How Many Americans Own Cryptocurrency and How Do They Use It?

How Many Americans Own Cryptocurrency and How Do They Use It?

Anyone who regularly goes online for whatever reason will be aware of cryptocurrency. You might not necessarily be an active user, but there’s every chance you will have come across news articles, adverts, or blogs about this form of digital payment. To the uninitiated, cryptocurrency is unlike other forms of currency because it is decentralized, and therefore not reliant on being tied to a central bank or a single administrator. This flexibility allows users to send payments via a peer-to-peer network, cutting out the necessity for any additional intermediary layer.

The average crypto owner today – how does he spend digital currency?

The first questions to address around cryptocurrency are the obvious ones – how does it work, who uses it, and how? The concept behind it is fairly straightforward. A Bitcoin is a computer file that can easily be stored on your app or desktop in a digital wallet. Users can send Bitcoins to their wallet, in full or in part, as well as exchanging this cryptocurrency with others. Each of these transactions is recorded in a blockchain – a public list. Bitcoins can be converted into cash via ATMs or debit cards, or sold for cash.

So who would use this form of payment? When cryptocurrency was launched in 2009 as open-source software, it may have mostly been snapped up by market speculators, but it has now gone mainstream. Microsoft accepts Bitcoin as a method of topping up user accounts, which customers can then use for a diverse range of services, including Skype, OneDrive, or Xbox Live.

Where cryptocurrency is especially attractive is where any organization or individual is doing a lot of trading across international boundaries. A classic example would be digital dating. This is a catchall category covering an incredible variety of outlets, ranging from BBW dating sites to popular chat rooms, but the key factor is these services attract global memberships running into millions. Members of dating and chatting sites can subscribe to access advanced features, so rather than the hassle of multiple separate currencies requiring to be converted to the site’s default setting (usually US dollars), cryptocurrency allows for a far more streamlined payment system.

The number of Americans owning cryptocurrency is growing every year

According to Newsweek, almost 20% of the adult population of the USA are regular users! The weekly financial news magazine reported that according to a survey, the total number of US Bitcoin owners is currently around 46 million. While this seems a generous extrapolation of the survey, it does illustrate the rise in popularity of this virtual phenomenon.

As more and more users dabble in the likes of online dating services, and other forms of digital enterprises – not least Bitcoin trading itself – it’s understandable that the number of Americans owning cryptocurrency is going to continue to rise.

Crypto holders and investors are not just males

Another worthwhile aspect of this financial system is that it transcends social barriers. Is there a typical crypto holder or investor? The short answer to that is ‘No.’ The resilience and convenience of cryptocurrency appeals across the genders. Women of all backgrounds who are enthusiastic participants of dating sites, whether they are attracted to the aforementioned BBW platforms or any other service aimed at single females, are particularly keen to check out the possibilities.

If you’re tempted to investigate the possibilities of investing in cryptocurrency, there’s an abundance of online guidance available. There are many beginner guides on how to make money with cryptocurrency you can refer to – you never know, you just might find yourself drawn into digital finance.

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