Cambridge University’s Judge Business School’s Crypto Report Finds Millions Of New Bitcoin Users
University of Cambridge’s Judge Business School recently released 96-page report which looks at the specs of the crypto sphere with a closer look at the entry of new users, mining as an activity, storage and more reports news outlet, News.Bitcoin.com.
As per the findings, millions are pouring into the crypto sphere, however activity on their part remains neutral. Another interesting and environmentally friendly finding is that most mining facilities have now combined some use of renewable energy. Lastly, mining as an activity has supposedly lost its touch, but this doesn’t come too much as a surprise considering the plummet of token prices throughout the market.
This is what the report had to say in relation to new users:
“Total user accounts at service providers now exceed 139 million with at least 36 million identity-verified users, the latter growing nearly 4x in 2017 and doubling again in the first quarters of 2018.”
Another area that was assessed is that of storage. Six different storage possibilities were looked into (i.e. Mobile wallets, Web wallets, Desktop wallets, Tablet wallets, Vault services and Hardware wallets), and it seems like vault services have been newly introduced in 2018, as none used it in 2017. One would assume mobile wallets would be preferred (and it still beats the rest), however, since last year its use has dropped by approximately 5%. Web wallets seem to have impressed many, as it has seen an increase of nearly 39%.
In addition to these various topics, the report also mentioned the cuts in staff by projects like ConsenSys, Spankchain and Steemit. This is evident, as a previous Bitcoin Exchange Guide report noted ConsenSys’ plans to lay off 13 percent of its employees.
This report definitely did an exceptional job in underlining the good and the bad of the current crypto market.
This being said, some interesting and concerning findings include:
“Two-thirds of specialized custodial exchanges do not have a refund procedure in the case of customer funds getting lost or stolen [In addition] More than 80% of firms do not publicly share information about security audits, indicating a general unwillingness to divulge security-critical information.”
Despite the downward-trending crypto market, interest and exposure to the crypto sphere has evidently expanded since 2017. Reports like this are necessary in understanding areas in which more work is required and by the looks of it, it seems like firms need to start with security!