Bitcoin is still a very enigmatic phenomenon. People are not even sure what it is; a currency? A store of wealth ala digital gold? There are different niches of the economy that view it totally differently from each other.
However, the real proof in the pudding is what the common man on the Bitcoin Street sees Bitcoin as and how they use and work with the new technology and revolution of money.
A recent survey from LendEDU shows how 1,000 Americans utilize their Bitcoin investment and the opinions they have from holding to spending, tax and security.
“Why did you invest in Bitcoin?”
As Bitcoin gains more and more traction, it is bringing in a larger and more diverse slice of the population. No longer the plaything of the technological savvy, there are mothers and teenagers who are investing.
According to the raw data presented above, the large majority of people are in the Bitcoin game for the long term revolutionary changes it can bring. This is interesting as there is a strong belief that people are getting into Bitcoin for greed; however, research suggests that only 14 percent of people are chasing riches.
Perhaps a deeper dig into the data would suggest that those who see it as world-changing are the same people who are fed up with the way things are now. The traditional money market and exclusive investing ecosystem is being shunned by millennials and the likes.
Roshaan Khan, a 20-year-old senior at Virginia Commonwealth University, seems to one of those who would fall into the 40-odd percent:
“All of my net worth is in cryptocurrencies because I see them as the best way to escalate my ability to be financially secure and pay off my student loans,” Khan said. “I like the idea of decentralization, the fact that there’s a lot less corruption and political ties. That idea appeals to me … Not having to go through banks. Having financial control over our lives again.” […]
Read Full: What is Bitcoin to a Layman Investor: Survey