One month ago I posted a survey of over 40 questions
to a range of different cryptocurrency subreddits and collected just over 300 responses. Since then I have processed the data and taken a look at the different demographics, opinions and portfolios of different users as well as comparing the results from different subreddits. This post is the results of this survey.
In this post I have condensed the results to a number of key stats and graphs. If you want to take a look at the graphs or read the discussion, they can be found in the full report. For the graphs, just scroll down to each section in the report and you will see them.
How do steemit users compare to reddit users?
I don't know so I have set up an almost identical survey for all steemit users to respond to if they like. If I can collect enough responses then I will make a comparison post like this one comparing reddit users and steemit users! If you would like to fill out the survey, you can do that here.
The live raw data collected from this survey can be found here:
Section 1: Reddit and social media use
• Two thirds of cryptocurrency subreddit users frequently browse non-crypto related subreddits.
• Over 70% of cryptocurrency subreddit users used reddit previous to finding out about cryptocurrencies.
• For 1 out of every 8 cryptocurrency subreddit users, reddit is the only social media platform they use to keep up with crypto.
• 94% of cryptocurrency subreddit users check the price of their cryptocurrencies daily!
• Over 40% of cryptocurrency subreddit users check the price of their cryptocurrencies over 10 times per day and 80% check the prices at least 3 times per day.
Section 2: Demographics
• 95% of cryptocurrency subreddit users are male.
• The median age of cryptocurrency subreddit users is between 26 and 30 years old.
• Almost 50% of cryptocurrency subreddit users are from Europe and another third are from North America.
• Over 75% of cryptocurrency subreddit users either have a University degree or higher or are currently studying at University (University is the same thing as college for any Americans reading this).
• More cryptocurrency subreddit users are living off money they made from crypto than there are users who work in the blockchain industry.
• Over 20% of cryptocurrency subreddit users are students, of these students, 60% of them are at University.
• Nearly 40% of cryptocurrency subreddit users consider themselves gamers.
• 2 of the 331 cryptocurrency subredditors sexually identify as an attack helicopter. It is fair to say that I have learned not to add an “other” gender option in future surveys!
Section 3: Experience and interest in cryptocurrencies
• 70% of cryptocurrency subreddit users consider themselves HODLers.
• Decentralisation is the main ideological reason for cryptocurrency subreddit users to be into crypto and blockchain tech.
• 36% of cryptocurrency subreddit users got into cryptocurrencies in 2017 and 27% got into crypto in 2013.
• 45% of cryptocurrency subreddit users have previous experience in the stock market.
• The average cryptocurrency subreddit user is into crypto for the money but still has a significant interest in blockchain tech.
• Most cryptocurrency subreddit users consider themselves very likely to mention cryptocurrencies to a friend.
Section 4: Crypto Portfolio
• The median cryptocurrency subreddit user has somewhere between $5,000 and $20,000 invested in cryptocurrencies.
• Nearly 45% of cryptocurrency subreddit users have invested either less than 10% or more than 90% of their total savings in crypto.
• Nearly 10% of cryptocurrency subreddit users would rather not share what price category the size of their investment in crypto fits into for this semi-anonymous survey.
• 80% of cryptocurrency subreddit users have made a profit off their crypto investments.
• 60% of cryptocurrency subreddit users who invested in crypto after June 30th 2017 have made a profit off their crypto investments.
• 60% of cryptocurrency subreddit users own altcoins outside the top 10 coins by market cap.
• 50% of cryptocurrency subreddit users own 3 cryptocurrencies or less.
• Nearly 30% of cryptocurrency subreddit users have invested in an ICO before.
• The average (median) cryptocurrency subreddit user is signed up for 3 cryptocurrency exchanges.
• For just one third of cryptocurrency subreddit users, altcoins outside the top 10 coins make up more than 10% of their portfolio.
Section 5: Cryptocurrency Knowledge
• Most cryptocurrency subreddit users believe that they understand blockchain technology quite well.
• More than 50% of cryptocurrency subreddit users have fully read a whitepaper.
• Over 75% of cryptocurrency subreddit users know of Satoshi Nakamoto, Vitalik Buterin and Charlie Lee and who they are.
Section 6: Opinion
• Most cryptocurrency subreddit users think that 3-5 of the current top 10 cryptos will still be in the top 10 in 3 years.
• Nearly 40% of cryptocurrency subreddit users don’t support SegWit2x.
• Just 10% of cryptocurrency subreddit users have an unfavourable opinion of Bitcoin.
• Nearly 70% of cryptocurrency subreddit users have a favourable opinion of Ethereum.
• More participants have a favourable opinion of Ethereum than Bitcoin.
• More than 55% of cryptocurrency subreddit users have an unfavourable opinion of Bitcoin Cash.
• Almost 75% of cryptocurrency subreddit users have an unfavourable opinion of Bitcoin Gold.
• 50% of cryptocurrency subreddit users have an unfavourable opinion of Bitconnect while a further 47% don’t know how they feel about it or don’t know enough about it to have an opinion.
• 45% of cryptocurrency subreddit users have an unfavourable opinion of Ripple.
• Nearly 55% of cryptocurrency subreddit users have an unfavourable opinion of Ethereum Classic.
Final Section: Subreddit Comparisons
• Over 70% or r/Bitcoin users are opposed to Bitcoin Cash while just under 20% of r/BTC users are opposed to it.
• Over 25% of r/ETHTrader users don't have an opinion of Bitcoin Cash.
• 80% of r/BTC users approve of SegWit2x while just 6% of r/Bitcoin users approve of it.
• Over 50% of both r/Ethereum and r/ETHTrader users don't have an opinion of SegWit2x.
Which Subreddit has the highest rate of ICO investment?
The highest rate of ICO investment by users from r/CryptoCurrency where 38% of users have invested in an ICO.
Which subreddit has the most compulsive price checkers?
The two trading oriented subreddits (r/BitcoinMarkets and r/ETHTrader) had the most compulsive price checkers, with r/BitcoinMarkets having a significantly higher percentage of compulsive price checkers.
Which subreddit rates their crypto knowledge the highest?
r/Cryptocurrency, r/Bitcoin and r/BitcoinMarkets all have similar distributions with the same averages (median of 7 out of 10 and very similar mean values just below 7). r/ETHTrader rated their crypto knowledge the lowest with a median of 6 out of 10 and a mean just above 6 which as about 0.7 lower than the mean values of other subreddits.
That's it! If you want to read through the full report I made or want to see the rest of the graphs, I have left a link to the report where you can find them near the top of this post. I will also leave the raw data and the spreadsheets I used to process the data below if any of you are interested. Finally I’d like to thank everyone who participated and especially those who gave criticisms and feedback on what I covered in the survey and how I formatted it. I’m open to any recommendations for next time and criticisms of this survey so that I can make my next survey better.
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