Do you know how many features the best crypto community has? The data revealed a clear pattern: there are four types of crypto owners, each with their habits and motivations for acquiring crypto.
The thrill seekers
For a sizable proportion (21%), investing in cryptocurrency is all about having fun and getting a kick out of seeing their investments turn a profit. And, like any true gambler, they do not need to know much about what they’re betting on to enjoy the thrills. Indeed, a quarter of all cryptocurrency owners describe their confidence in their trading skills (25%) and familiarity with cryptocurrencies (26%).
When we asked crypto owners if they would accept being paid in crypto and having it as their primary source of income, some would and would not take up the offer, citing the main reason for crypto ownership being for thrills. A fifth (20%) of the 55% of owners who would like to be paid in crypto said that the anticipation of not knowing their compensation was a motivating factor. On the other hand, 17% of those who do not want to be paid in crypto say they only own it for fun.
The professional day traders
Day traders are at the opposite end of the spectrum from thrill seekers. These cryptocurrency owners are not looking for thrills; instead, they are methodical in acquiring and trading cryptocurrencies.
These traders are very active; 20% of the crypto community acquires or invests in cryptocurrency daily. And for 12% of the community, developing Using cryptocurrency involves more than just how often you trade; it is also their primary source of income/full-time job. And it is only a lack of resources that is preventing them from investing even more in crypto; overall, having more capital to invest is the factor that would convince 29% of the community to own more crypto.
Professional day traders typically have no doubts about owning crypto or their abilities as investors; of those who say they have never had doubts about crypto, one-third (33%) say it is because they believe they know what they are doing and thus have no reason to have doubts.
The HODLers
Separate from day traders are investors who seek financial gains but are much more passive in their investment management. These crypto investors are known as HODLers (an anagram of HOLDers, i.e., investors who keep their crypto) and are among the 44% of crypto owners who buy or invest in crypto once a month or less frequently.
Overall, one-fifth (20%) of cryptocurrency owners say their main reason for trading is to diversify their long-term investment portfolio. Price fluctuations have a much more significant impact on these investors; while volatility in crypto is often appealing to day traders, a price drop is much more likely to cause them to reconsider their positions.
Crypto demonstrating long-term gains and steadily rising value would convince HODLers (20% of all traders) to invest more of their assets in crypto. And, despite being passive investors, they will cash out their crypto if there is more money to be made elsewhere; overall, 21% of traders who have had doubts about owning crypto have sold some of their crypto assets as the value has fallen.
The tech evangelists
However, perhaps shockingly, those seeking financial benefits or entertainment only constitute some of the crypto community. When asked what their primary motivation for trading is, 25% of crypto owners say they believe that crypto is the future of money.
Not only do these tech evangelists believe in the transformative power of cryptocurrency. Overall, 54% of the community already believes that cryptocurrencies are the future of finance (compared to only 19%), and a half (49%) believe that everyone will own cryptocurrencies in five years.
But the time has come for true believers in the power of cryptocurrency. 21% of those who want to convert all of their finances to cryptocurrencies do so because they want to make all their payments in cryptocurrency.
Conclusion
That’s all about the best crypto community characteristics we’d like to share. Aside from crypto, if you want to build a blockchain, contact SmartOSC.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
