- Over the past year, more people in Canada have searched for “Bitcoin” on Google than “Bank” or “Kim Kardashian.”
- 76% of Canadian participants were familiar with the concept of cryptocurrency. Of these 76% – 97% are already aware of what Bitcoin is.
- Bitcoin is moving towards awareness MainstreamThe Oxford English Dictionary recently added the word “satoshi”, which is the smallest unit of a bitcoin.
Cryptocurrency has come a long way since its early days as “iCash” in the 1980s. Now, more than 1,000 cryptocurrencies are being used, and ownership and awareness are only growing. Bitcoin, arguably the most widely used cryptocurrency, has grown rapidly since its inception in 2008, especially in Canada. Did you know: In the past year, Canadians have searched for more “Bitcoin” than “Kim Kardashian” or “Bank”. Using data provided by a survey conducted by CorbinPartners between 5 July and 29 October 2018, this article will discuss growing cryptocurrency adoption and growing awareness in Canada. Read the article.
7% of respondents are familiar with the concept of cryptocurrency. 76% of Canadians, 97% of them already know what Bitcoin is. “
From mid-2018 to late, Corbin partners interviewed 1,226 respondents across Canada in an effort to determine how significant Bitcoin is. Of the 1,226 respondents surveyed, 76% knew what a cryptocurrency was. That means an estimated 930 Canadians – the size of a medium-sized Toronto high school or a rush-hour TTC train – already knew what cryptocurrency was. Of the 930 Canadians who said “yes” to cryptocurrencies, 97% already knew what Bitcoin was. Thus, although the concept of cryptocurrency was unfamiliar, Bitcoin was not a novelty.
Why is Bitcoin on the rise?
If you think about how much the word “Bitcoin” is used in the mainstream media, it is not surprising that 97% of people who know what cryptocurrency is also know what Bitcoin is. Bitcoin is the most widely established currency in Canada and the United States, so it is not far-fetched to suggest that Bitcoin awareness is hampering the mainstream. For example, the word “satoshi” has recently been added to the Oxford English Dictionary, which is the smallest unit of a bitcoin. Another example can be seen in Toronto, where there is a growing network of bitcoin startups and bitcoin ATMs, second only to the United States. The government and Canadian banks are also working hard to increase and strengthen cryptocurrency regulation. If you consider these efforts and all Toronto start-ups, it is clear that Bitcoin is here to stay.
“This is one of the survey questions for non-Bitcoin users about the perceived benefits of using Bitcoin over traditional currencies. Of the 686 people who responded, 39% said that global / border usability seems to be the most advantageous quality of Bitcoin. ”
Take a moment to consider why Bitcoin is on the rise and why Bitcoin-related benefits will motivate you to try or buy it. If you consider Bitcoin’s global finality or abstract physicality an asset, you are not alone! Of those surveyed who did not use Bitcoin before, 39% considered global / international use to be a major advantage. Considering the origin of Bitcoin a Digital Currency, makes sense in this. Bitcoin users don’t have to worry about international conversion rates, because digital currency is almost the same from every computer! Bitcoin users also don’t have to worry about hidden fees that are usually associated with shopping in other parts of the world. Imagine, if you find yourself traveling abroad and desperately want that expensive item, you can use your bitcoin for your travel expenses without worrying about conversion rate and cash.
Going back to the moment we took to consider the benefits of Bitcoin, you can put enough weight on the abstract physical form of Bitcoin. Among the surveyed participants, 22% said that the lack of a real form of Bitcoin (meaning it is not cash in your wallet, a check book or plastic card) was a perceived advantage of cryptocurrency. This is not surprising, since more and more customers are participating in cashless transactions such as Apple Pay and Google Pay, or electronic money transfers. In addition, most merchants view Bitcoin as a “valuable innovation”, faster, more convenient and more affordable in terms of transactions than debit or credit cards. If a customer pays for a product via Bitcoin, a seller does not have to worry about paying administrative fees to banks when using debit or credit. It seems that from both sides of the transaction, the physical appearance of Bitcoin – or lack thereof – is a big plus.
Over the past year, more people in Canada have searched for “Bitcoin” on Google than “Bank” or “Kim Kardashian.”
If the survey statistics we’ve discussed so far aren’t reliable enough, take a look at the Google search trends captured between November 1st, 2018 and September 1st, 2019. On average, more people are searching for “bitcoin” “Kim Kardashian”, and the man who has more than 150 million followers on Instagram, more than 62 million followers on Twitter and 17 seasons of a reality TV show. With more than three times the population of Canada, a person can be searched through a currency that has only been around for 10 years, so what does this mean for future awareness of Bitcoin? At the very least, the search results indicate that Bitcoin has finally entered the collective consciousness of Canadians and it has become Mainstream.
To help keep track of cryptocurrency adoption, this graphic compares the market cap of Bitcoin with other disruptive companies. As you can see from the graphic, Bitcoin has already surpassed IBM (a 100 year old company), Shopify and Canopy Growth. It would be significant if Bitcoin could overtake JPMorgan, one of America’s “Big Four” banks, and land behind Google, but it could take some time.
Have you ever considered owning Bitcoin? If so, what motivates you to buy or at least use Bitcoin? Maybe it will be a mere novelty to use digital currency and throw yourself into the future. Or, it could be because you are looking at investment opportunities and want to expand your portfolio. Whatever it is, there it is Something That intrigues you. Of the survey respondents who owned / used Bitcoin, 39% said that the reason they got Bitcoin for the first time was simply because they wanted to try it. That means approximately 86 people decided to acquire Bitcoin just to see what it was like! It’s a pretty bold decision for such an empirical feeling.
In addition to experienced users, one-third of those who received Bitcoin said they received it for investment purposes. This means that those users have probably done some research on the value of Bitcoin and have been interested in its growth over the last few years. If you are one of the people who have heard of Bitcoin, have you done any research on the investment potential of this currency? Even if you haven’t researched Bitcoin with that goal in mind, the amount of startups in Toronto speaks volumes about the value of owning Bitcoin, not to mention US startups.
Crypto is going mainstream
Awareness about Bitcoin has increased by almost a third in one year, with about 96% of Canadians claiming to have heard of Bitcoin. The establishment of the Blockchain Research Institute in Toronto, aimed at expanding the blockchain-based economy globally, is further evidence of the growing recognition of the value of Bitcoin and the importance of investing in this currency. With increasing security measures, regulations and popularity, cryptocurrency adoption in Canada seems to be growing steadily. If you’re not convinced by the survey data, let Google’s trends sound louder: Bitcoin is being searched more frequently than Kim Kardashian, a person with more followers than the entire Russian population. If you are one of the first people to hear about Bitcoin but have never used it, are you thinking of trying it now? You are probably not alone.
Formulas and methods: All data cited comes from a public source or from a survey conducted by CorbinPartners between July 5th and October 29th, 2018. Corbin Partners interviewed 1,226 eligible respondents across Canada, employing field services from Canada Viewpoint Inc. A well-known data collection provider and member of numerous market research industry associations
Let’s get started