With the value of the Dogecoin cryptocurrency increasing by 88% last week, there has been another dramatic surge of interest in cryptocurrency.
However, since its launch, cryptocurrency has been surrounded by a lot of skepticism, arguably demonstrated by 696,000 Google searches occurring globally each month. But who is most interested in this form of digital currency and what are their main concerns?
Nigeria turns up as No. 8
Nigeria turns up as No. 8 in the study to underscore a strong and increasingly growing interest in cryptocurrency by many people in Africa’s largest economy.
The Countries Most Interested in Cryptocurrency:
|Rank||Country||Average Annual Online Searches|
Invezz.com can reveal that the United States is the country most interested in cryptocurrency, with an astonishing 2,556,000 online searches regarding cryptocurrency each year – the equivalent of 7,003 online searches per day!
Ranking second is India, where there are 804,000 annual online searches about cryptocurrency. Despite following in the leader board, this is still 69% lower than the United States.
United Kingdom follows in third place with an average of 648,000 online searches about cryptocurrency each year.
Indonesia (324,000), Canada (300,000), Vietnam (276,000), and Australia (273,000) are among the other countries in the world where there are over 200,000 annual online searches about cryptocurrency, respectively ranking fourth, fifth, sixth and seventh.
At the other end in 20th place is Singapore seeing an average of 61,200 online searches relating to cryptocurrency each year.
World’s Biggest Cryptocurrency Fears Answered:
Through analysing search volumes, experts at Invezz.com were able to rank the world’s most Googled concerns surrounding cryptocurrency, for which an expert at Invezz.com provides the answers:
(1) Is cryptocurrency safe?
Yes, cryptocurrency is safe. In fact, it’s arguably safer than any other form of money. All funds stored in cryptocurrency are secured by blockchain technology and a reliable record of ownership. On top of this, cryptocurrency wallets are so well encrypted that they are virtually impossible to hack into. Your only concerns should be the same as with any personal finance accounts – keep your account passwords and wallet private keys safe and your funds will be protected.
(2) Is cryptocurrency a good investment?
There are definitely good investment opportunities around and young people especially are hopping in and making a lot of money.
Bitcoin is among the best-performing assets of the past decade, and it’s clear that there is money to be made by investing in digital currencies. Cryptocurrency has forged its place in the financial landscape, and at this point, the question is one for each individual investor to answer for themselves.
(3) Is cryptocurrency legal?
Yes, there is nothing illegal about cryptocurrency. In any country where online trading is legal, it is almost certain that cryptocurrency will be too.
(4) Why does cryptocurrency value drop?
Many reasons, news, usability, adoption, demand. The price of any publicly traded asset is decided by the buyers and sellers reaching an agreement on its fair valuation.
Cryptocurrency markets are notoriously volatile, just like any new market before it’s had time to mature. While the technology is clearly here to stay, nobody can say for certain what the long-term future of cryptocurrencies will be, and it’s that uncertainty which leads to a very reactive market prone to sharp swings.
(5) Why are people sceptical about cryptocurrency?
People are always nervous about change, and cryptocurrency poses a threat to traditional finance. The only real remedy for people’s scepticism will be time. Bitcoin was launched in 2008, but it is only in the last year or so that governments, large institutions, and companies have started to take it seriously as both a solution and investment class. While it’s been a long time coming, this is a positive step for cryptocurrency and bodes well for its acceptance by society as a whole.