A survey was recently taken of 2,001 adults in the United States regarding cryptocurrencies. Digging into the numbers gives us a fascinating insight as to where crypto is currently falling short. The data are also encouraging about both the amount of growth possible, as well as how to bring crypto into the mainstream.
By the Numbers: Where Are We?
According to the survey, only roughly 8% of Americans have purchased a cryptocurrency. With a national population for approximately 250 million adults currently in the USA, cryptocurrency owners number just under 20 million. Needless to say, there is a lot of room for growth.
Digging into the numbers a little deeper, we can see the demographic most interested in in the sector are Millennials — over 17% of whom say they have purchased cryptocurrency. That’s nearly 10% more than Gen X, the next largest segment. To put the percentages in perspective, the Millennial population (who we are defining as ages 20 to 35) number somewhere around 71 million; are the fastest growing demographic within the United States, and are the most sought-out demographic from a marketing and purchasing perspective.
By the Numbers: Where Are We Going?
Looking at the numbers surrounding cryptocurrency begs the question — Why are so many people adverse to cryptocurrency? According to the survey, the most significant factors preventing adoption into cryptocurrency are: risk, interest, and understanding. What’s interesting to note is that these are also the areas of greatest concern in groups by gender and generation.
With this information, we have a good sense of where our efforts need to lie in order to help cryptocurrency gain main-stream adoption.
There is generally a strong connection between people’s understanding of something and their interest in it. Essentially, what we should be understanding from this statistic is that the overwhelming majority of adults do not understand the reason why cryptocurrencies were created, why they’re gaining in popularity, and why they’re important within a centralized global economy. Furthermore, those who have attempted to learn more lack trusted resources and technological know-how in order to have the comfort and peace of mind needed to purchase cryptocurrency. Through this we can see the gap between “understanding” and “interest” as not just a single problem area, but the single most significant area which needs to be improved upon in order for cryptocurrency to reach a critical mass globally.
How Do SIRIN LABS and the FINNEY™ Fit In?
SIRIN LABS is building a smartphone aimed at solving the two major obstacles preventing mass adoption of cryptocurrency and blockchain technology by improving both the user experience and security; thereby bridging the gap between blockchain, cryptocurrency, and the mass-market. This survey reinforces the importance of our project.
One of the major issues with cryptocurrency, as illustrated by this survey, is user experience. The way in which we interact with cryptocurrencies has an incredibly steep learning curve, and most people have no appetite for it. They want to be able to learn how to interact with cryptocurrency easily and simply, and mostly do not have the time nor patience to learn the difference between the Ethereum, Bitcoin, or Monero networks, and how to interact with each network individually. They just want it to work.
SIRIN LABS, understanding the potential existing within blockchain and cryptocurrency and having recognized these issues more than a year ago, began looking at how to simplify the crypto experience in order to bring it to a much broader audience. Within these analyses, one thing became crystal clear: smartphones have become the most prevalent device within our lives today.
77% of Americans own a smartphone.
92% of Millennials own a smartphone.
34% of e-commerce in 2017 was performed from a mobile device.
Therefore, in 2016, SIRIN LABS began conceptualizing the FINNEY™ — a smartphone with a built-in cold-storage wallet running on the proprietary SIRIN OS™, which is an ultra-secure, blockchain-enabled, and Google-certified build of Android. The idea was to create a phone that was safe and secure enough to both store and use cryptocurrency in a mobile environment, while providing an incredibly simple and seamless user experience.
The FINNEY™ will be able to achieve mainstream appeal through the users’ familiarity with the look, feel, and functionality of Android, and the seamless built-in blockchain functionality. As an example, we are developing a “Token Conversion Service” (TCS), where coins and tokens will be able to be seamlessly exchanged in the background of the phone in order to complete mobile purchases, without the need to visit an exchange to purchase tokens or coins you don’t currently own. Simply put, the TCS will enable users to use the currencies they have to complete transactions that require currencies they don’t.
The TCS embodies the idea behind the FINNEY™, which is to build a phone that enables users to operate on the blockchain and within cryptocurrencies, without needing to learn how. There is no question that if we can simplify cryptocurrency, we will make it more appealing for newcomers to the technology to Go Crypto. When we improve the user experience, more people will be able to explore and test out cryptocurrency for themselves, and by adding these features to a smartphone, we are putting all of the pieces in place to massively close the gap between where crypto is today and mass adoption.