Cryptocurrency Is the Main Income for 12% of Russian Crypto Users

Cryptocurrency is the main source of income for 12% of Russian speaking crypto users, according to a new survey. More than 90% of the respondents say they want to use digital coins as a means of payment, and a quarter of those interviewed are already doing that. 40% of the participants view cryptos like bitcoin as a good long-term investment. They have no intentions to sell their crypto holdings in the near future.    

Also read: Russians Owe 13% Tax on Their Crypto Incomes

40% of Russian Crypto Owners Are Hodling

The survey conducted among Russian cryptocurrency owners found that most of them have started dealing with cryptos in the last couple of years. Nevertheless, 28% of the respondents consider themselves active users, and 12% say cryptocurrency is their main source of income.

The crypto shopping platform Fatcats.market has interviewed 382 Russian speaking crypto users, whose median age is 27 years. Most of them are men – 93%. Women are only 7%, while those under 18 years of age are 10%. The survey has been conducted on Telegram channels from March 22 to April 2, 2018.

A sizable majority of the respondents say they want to keep cryptocurrencies like bitcoin and use them for payments. 40% admit they are investing in different cryptos. Mining is not that popular anymore, with only 14% being actively involved and 11% saying they are cloud mining.

Another 40% of the crypto users think cryptocurrency is as good long-term investment. They are not planning to sell their coins for fiat money in the near future. According to the authors of the study, the main conclusion is that Russians are ready to use cryptocurrency both as an investment instrument and as a means of payment.

The ongoing survey also found that only 8% of the participants are not ready to buy goods using cryptocurrency, while 20% hesitate to pay for services in crypto. That means merchants selling goods for bitcoin are trusted more than service providers. 26% claim they have already made purchases with cryptocurrency.

When it comes to buying goods, computers, smartphones, and other gadgets are the most preferred items – 77%. 65% want to purchase audio and video equipment, and 66% will be happy to spend their cryptos on airline tickets and traveling. About 60% are ready to purchase real estate or a new car and 45% would buy food, furniture, or a fridge with bitcoin. Paying for freelance work is the most likely crypto spending for services (68%).

Only 1% Think Cryptocurrency Is a Bubble

The organizers of the study have tried to gauge the importance of cryptocurrencies for Russian users. 28% of them think that digital coins are an interesting part of the information technology field. 26% consider them an additional source of income. 17% if the respondents say cryptos form up to 30% of their investment portfolio. For another 16%, virtual money is an important income, and 12% say it forms a significant share of both their income and their investments (70% or more).

Only 1% of the interviewed think cryptocurrency is a bubble that will burst. The data also shows that the majority of the participants have entered the crypto ecosphere relatively recently. 80% have done that between 2016 and 2018. About 12% have started using cryptocurrencies from 2012 to 2015. Less than 10% are not yet taking advantage of digital money.

The majority of Russian crypto owners possess bitcoin (55%) and ethereum (45%), Fatcats.market found out. 11% of the respondents have bitcoin cash (BCH) in their wallets. Ripple (XRP), litecoin (LTC), and cardano (ADA) are also popular. 40% of the surveyed admit they own tokens from initial coin offerings (ICOs), proving significant exposure to crypto investment opportunities.

Most crypto owners (>43%) use the services of crypto traders to convert their coins to fiat currency, followed by those who prefer cryptocurrency exchanges (>38%). Almost 18% of the respondents either use alternative methods or do not sell their cryptos at all. More than a quarter of the interviewed say the fees they usually pay are between 2 and 5%. Half of them estimate transaction times anywhere between 1 and 60 minutes. The majority of Russian crypto users consider price volatility and complicated transactions as the main obstacles to spending more cryptocurrency.

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Images courtesy of Shutterstock, Fatcats.market.

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