According to research done by the Irish Times, in Ireland, 1,20,000 people are the holders of one or the other cryptocurrency. If you look at the numbers for years previously, you will realize that this is actually a growth of 300%. This indicates clearly that more and more users are investing in cryptocurrency.
Also, according to the research done, more than 1,80,000 people have used to Bitcoin in one form or the other. According to the experts, this is a clear indication that the Irish citizens are no longer skeptical about cryptocurrencies. They are actually curious about cryptocurrencies. This is the reason why they are trying to use cryptocurrencies.
The sample size for the survey was 1000. The average age was over 16. The consumers were also asked about the usage of various Fintech products.
Cryptocurrencies are the digital form of a normal currency. However, they are not backed by any government or any financial institution. The value is decided by the demand-supply equation.
Bitcoin is the most popular cryptocurrency. It is widely used all over the Internet. This is the reason why many of the Irish citizens have used Bitcoin previously as well.
Used higher among millennials:
According to the survey, millennials are 3 times more likely to own cryptocurrency. The normal average person is still just curious about cryptocurrency. When you look at the actual holders, you will realize that most of them are in the age of 25 to 34. This is the reason why millennials are more likely to hold the cryptocurrency. In most of the cases, it was found that investors are only investing in Bitcoin rather than any other cryptocurrency.
One thing which is, however, is sure is that more and more users are interested in cryptocurrency. This is the reason why people are trying to figure out how to invest in cryptocurrencies. They are also becoming aware of the other cryptocurrencies.
Also, according to Gerard O’Neill, chairman of Amarach, the regulatory framework is not positive for the cryptocurrency adoption. As a result, the bulk adoption of cryptocurrency will take time. However, due to the awareness among citizens, the usage of cryptocurrencies is increasing at a rapid pace.
It remains to be seen whether the number of merchants accepting cryptocurrencies in Ireland also increases or not. If indeed, the actual usage increases, the number of transactions done will also increase significantly.
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