Bitcoin and Altcoins: Cryptocurrencies were a complete mystery to the general public a decade ago. Crypto trading included even fewer. It makes sense when we consider how few cryptocurrencies were available in the past. Things, however, have evolved. In today’s market, there are over 23,000 cryptocurrencies valued at $1.1 trillion. So, how many individuals across the world utilize cryptocurrency? To what extent is the general public informed about cryptocurrency? Here are some intriguing numbers on cryptocurrency usage in 2023.
Crypto Adoption Is on the Rise
The UN estimated that the global population surpassed 8 million on November 15th, 2022. In the span of only a few decades, it expanded tremendously. According to other data, one billion people across the globe have reportedly utilized a cryptocurrency exchange at some stage. Therefore, 12.5% of the world’s population is familiar with cryptocurrency.
People Owning Cryptocurrencies
By 2023, the number of cryptocurrency owners, including those with the most popular coins like Bitcoin (BTC) and Ethereum (ETH), is projected to exceed 420 million. Bitcoin is still, hands down, the most popular cryptocurrency out there. About 65% of people who utilize cryptocurrencies are Bitcoin owners. Around 0.01 BTC is the average amount of Bitcoin held by an owner.
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How People Use Their Cryptocurrencies
Coincident with the disastrous events that rocked the crypto sector in 2022, the user base for cryptocurrencies continues to grow. Nearly 40% of cryptocurrency holders put their coins in cold storage to make a profit later on. In addition to 11% who use their coins to pay for things and services online, 22% stake their coins to receive incentives. Those who don’t want to wait as long to earn from their crypto assets trade them.
Conclusion
Virtual currencies will persist. The cryptocurrency market has changed drastically since Bitcoin’s inception in 2009. Cryptocurrencies were initially known exclusively by techies and nerds. Cryptocurrencies are now understood by 20% of the global population. Bitcoin and altcoins make it hard to imagine a world without the more than 420 million people who use them.
Similarly, there has been a proliferation of cryptocurrency exchanges where buyers and sellers can transact. By April 2023, there will have been roughly 500 crypto exchanges. Nonetheless, LetsExchange.io is the greatest choice for novice and seasoned crypto consumers. You don’t need to sign up to trade cryptocurrencies on our platform.
