Bitupper: everything you need to know about crypto wallets. Part 1
A wallet is a software that is used to safely store, send and receive cryptocurrency by managing a public and private cryptographic keys. Wallets also provide a user interface for tracking the balance of the cryptocurrency holdings and automating certain functions, such as estimating the amount to pay to reach the desired transaction confirmation time.
Geography of crypto wallets founders
Pic. 81% of wallet suppliers are based in North America and Europe
Almost half of all wallet suppliers are in the United States and the United Kingdom. If to classify their origin by regions of the world, then the following data will be obtained: Europe leads and accounts for 42% of the supplier, followed by North America with 39%, and the Asia-Pacific region — 19%.
Estimating the total number of crypto wallets
The total number of wallets increased more than 4 times from 8.2 million in 2013 to almost 35 million in 2017. The number of active wallets ranges from 7.5% to 30.9% of the total wallets number. However, the term “active” is ambiguous, because wallet vendors use different definitions to identify active ones. A rough estimate of the total number of active wallets can be provided by applying the observed range (7.5% — 30.9%) to the estimated number of wallets.
Thus, the number of active wallets increased from 0.6 to 2.6 million people in 2013 to 5.8–11.5 million people in 2017.
Pic. Most wallet users are based in North America and Europe
Geography of crypto wallets users
Based on the user data provided by the incorporated wallets, it is possible to make an approximate estimation of the origin of wallet users by segmenting the data according to a geographical criterion. A relatively small proportion of wallet users for some regions may be associated with the fact that in some countries (for example, in China) there still exists a significant number of people who use accounts on the stock exchanges as their de facto wallets for storing cryptocurrency.
Pic. European and North American wallet users prefer to use local wallets
We observe some minor differences when segmenting between small and large wallets. Users from countries in the Asia-Pacific region, as well as Africa and the Middle East, tend to use large wallet vendors, while Latin American and European users prefer small ones.
What cryptocurrencies are supported by crypto wallets?
Pic. The most popular cryptocurrencies supported by most crypto wallets
39% of wallet vendors offer users the ability to store more than one cryptocurrency in the same wallet, and 19% allow users to store more than three cryptocurrencies at once. The vast majority of wallets support bitcoin. Litecoin, ether and Dogecoin are the next three most commonly supported cryptocurrencies.
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