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Report: 75% Have Heard About Crypto in Spain, According to the CNMV

29/06/2022 by Idelto Editor

spain

The results of a new report commissioned by the CNMV, the securities watchdog in Spain, have found that three out of four citizens have heard about cryptocurrencies. However, the report, which included opinions from 1,500 participants, also found that this knowledge is still minimal, and that less than 10% have actually purchased cryptocurrency as a means of investment.

CNMV Reveals Results of Crypto Study

The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest cryptocurrency report. The study, commissioned by the institution and carried out by a company called “Grupo Analisis e Investigacion,” surveyed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of the penetration that crypto has had regarding Spanish investors.

One of the most relevant results of the study has to do with the popularity of crypto in the country. According to the numbers released, three out of every four Spaniards have heard about cryptocurrencies, meaning that these instruments have achieved some degree of penetration in the country. However, the knowledge that people have on the subject is still very limited. Only 1.4% of the surveyed had a deep knowledge of cryptocurrency.

Most of the surveyed lack knowledge about crypto, or have only heard or read about crypto on some occasion. Almost 70% of the surveyed were included in this dominant group.

Investing in Crypto in Spain

While other reports have stated that a significant number of Spaniards have invested in crypto in during recent years, this one hints at crypto still being a niche product as an investment. Only 6.8% of the surveyed reported having invested in cryptocurrencies at some point. More than 80% also stated that they haven’t invested in crypto and don’t plan to do so in the future.

However, most seasoned crypto investors invest 5% or less of their net worth in cryptocurrencies, which suggests they use these as diversification assets rather than their main investment vehicles. The study also informs that even these investors believe that cryptocurrencies are risky investment products. 66.3% of the surveyed think that cryptocurrencies present more risks than other investment assets.

Spanish regulators have been highly critical of cryptocurrencies. On June 4, the governor of the Bank of Spain, Pablo Hernandez de Cos, stated that cryptocurrency was bigger than the subprime mortgages sector before the 2008 financial crisis and that its links to traditional finance, though weak at the moment, might be dangerous in the long run.

What do you think about CNMV’s latest crypto report in Spain? Tell us in the comments section below.

Filed Under: Bitcoin, cnmv, crypto, cryptocurrency, English, investment, News, News Bitcoin, Spain, spaniard, study, Survey

Fintech Study Estimates 4.4 Billion Global Users Will Adopt Mobile Wallets by 2024

03/05/2022 by Idelto Editor

According to a recently published study by Merchant Machine, mobile wallets are predicted to have 4.4 billion users by 2024. Merchant Machine’s findings show the global pandemic propelled the popularity of digital wallets and researchers expect the numbers to grow from 44.50% of the population in 2020 to 51.70% by 2024.

Half the World’s Population Will Leverage Mobile Wallets in 2 Years, Study Says

The use of mobile wallets has grown a great deal since the start of the Covid-19 pandemic and a study published by Merchant Machine predicts growth will continue. The researchers note that since 2015, the total revenue generated by mobile wallet applications has tripled, and by 2022, it’s expected to be around $1,639.5 trillion.

“The safety, security, and convenience of digital wallets, as well as the popularity of smartphones and general digitalisation of society, were among the main reasons for the popularity of this method,” Merchant Machine’s study details. Furthermore, the research explains the top mobile payment platforms in 2022.

The top mobile wallet used worldwide today is Alipay with 650 million users and the second most popular is Wechat with 550 million users in 2022. Alipay and Wechat were followed by Apple Pay (507M), Google Pay (421M), and Paypal (377M). While credit cards, debit cards, bank transfers, and cash on delivery all dropped in use, buy now, pay later schemes increased alongside mobile wallet popularity.

“Besides mobile wallets, the only method of payment that will see an increase in popularity among consumers is buy now, pay later schemes such as Klarna or Clearpay,” the study notes. “These methods are particularly popular among Millennials and Generation Z users due to the possibility of splitting the cost into monthly installments.”

China Takes the Top Position in Terms of Adoption, Gartner Expects 20% of Enterprises to Use Digital Currencies by 2024

In terms of mobile wallet adoption, China ranked the highest percentage of digital or tap-to-pay contactless payments. China was followed by Denmark, India, South Korea, Sweden, the United States, and Canada. “The common usage of contactless payments in China is down to society utilising tech solutions in every aspect of their life,” the researchers explain.

Merchant Machine’s researchers do not expect the growth to stop and by 2024, estimates expect 4.4 billion or roughly half of the global population will be using mobile wallet applications. The study’s findings are aligned with Gartner’s research that estimates 20% of enterprises or large corporate entities will use digital currencies for payments by 2024.

What do you think about the expected growth of mobile wallet use by 2024? Let us know what you think about this subject in the comments section below.

Filed Under: 4.4 Billion users, Adoption, China, Contactless, Digital Currencies, English, Financial Tech, Fintech, Gartner, Gartner Estimates, growth, Mobile Payments, Mobile Wallets, mobile wallets use, News Bitcoin, Nordic countries, Researchers, study, Tap to Pay, US

China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims

26/02/2022 by Idelto Editor

China Mining Ban Worsened Bitcoin’s Carbon Footprint, Study Claims

Contrary to some expectations, Beijing’s crackdown on the crypto mining industry has increased Bitcoin’s carbon emissions, researchers have alleged. Leaving China, miners also left behind its eco-friendly hydropower and are increasingly relying on energy generated by fossil fuels, they claim.

Bitcoin Mining Allegedly Less Green Since Miners’ Exodus From China

Cryptocurrency mining has become a dirtier process after the Chinese government effectively prohibited bitcoin extraction in the People’s Republic, according to research published in the Joule journal. The share of renewable energy used to power mining operations has fallen from almost 42% to around 25% last August, the study insists.

It has been estimated that Bitcoin produces more than 65 megatons of carbon dioxide annually. The amount exceeds the total carbon emissions of a country like Greece, for example, which in 2019 registered less than 57 megatons of CO2. One of the authors, Alex de Vries, told the BBC:

We see the network becoming less green than ever before.

Speaking to Bloomberg, he elaborated that the relocation of mining companies to other countries such as the United States and Kazakhstan has led to a reduction in the use of renewable energy sources. This made bitcoin production less friendly to the environment as it resulted in the increase of its carbon intensity by about 17%.

De Vries is the founder of Digiconomist.net, a platform presenting itself as “dedicated to exposing the unintended consequences of digital trends” and publishing the Bitcoin Electricity Consumption Index. He is a researcher at the School of Business and Economics at the Vrije Universiteit, Amsterdam, and also an employee of the Dutch central bank. His estimates about Bitcoin’s energy usage have been challenged by crypto media and members of the community but quoted by mainstream publications.

Migration to the U.S. has expanded the use of fossil fuels, especially natural gas, as a relatively small portion of the nation’s electrical energy is sourced from renewables, the latest report co-authored by De Vries claims. And moving to Kazakhstan often leads to utilizing electricity from power stations burning what’s known as “hard coal,” polluting more than the Chinese plants that miners worked with outside the wet season.

China banned crypto-related activities such as trading back in 2017 but the government did not interfere with mining until last spring. In May 2021, the State Council decided to clamp down on the industry following President Xi Jinping’s pledge to achieve carbon neutrality in the next four decades. The crackdown has since spread to provinces like Sichuan where miners had access to hydropower.

Industry groups had been more optimistic about the use of renewables in the minting of digital currencies, BBC noted in its article. It quotes an older estimate made by the Bitcoin Mining Council, according to which the “global mining industry’s sustainable electricity mix had grown to approximately 58.5%.”

Meanwhile, in Europe, nations such as Sweden and regulators like the European Securities and Markets Authority (ESMA) have more recently voiced concerns over the growing use of renewable energy for bitcoin mining. They have issued calls for an EU-wide ban on energy-intensive mining methods.

On Friday, news came out that the European Parliament canceled a scheduled vote on the bloc’s new crypto regulations after a proposal to prohibit proof-of-work mining found its way to the draft Markets in Crypto Assets (MiCA) framework and sparked negative reactions from the industry.

What are your thoughts on the findings of the bitcoin mining study? Let us know in the comments section below.

Filed Under: Bitcoin, Carbon, carbon footprint, China, crypto, crypto miners, crypto mining, Cryptocurrencies, cryptocurrency, Electricity, emissions, Energy, English, EU, Europe, fossil fuels, Kazakhstan, Migration, Miners, Mining, natural gas, News Bitcoin, power, relocation, Renewable, renewables, Research, study, Sweden, U.S.

Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds

30/01/2022 by Idelto Editor

Russians Aware of Bitcoin Divided on Proposed Crypto Ban, Poll Finds

A new survey has indicated that Russians who have heard about cryptocurrency are deeply divided in their opinions on the recently suggested ban on operations with digital assets. A third of the respondents support the central bank’s proposal while an equal number of participants in the survey oppose it.

Bank of Russia’s Call to Prohibit Cryptocurrencies Backed by 32% of Russians Who Know Bitcoin

Amid ongoing discussions on the future of digital currencies, the Russian Public Opinion Research Center (Vtsiom) has published a new study measuring the attitudes of Russian citizens towards crypto assets and operations with them. It comes as officials are trying to put the country’s crypto space in order, not without disagreements between regulators.

According to the poll, the majority of Russians (64%) have heard about bitcoin and 17% have good knowledge of the cryptocurrency, an increase of four percentage points in comparison with the data from a 2017 survey. The share of those who are totally unaware of its existence has shrunk by 11 points to just 19%.

According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), over 17 million Russians have cryptocurrency wallets. Russian citizens have invested 5 trillion rubles in crypto (over $67 billion), the head of the State Duma Financial Market Committee, Anatoly Aksakov, announced in December.

The growing popularity of cryptocurrencies has forced Moscow to take steps to regulate the market. Citing threats to the nation’s financial stability and risks for its citizens, Bank of Russia proposed a blanket ban on a range of crypto activities including the issuing, using, trading, and mining of coins like bitcoin. The prohibition has been opposed by other institutions and the government has reportedly prepared a roadmap to regulate, not ban crypto operations.

Equal numbers of crypto-aware Russians now support and reject the central bank’s idea (32% each), the survey conducted by Vtsiom has shown. A similarly sized group of people, 33%, remain indifferent towards the regulator’s attempt to ban crypto-related transactions. A majority of the young, 54% of those aged 18 – 24 and half of the 25 to 34-year-olds, disagree with the monetary authority. On the other end of the spectrum are those aged 60 and over, among whom only 15% are against the ban.

Despite the annual volume of crypto transactions made by Russians reaching $5 billion, according to Bank of Russia’s own estimates, 81% of the respondents do not wish to acquire cryptocurrency against 16% who said they wanted to buy. Over half of the participants in the study (56%) still think bitcoin is a bad investment while one in five questioned (22%) view it as a good option.

The majority of Russians familiar with bitcoin admitted that neither they nor those they are close to had ever bought cryptocurrency (74%). A fifth of the polled revealed their relatives or friends had bought bitcoin (21%) and 4% purchased cryptos themselves. At the same time, more Russians (38%) believe a crypto stash is harder to steal, while those who feel fiat holdings are safer came out to 27%.

What do you think about the findings in the survey and the proposals to regulate the Russian crypto sector? Share your thoughts on the subject in the comments section below.

Filed Under: ban, Bank of Russia, Bitcoin, CBR, Central Bank, crypto, crypto investments, Crypto investors, Cryptocurrencies, cryptocurrency, English, Investments, Investors, News Bitcoin, opinions, Poll, prohibition, proposal, Regulation, Regulations, Russia, russian, russians, study, Survey

Study Shows Dogecoin, XRP Saw Largest Network Fee Increases Last Year

26/01/2022 by Idelto Editor

Study Shows Dogecoin, XRP Saw the Largest Network Fee Increases Last Year

There’s been a lot of action in the world of cryptocurrencies over the last 12 months and a myriad of metrics have changed. A recent report from forexsuggest.com shows that dogecoin fees saw the largest increase since January 1, 2021, jumping 4,230% in a year. Ethereum’s transaction fees were the most expensive at the end of 2021, as the average transfer fee was $52.45 per transaction.

Dogecoin, XRP, Blackcoin Saw the Highest Transfer Fee Rises in 12 Months

Digital currencies saw significant growth last year in terms of value and onchain data. The average cryptocurrency transaction fees in 2021 changed a great deal as well. A study published by forexsuggest.com highlights 15 different crypto assets in order to compare average fees and the growth over 12 months. Some of the assets chosen were relatively unknown and older cryptos such as feathercoin (FTC) and blackcoin (BLK).

According to the researchers, dogecoin (DOGE) saw the largest fee increase in the year, spiking 4,230% from $0.01 per transfer to $0.433. Xrp (XRP) saw the second-largest increase in 12 months jumping 3,810% from $0.000166 to $0.00649 per transfer.

Study Shows Dogecoin, XRP Saw Largest Network Fee Increases Last Year

The third biggest increase over the last 12 months was blackcoin (BLK), with transfer fees increasing 1,886% from $0.00000442 to $0.0000878 per transaction. The most expensive transaction fees occurred on the Ethereum (ETH) network, and ETH was also the fourth largest gainer in terms of 12-month fee increases.

ETH transfer fees jumped 1,459% from $3.36 to $52.45 per transaction. The fifth-largest jump in fees stemmed from the Zcash (ZEC) network, as ZEC fees increased 806% in 12 months. ZEC fees on January 1, 2021, were around $0.00000406 and at the end of the year, ZEC transfer fees were $0.0000368.

Feathercoin, Monero, Bitcoin Fees Drop

Forexsuggest.com’s study shows three crypto assets that saw 12-month network fee decreases. Feathercoin (FTC) saw a 51% decrease in transfer fees, and monero (XMR) saw its transaction fees drop by 29%. Bitcoin (BTC) fees shed 26% during the course of the 12-month span.

Study Shows Dogecoin, XRP Saw Largest Network Fee Increases Last Year

FTC’s transfer fees on January 1, 2021, were $0.000194 and at the end of the 12-month cycle, FTC fees were $0.0000955. Bitcoin’s transfer fees were $5.55 per transaction at the start of the 12-month time span and at the end, data indicates BTC fees were $4.09 per transfer. The study’s researchers leveraged fee data sources from ycharts.com and bitinfocharts.com, and collected the metrics on the 1st day of every month last year.

Cryptocurrencies that offer transaction fees that are around a U.S. penny or less include dash (DASH) $0.0173, bitcoin cash (BCH) $0.00851, xrp (XRP) $0.00649, bitcoin gold (BTG) $0.00545, and ethereum classic (ETC) $0.0039.

Below ethereum’s $52.45 per transaction fee were bitcoin fees, followed by binance coin (BNB) at $0.562 per transfer as far as the most expensive transfer fees were concerned. Litecoin (LTC) fees recorded at the end of last year were around $0.0278 per transaction.

What do you think about the crypto transfer fee increases last year? Let us know what you think about this subject in the comments section below.

Filed Under: 12 month increases, Bitcoin, Bitcoin (BTC), Bitcoin Cash, blackcoin, blk, dash, dogecoin, English, ETH, Ethereum, expensive transfer fees, feathercoin, Forexsuggest.com, Forexsuggest.com study, ftc, least expensive transfer fees, Litecoin, Network Fees, News Bitcoin, Research, Researchers, study, technology, Transaction Fees, Transfer Fees, XRP

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