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Visual Objects survey points new trends of digital currency purchases

Visual Objects – A research firm has discovered that people have commonly used cryptocurrencies the most while purchasing food as well as clothing. The research findings pointed out the major differences between what is reality is and what people really perceive cryptocurrency as. A considerable number of respondents also mentioned that they use cryptocurrencies for illegitimate and clandestine trading.

This survey took place among 983 respondents in the US who are well aware of the working of the currency. Out of the 983 respondents, 120 were those who had used the digital currency to make purchases.

In a ranked use, 40% of the survey-takers said that their use of crypto would be price speculation. A good 30% used it to buy legally restricted goods and 23% used it to buy electronic goods. Perhaps the lowest scored items of purchase with digital currency are clothing and real estate that has taken 15% of the pie. Food comprises 14% of the purchases with the digital currency. 

The survey was taken by Visual objects in order to get an understanding of how people view digital currencies and how they use it to get an idea about what lies in store for the future. Only 16% according to the survey are investing in cryptocurrencies, with some valuable data available to industry watchers regarding its popularity and maturity. The survey was an eye-opener to those who had a completely different standpoint about how digital currency is viewed and utilized.

As is apparent, initially people believed that investment in stocks could be the biggest use of cryptos, but the survey highlighted that a whopping 38% was used to purchase food items that comes last in the perception list. In the actual scenario stock investments have gathered a share of 29% below clothes. While weapons and drugs took 15% and 11% respectively it is clear that cryptos are also used to purchase regular items of usage. 

All this points out to the rising trend of digitalization of currencies and people who prefer using it online even for the most common of items. 

Image Source – CoinNewsSpan

Algorand to catch real-time data of the pandemic with its app

Proof of stake was designed as an alternative to Proof of Work because PoW was suffering from several inherent issues, such as centralization. Proof of Stake is considered less risk than mining because one doesn’t need to invest capital, buying mining units. If a user wishes to ‘stake’ their coins they can do so moving it to a special wallet. By doing so you can receive rewards, usually in the form of the token you have staked.

Recently Alogorand conducted a survey to compile a database on how COVID-19 is spreading, its symptoms and infected. In a recent tweet, the company tweeted about the IReportCovid survey app which will add to the depository of data that will add real-time figures about not just the pandemic but also its relief measures. 

The lack of availability of real-time data about the pandemic is currently a crippling issue as many people during the lockdown are craving legitimate data. The survey app will endeavor to post these responses publicly onto the Algorand blockchain so that people can access data. The information cannot be removed but can be updated according to the prevailing conditions. People with no virus can also update if their status changes.

The survey seeks general information about name, location, and confirmation about the status of the disease with self-isolation. It will also announce the average statistics figures so that the data analytics tools can be used effectively for filtering the database. The head of research at the foundation also mentioned that in these tough times, information is the key and with more and more people filling up the questionnaire, the information gap can be mended effectively. 

Cryptocurrency players have realized how crucial these times are, and are contributing to the best of their capacities. This survey also aims to do just that along with many other crypto companies that have initiated relief campaigns. 

On 25th March, Binance charity too had commenced a fundraising initiative for the distribution of medical supplies to countries that have been affected the most. It contributed to the fundraising campaign by contributing $1 million donations and is looking at $1 million in other contributed donations. 

Image Source – Medium

The Great Indian Cryptocurrency Survey – Taking the pulse of the community in a time of uncertainty

How does the Indian public feel about Cryptocurrency right now, given the regulatory environment? What is the sentiment? What is the outlook? Are people taking a wait-and-see approach or continuing to engage in trading / investing activity?

Indra Crypto Capital decided to create a survey dubbed “The Great Indian Cryptocurrency Survey” to find out the answers to these questions and more.

Last year, the RBI had issued a circular directing Indian banks not to deal with Crypto exchanges. This dealt a harsh blow to the nascent industry, which managed to survive and even adapt by inventing new Peer-to-Peer methods to deposit and withdraw funds from Exchanges. 

Earlier this year, a draft bill proposing the Banning of Cryptocurrency and stiff 10 year Jail sentences for anyone found even holding Cryptocurrencies started circulating in the Crypto community. Although a draft that has many stages to go through before it becomes law, it sent a shudder through the community given it’s draconian-ness.

While the industry’s reaction has been everything from creatively soldiering on while others had to cease operations, there really hasn’t been a systematic effort to gauge exactly how the Indian Crypto community feels about this currently. If the regulators are to be convinced to take a sensible considered approach to Crypto, the public needs to be engaged, interested and well informed. 

The survey attempts to be a barometer to help understand where we are. If the numbers are to be believed, Indians continue to be positively inclined towards Crypto, especially going by the recent report by Paxful that mentions rapid growth in Crypto, BTC trading and P2P marketplaces.

Want to be part of the discussion? Take the “Great Indian Cryptocurrency Survey” now. The results will be made public, once there has been sufficient time given for responses

About Indra Crypto Capital (ICC): ICC is an Indian cryptocurrency startup that is building a number of products for the Indian market. Everything ranging from helping people secure their Crypto in non-custodial wallets to enabling holders of various tokens stake them to earn passive income through staking-as-a-service provider YieldWallet.io.