Ccryptocurrencies have gained a significant amount of attention over the last few years. Increasingly, more people are now interested in joining the industry. According to a recent survey by Finder, the number of Americans that own cryptocurrencies has almost doubled from 7.95% in 2018 to 14.4% in 2019.
How many Americans own crypto?
Finder, an Australian-based financial services firm, surveyed 2,068 Americans and concluded that 36.5 million people in the US now own some form of crypto. The average amount held by Americans is $5,447 with $360 as the median average. The survey, announced through Finder’s Twitter, is titled “A rising number of Americans own crypto”.
The majority of Americans (55.4%) holding cryptocurrencies are mostly loyal to Bitcoin. However, the survey also revealed that most traders also own a second form of cryptocurrency. Twice as many men surveyed (19%) reported owning crypto when compared to women (10%).
Reasons to own crypto
Cryptocurrencies are unique because of their encryption and anonymity. Even though all confirmed transactions are stored on a public ledger, the identities of coin owners are kept hidden. This is a primary trait of a decentralized currency that allows information to remain private. Neither governments nor banks can gain access to your identity.
The blockchain or public ledger ensures that all transactions are legitimate and double checked. Blockchain technology uses encryption to ensure the security of digital transactions. In addition, tools like smart contracts add another layer of security to prevent hacking and fraud.
Efficiency and Accessibility
Cryptocurrencies are also incredibly efficient. When a user transfers money to another user, the transaction happens instantly. Lastly, to access this technology, all one needs is a smart device and an internet connection. These qualities ensure the continual growth and demand for cryptocurrencies.
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