralized finance (Defi) in South East Asia the place 52% stated they use Dapps. Overall, 66% of all Dapps customers are utilizing Defi purposes.

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The findings additionally recommend {that a} majority of customers have much less confidence in stablecoins with 78% saying they “would somewhat use financial institution cash as an alternative of stablecoins.”
Furthermore, findings recommend “adoption is primarily pushed by the anticipated future utility for crypto belongings.”

Do you agree with the findings of this examine? You can share your views within the feedback part beneath.

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