The majority of crypto owners do not know how crypto works – Radar

Moderate to (very) poor, as a majority of more than 1,600 cryptocurrencies that Radar has surveyed assess their own knowledge of cryptocurrencies. Those who have knowledge in order are, according to the questionnaire, more likely to make money. Almost half of investors see crypto as a (very) high risk. 2 out of 3 investors think it will be a widely accepted means of payment in the future. See all results from our research:

Of the cryptocurrencies surveyed, 63 percent rely on the traditional financial system, which is controlled by a government, in the form of a central bank. Almost a third (31%) have no confidence in this traditional system. A majority of almost two thirds (66%) expect crypto to become a widely accepted means of payment in the future.

The most popular currency is, not surprisingly, bitcoin (BTC). 2 out of 3 investors have this coin. In second place is ethereum (ETH), which owns 51 percent of the crypto investors surveyed.

These are the most popular cryptocurrencies

  1. Bitcoin (BTC) 67%
  2. Ethereum (ETH) 51%
  3. Cardano 31%
  4. Ripple 28%
  5. Dogecoin 23%
  6. VeChain 17%
  7. Litecoin 15%

The most widely used exchange platform for obtaining cryptocurrencies is Bitvavo (36%), Binance is in second place with 20% of respondents, Blox is in third place with 15%. Some say they do not know: ‘I put a trip at my wife’s expense’, someone explains, and: ‘Through my son. He was extracting them, already 8 years ago! ‘. For others, the purchase is simply a long time ago: ‘No idea anymore. Bought a long time ago for mp3 credit. Still a fraction of it left. ‘

Quote

I’m making a trip at my wife’s expense

Questions about cryptocurrencies

For a quarter of respondents, it was not clear in advance how much the exchange platform will hold on to the money invested, for example in service costs. Half of this group saw this only after the cryptocurrency purchase, the other half were still unaware of it when they filled out the questionnaire, even though they had already made the purchase.

100 – 500 euro deposit

The largest group of surveyed investors (55 percent) did not join more than a year ago. 5 percent (80 people) have been investing in crypto for more than 5 years. The most common deposit is between 100 and 500 euros, a quarter (26%) of cryptocurrencies are in this category. 12 percent have invested less than 100 euros, 10 percent 10,000 euros or more; some people (who account for 1%) even exceed 100,000 euros.

Among the participants are 18 people who have ever bought cryptocurrencies with borrowed money. One borrowed less than 100 euros, but there are also 4 people who have borrowed between 2,500 and 5,000 euros, and another 4 people who have borrowed more than 25,000 euros to buy cryptocurrencies.

5 percent of cryptocurrency investors surveyed have invested in a coin that has been highlighted by an influencer. People mention among others Elon Musk and Madelon Vos. Most first encountered these influencers on social media (e.g. Facebook, YouTube, Instagram or TikTok). People also encounter influencers while playing.

profits and losses)

Fortunately, according to their own statement, most respondents are in profit: 69 percent are in the green. Another 11 percent still have as much as deposited, 16 percent are at a loss. A small group of 3 percent do not know how the balance is at the moment.

A quarter of those with green numbers have between 100 and 500 euros in profits. 17 percent are below that, 37 percent are between 500 and 5,000 euros profit. 1 in 5 is still over it. 4 percent say they have more than 50,000 euros in profits.

In most cases, the losses are limited to less than 100 euros (45%) or 100 to 500 euros (32%). 20 percent have a loss of between 500 and 5,000 euros, only 2 people have a loss of more than 10,000 euros.

Unknown, not unloved

The striking thing is that a large half (54%) of cryptocurrencies state that their knowledge of the subject is moderate or even (very) poor. 39 percent indicate that knowledge is good, with only 7 percent that it is very good or excellent. Those who have more knowledge also earn more often, according to a comparison of the answers: Of those who say they are (very) well-informed, 81 percent stand for profit. 8 percent of this group have deficits. Those who rate their own knowledge as moderate to poor are much less likely to be profitable (59%) and more likely to lose (23%).

Three-quarters of investors see the cryptocurrency purchase as a long-term investment. 38 percent invest (also) to make a profit in the short term. Those who do not yet have crypto but are considering it more often see it as a short-term investment.

The risk of investing in cryptocurrencies is considered (very) high by almost half (46%) of the owners surveyed. Another 44 percent see a risk, but do not call it that big. Only 10 percent see (almost) no risk.

Not everyone keeps track of the current value

Anyone who has a crypto-fanatic in the area will be surprised: Not everyone keeps track of how it goes from hour to hour. How much time people spend tracking the value of cryptocurrencies is very different. A quarter look several times a day, a comparable group looks once a day. Another quarter watch a number of times a week, 17 percent watch a number of times a month. 1 in 8 almost never looks.

The news about cryptocurrencies is kept up to date a little less precisely: the answers are again quite divided, only the percentages rise slightly against the groups that rarely or almost never see. Where people get their news from is also very diverse: from news sites, newspapers, TV and radio, say 48 percent. 46 percent obtain (also) information from acquaintances. 26 percent get crypto information from social media, 24 percent from online forums like Reddit and Tweakers. Chat groups like Telegram and Discord are also used by 11 percent of respondents. 5 percent attended a workshop or course to learn about cryptocurrencies.

Radar surveyed 1,663 cryptocurrencies, and a further 864 people were considering buying cryptocurrencies. They completed an online questionnaire between August 17 and September 9, 2021. The majority are members of the Radar Test Panel: a group of more than 70,000 consumers spread across the country, at different levels of education and a representative relationship between men and women.

man thing

However, crypto seems to be mostly a male thing: two-thirds of those who have invested in crypto are men. In the group considering crypto, the group of women is a little more than a third, but it is still predominantly men.

Would you also like to become a member of the Radar Test Panel? You can do this by filling out this short questionnaire:

Start the intake questionnaire

Crypto on the broadcast of Radar

In the broadcast on Monday 13 September, Radar is aware of crypto investments: we are making our own crypto token. Is it just possible? So yes. Be warned:

See: Making a crypto token is that simple

Leave a Comment