Researchers have profiled the normative Australian bitcoin user, describing the industry participant’s avatar as under the age of 34, white, male, and living on the eastern seaboard. The research was conducted by bitcoin.com.au and polled approximately 1200 Australians.
The Survey Reveals the Average Australian Bitcoin User to be a White Male Under the Age of 34 Living on the Country’s Eastern Seaboard
Research has sought to profile the average user of bitcoin in Australia. The survey reveals that the average Australian bitcoin user is a white male under the age of 34 living on the country’s eastern seaboard. The majority of bitcoin adopters use cryptocurrency for the purpose of investment.
The data reinforced a common trend for bitcoin adoption in developed countries, in which population centres with access to financial services seek to utilize bitcoin as an investment vehicle, while those living in areas that lack a high standard for accessing basic economic services fail to engage with the technology – despite the practical benefits offered by cryptocurrency’s utility.
The research was undertaken during July, and polled approximately 1200 Australians involved in the bitcoin economy as either participants or observers. The vast majority of survey participants owned less than 1 bitcoin (70 percent), with only 3 per cent of participants owning more than 25 bitcoins. Less than 10 percent of participants reported engaging in bitcoin transactions daily. Users cited transaction privacy, decentralization, and the fluidity of transnational transactions as the principle appeals of bitcoin. Seeking to reflect global estimates of female bitcoin adoption, only 10 percent of participants were women.
The Rising Costs Associated With Bitcoin Transactions Are Not Cited as a Major Concern by Australia’s Bitcoin Community
The rising costs associated with bitcoin transactions are not cited as comprising a significant concern to Australia’s bitcoin community. The lack of concern regarding fees likely owes to bitcoin’s dominant use as a means for investment, rather than for its utility as a means of value circulation.
Survey participants were also polled regarding what they view as the major risks of cryptocurrency. Half of survey participants cited the risk of hacking or theft as the principal risk associated with bitcoin, whilst only 5 percent of users cited issues pertaining to anonymity as a major concern.
Do you think that the demographic profile presented by bitcoin.com.au’s researchers comprises an accurate reflection of the normative cryptocurrency user in a developed country? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Need to calculate your bitcoin holdings? Check our tools section.