Paribu, Turkey’s highest-volume cryptocurrency trading platform, has announced the results of the second most comprehensive cryptocurrency awareness and perception survey ever conducted in Turkey. The research reveals the 1-year change in the cryptocurrency ecosystem.
The results of the “Cryptocurrency Awareness and Perception Research-2021” conducted by Akademetre Research Company on behalf of Paribu revealed important data about the crypto money industry.
According to the research conducted on a sample group representing the whole of Turkey, using the online face-to-face interview technique, the rate of those who transacted with crypto money in Turkey increased 11 times in one year. While the rate of those who made transactions was 0.7 percent last year, the result was 7.7 percent this year.
The research also revealed that there has been a significant increase in the proportion of women who trade cryptocurrencies. Last year, 2 out of 10 people who traded cryptocurrencies were women, while this year the rate has increased to 4 out of 10.
Satisfaction with cryptocurrency transaction 74 percent
The research also includes conclusions on user experience. According to the research, the satisfaction rate from the cryptocurrency transaction experience is 74 percent. When considered on the basis of generations, it was seen that the generation with the highest satisfaction rate was Y. While 76.2 percent of Generation Y is satisfied with their trading experience, it is followed by Generation X with 75.9. 58.3 percent of Generation Z is satisfied.
In the research, users were also asked about the reasons for their satisfaction. “Profitability” stood out with 41.3 percent, followed by “ease of operation” with 10 percent and reliability with 4.3 percent.
Most traded, investment on the rise
The research also presented data on the reasons and preferences for using cryptocurrencies. Accordingly, users in Turkey make the most “buy-sell transactions” with 64 percent. According to the multiple responses, the rate of those who trade cryptocurrencies for investment purposes is 50.3%. The rate of those making investment transactions doubled in one year.
Bitcoin is the most preferred cryptocurrency by users. 7 out of 10 people trade with Bitcoin. It was seen that 2 out of 10 people trade with Ethereum, and 1 out of 10 people trade with XRP. The research also revealed that 1 in 5 people who hear about crypto money want to make a crypto money transaction.
How did the developments in the crypto money sector affect the result?
On the other hand, user grievances created by some platforms in Turkey just before the 30 April-27 May period, when the research was conducted, also affected the results.
The rate of those who answered “I trust” or “I trust very much” in crypto money decreased from 34.2 to 25.3 percent in one year.
Although there is no legal obstacle to the use of cryptocurrencies, 1 out of 4 people think that it is “not legal”.
“Interest in cryptocurrencies and expectations for regulation have increased”
Emphasizing that they are conducting the second most comprehensive research on Turkey’s crypto money ecosystem, Paribu CEO Yasin Oral said, “The interest in crypto money has increased significantly in a year. Both the communication activities of the platforms and the activity in cryptocurrencies had an impact on this. We see that Turkey has the potential to play a leading role in cryptocurrencies. In April, some platforms caused user grievances. This had a negative impact on the research results. While the interest in crypto money is increasing, we see once again the necessity of regulation to ensure full trust.
Oral said, “The satisfaction rate of people who trade with cryptocurrencies is quite high. A significant portion of those who have heard of cryptocurrencies also want to trade in the future. It is our primary responsibility to support this motivation and ensure that they step safely into the crypto money ecosystem.”
Stating that they interviewed 1429 people until they reached 1000 people who heard about crypto money or Bitcoin for the research that took place in 12 provinces, Akademetre Founder Dr. Halil İbrahim Zeytin said, “We have conducted the second most comprehensive cryptocurrency research in Turkey. During the research, we took all the health precautions and held the necessary interviews. In order to measure the awareness, perception and tendency of being seen as an investment tool in Turkey, we worked in cities representing Turkey and with sufficient sample groups. The results also clearly demonstrated the motivations and barriers to cryptocurrencies.”
Other findings from the research are as follows:
- 4 out of 5 people have never heard of blockchain technology (80.2 percent).
- 1 in 10 people who hear about cryptocurrencies make transactions (11 percent).
- According to 3 out of 10 people, the cryptocurrency market is profitable (28.7 percent).
- The most important advantages are that there are no time and place restrictions in crypto money transactions. (77.2 percent and 75.2 percent).
- The top traders are university graduates (49 percent).
- In socioeconomic status groups, C1 is the group with the most transactions (43 percent).
- Most of the cryptocurrency transactions are made by “paid employees” (57.3). The rate of those who do not work, including retirees and students, has doubled compared to the previous year (29.4%).
- Reason for stopping trading: Requires strict follow-up (9.3%).