Turkey’s highest volume cryptocurrency process platform Paribu has announced the results of the second of the most comprehensive cryptocurrency awareness and perception research ever conducted in Turkey. The research reveals the 1-year change in the cryptocurrency ecosystem.
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The results of the “Cryptocurrency Awareness and Perception Research-2021” conducted by Akademetre Research Company on behalf of Paribu revealed valuable information about the crypto currency branch.
According to the research conducted on a sample set representing the whole of Turkey and conducted with the online face-to-face interview technique, the rate of those who make transactions with crypto money in Turkey has increased 11 times in a year. While the rate of those who made the process 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 rate of women engaged in cryptocurrencies. Last year, 2 out of 10 individuals who made a crypto money process were female, this year the rate increased to 4 out of 10.
Satisfaction with the cryptocurrency process 74 percent
The research also includes results on user experience. According to the research, the satisfaction rate from the crypto money process 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 remains grateful for their process experience, it is followed by Generation X with 75.9. 58.3 percent of Generation Z is sad.
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 provided information 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 given, the rate of those making investment-targeted crypto money transactions is 50.3%. The rate of those who made an investment process doubled in one year.
Bitcoin is the most preferred cryptocurrency by users. 7 out of 10 individuals trade with Bitcoin. It was seen that 2 out of 10 individuals trade with Ethereum, and 1 out of 10 individuals trade with XRP. The research also revealed that 1 out of every 5 individuals who hear about crypto money want to make a crypto money process.
How did the developments in the cryptocurrency branch affect the result?
On the other hand, user grievances created by some platforms in Turkey before the 30 April-27 May period, when the research was carried out, also affected the results.
The proportion of those who responded “I trust” or “I trust a lot” in cryptocurrencies decreased from 34.2 to 25.3 percent in one year.
Although there is no legal obstacle in front of the use of crypto money, 1 out of 4 people think that it is “not legal”.
“Interest in cryptocurrencies and expectations for regulation increased”
Emphasizing that they are conducting the second most comprehensive research on Turkey’s crypto money ecosystem, Paribu CEO Yasin Oral said, “In a year, the interest in crypto money has increased significantly. In this, both the connection activities of the platforms and the activity in cryptocurrencies had an impact. We see that Turkey has the potential to play a leading role in cryptocurrencies. In April, some platforms caused user grievances. This was reflected in the research results in a negative way. While the interest in cryptocurrencies is increasing, we see once again the necessity of regulation in order to ensure full faith.”
Oral said, “The satisfaction rate of people who make transactions with cryptocurrencies is quite high. Considerable part of those who hear about crypto money want to make a process in the future. It is our primary responsibility to support this motivation and ensure that they step into the crypto money ecosystem with faith.”
Stating that they interviewed 1429 individuals 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, “We conducted the second most comprehensive cryptocurrency research in Turkey. Within the time limit of the research, we took all the health precautions and held the necessary meetings. In order to measure the awareness, perception, and tendency of being seen as an investment tool in Turkey, we worked with cities representing Turkey and with a sufficient sample set. The results also revealed the motivations and barriers to cryptocurrencies in a clear form.”
Other findings from the research are as follows:
- 4 out of 5 individuals have never heard of blockchain technology (80.2 percent).
- 1 out of 10 individuals 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 valuable advantages are the lack of time and place limitations in crypto money processes. (77.2 percent and 75.2 percent).
- Those who process the most are university graduates (49 percent).
- In socioeconomic status clusters, C1 is the cluster that makes the most process (43 percent).
- “wage workers” make the crypto money process the most (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 discontinuing the process: Requires strict follow-up (9.3%).