New ConsenSys Research: Majority of Crypto-Related Searches Are Bitcoin-Centric, Not Blockchain
In most of the world, people are very interested in Bitcoin. This is nothing new and we know that several people are very interested in this subject. However, what ConsenSys has recently discovered is that most crypto-related searches are actually very linked to Bitcoin and only BTC itself.
While Bitcoin and blockchain can look a lot like synonymous to people starting to look at the crypto world, the truth is that the two terms obviously represent very different things. Most of the crypto-related spikes in people looking for the assets generally coincide with bull runs in the market.
The new report affirms that with the exception of some Asian countries such as Japan and Taiwan, in which people also search a lot for terms like Ethereum (ETH) and blockchain, most of the searches in the Western part of the world are all about Bitcoin.
Taiwan’s case is actually very curious as the country actually searches a lot more for “blockchain” than Bitcoin. Japan is even more curious since not only blockchain but also “Ethereum” is in front of Bitcoin, possibly because the people in the country are already more familiar with the crypto world.
ConsenSys Is Interested In The East
The obvious result of this research for a company like ConsenSys is to pay attention to the Far East. ConsenSys was one of the first companies to ever develop technology for the ETH ecosystem. Because of this, they have some special interest in this market, which is the focus of the company.
With the data, regions like Japan and Taiwan can be understood as key markets for Ethereum. According to it, countries like these ones can be very interesting because the population will surely know a lot more about these specific markets than in other regions.
In most Western countries like the United Kingdom and the United States, for instance, Bitcoin is much more predominant. Brazil, which was also researched by the company, had an even bigger dominance of Bitcoin in this regard, as the token is comparatively more popular than others there as the local altcoin market is not very strong.
Bitcoin And The Blockchain
It seems that while many Western bankers were interested in showing off the blockchain technology while ignoring Bitcoin, the truth is that Bitcoin continues to be predominant in the industry and it will possibly continue to be the most important part of the crypto market as it has always been so far.
The discussion of putting Bitcoin and the blockchain technology as two separate entities is not new. Each side tries to argue that they are more important. One side believes that BTC is only a speculative asset while the other is sure that the blockchain technology would be worthless without something to provide it with real value such as Bitcoin.
In the case of Bitcoin and similar tokens like Ethereum, the network is actually secure especially because people will receive financial rewards in order to do it. This gives more legitimacy to the network as the people who are a part of it need to secure it in order to keep receiving money from it.
What is actually hard to say is whether the people searching for the token are actually beginners in the blockchain world and they are only focused on learning more about the most popular token or whether they are Bitcoin maximalists which believe that only BTC matters. In any case, few places in the world are looking at Ethereum so fondly as they look for Bitcoin.