South Korea Sees Big Increase In Number Of Cryptocurrency App Users

Perhaps you have a cryptocurrency app in your smartphone. But, how often are you using it?

With the total number of cryptocurrency application users increasing by a whopping 14 times in a record 11 weeks, it is safe to say South Korea’s cryptocurrency population is skyrocketing. This is according to the most recent survey by Wiseapp, whereby it is understood that users not just download these app, but even use them daily. The users, mostly in their 30s, spend an average of 26 minutes on these apps daily.

Research Of South Korea By Wiseapp

Wiseapp, a distinguished analytics company did an analysis of 23,000 Android phone users. And among their findings was that about two million South Koreans were estimated to have used them in a span of a week.

Further, it is thought that 1.96 million of them might have used Android apps designed to allow handling of cryptocurrencies. The figure is a terrific increase of the 140,000 recorded in a period of October 30 to November 5th.

Based on the data from Wiseapp, collected from October 30 to January 14, “Virtual currency app users increased 14 times in the last 11 weeks.” Some of the most widely used apps, according to the data, related to popular coins, especially Bitcoin.

South Korea Isn’t So Friendly Towards Cryptocurrencies

The revelation, however, isn’t new. South Koreans in multitudes re adopting cryptocurrency apps, despite the country’s hostile stance towards these virtual coins. Just the other day, fake news about the country cause a quick turmoil that cause a sudden drop in the value of Bitcoin. Again, the country’s tax authority announced that it was discussing how it would tax these coins.

And that’s not all, apparently. Just the other day, news hit the mainstream media, reporting that Bithumb and Coinone, the region’s two major exchanges were being investigated by the South Korean authorities.

In another bizarre turn of events, regulators announced that crypto traders who would not convert their virtual accounts into real-name accounts would face dire sequences. The rules were announced over the weekend, but the directive could only take place upon the new system being implemented.

South Korea User Demographics

The research didn’t only focus on the usage of cryptocurrency apps. It revealed that over last month, up to 1.8 million people had used the leading 10 Bitcoin-based applications and 2.67 of them had used the leading 10 security-related mobile apps. Incredibly, bitcoin-based app users’ were using their apps for 26 minutes, up from the 13-minute period used by security app users.

As for the ages of these app users, Wiseapp found that 6.5% of these bitcoin app users were teenagers, the 20s group were 2.4%, and 32.7% being the majority. Further, the 40s were 21% and 15.8% for the 50-year-olds and beyond.

With the most recent developments affecting cryptocurrency usage in South Korea, do you think what the authorities are doing will affect the world? Will it alter the value of Bitcoin in great percentages? And, will its millions of crypto enthusiasts bow down to the rules? Tell us what you think at the comments section below.

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