BitBay Survey: Poland Bitcoin Usage is Most Common Among Men Under 40, Users are Very Bullish

Many Bitcoin believers have expressed that the number one coin will eventually become the currency of the future. While this could easily be written off as something you would expect from the average bull, a recent survey conducted in Poland has shown that this view is common among the country’s Bitcoin users.

BitBay, one of the biggest cryptocurrency exchange firms in Europe, has published the result of a just concluded survey which shows the majority of Bitcoin users in Poland are men who are less than 40 years. The survey also shows that as much as 92% of these men strongly believe that sometime soon, Bitcoin and other cryptocurrencies will be widely accepted and used as primary methods of payment.

The survey conducted by Poland’s most popular cryptocurrency exchange, analysed results from about 2,582 crypto consumers in the country. BitBay, in a bid to get a proper view of the particulars of the Polish crypto community, then proceeded to request some information from them, including age and gender. The survey comprised only 10 short questions with the following conclusions.

Majority of Crypto Users Are Under 40

The survey shows that a majority of the older generation prefer traditional payment methods and are not as excited about crypto as some others. Apparently, more than half of all the participants in the survey are less than 40 and of this number, most are in their early thirties between the ages of 31 and 35.

Less Than 10% Are Female

This is probably the most striking thing about the survey even if it might not be very shocking. Of all the crypto users, only about 8.5% are female while the men make up a whopping 91.5%. It might be interesting to note that a recent analysis of the hundred most prevalent blockchain projects found on coding website, GitHub, shows that less than 5% of cryptocurrency developers are female. A similar conclusion was made in 2017 when it was found that 95% of open-source developers were male.

Bitcoin is the Most Popular Cryptocurrency

Polish cryptocurrency users generally hold Bitcoin, Ether, Lisk and XRP. However, of these four, Bitcoin is easily the biggest and most popular with more than 70% of all respondents indicating that they hold Bitcoin wallets.

Less than 7% Say Crypto Is Unsafe

While many people in other parts of the world are still considerably sceptical about cryptocurrency especially with the security breaches that have happened in recent times, 93.1% of all the respondents believe that digital assets are a safe way to make payments.

These stats, in comparison, are a little different in the United States. Among American millennials, 43% do not trust the stock market as much as they trust crypto exchanges. On the other hand, as much as 77% of the Generation X prefer stock exchanges to crypto exchanges.

Even though Bitcoin is very popular among Polish people, a very large percentage of them indicated that they don’t use cryptocurrencies to buy things. The survey reveals that only about 20% of the respondents said they have used crypto for this. However, this is directly because there aren’t a lot of merchants officially accepting cryptocurrency payments in the country. Regardless of the slow rate of trading adoption, at least 90% still believe that digital assets as an accepted mode of payment would become widespread.

Crypto Tax in Poland

The Polish government decided to introduce certain taxes to all cryptocurrency transactions and in April last year, crypto traders jointly initiated a petition against the government to air their disapproval. The petition explained that it was unfair for the government to mandate these taxes which could result in huge losses for them.

The country’s Ministry of Finance made a publication in the same month, explaining that all crypto earnings were to be taxed 32% or 18%. The government also said that all cryptocurrency transactions, including buying and selling would be subject to a 1% tax even if you lose money in the trade.

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