• The most common questions are about cryptocurrencies in general
• In addition to purchasing opportunities, the recurring crashes are of particular interest
• Public interest in cryptocurrencies depending on current performance
Cryptocurrencies are polarizing. On the one hand, there is a large, enthusiastic crypto fan base, but on the other hand, there are veritable enemies of crypto who do not think much about Bitcoin and Co. Charlie Munger, star investor Warren Buffett’s longtime business partner, describes Bitcoin as “rat poison”. Meanwhile, it is undisputed that interest in cyber currencies has risen sharply in recent years. However, there are still big question marks for many people. What are the most common questions crypto-interested Internet users ask Google? A crypto survey from the cyber currency platform “CryptoWallet.com” examined this issue.
This is the most frequently asked question
“What are cryptocurrencies?” With 121,000 queries a month, Google users are by far the most searched. There seems to be a great need for many people to find out how Bitcoin, Ether and Co.
Buying Bitcoin is quite complicated and time consuming.
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The second most frequently asked question is directly related to the first, which is “What is crypto?” with an average of 31,000 monthly inquiries. “Cryptowallet.com” gives the direct answer in their study: “Cryptocurrencies are decentralized digital money based on blockchain technology, which means that there is no authority that regulates and manages their value, which makes them different from fiat – Different currencies such as pounds or dollars. Your transactions are recorded in an open ledger that records transaction codes and is distributed across computers around the world. ”
The third most frequently asked question is of a practical nature
While the first two questions are more about the theoretical properties of cryptocurrencies, the third most frequently asked question (average 23,000 monthly queries) concerns direct investment in cyber currencies: “How can you buy cryptocurrencies?” According to the authors of the study, this question is simpler than it might seem at first glance. The crypto market “works a bit like the stock market: buying individual cryptocurrencies is risky because the market is constantly changing and no two days are alike.” However, if an investor is well-informed or guided by experts, this can be a “good investment” in the long run, according to “Cryptowallet.com”.
“Why is the crypto sector going down”? a frequently asked question
Not surprisingly, especially during the current cryptocurrency crisis, a frequently asked question is why the cryptocurrency sector is going down. 23,000 people ask this question on Google – understandably, the frequency of this question depends a lot on the current cryptocurrency performance. Ranked fifth with “Why are cryptocurrencies down?” a similar question.
Of course, there is not one right answer to these search queries; rather, a cryptocurrency price slippage has different causes. The political, macro- and microeconomic constellations at two different times are never exactly alike. In general, Cryptowallet.com states: “The reasons are very similar to why the ordinary foreign exchange market could collapse, as social, political and economic factors affect the crypto market as much as anything else. Concrete reasons can be inflation and rising interest rates, but also the rising popularity of lower quality coins affecting the market as a whole. ”
The fifth most frequently asked question is related to mining
There is also great interest in the creation of cryptocurrencies, called “mining” in crypto-jargon. On average, 22,000 users search for it through Google every month. Kryptowallet.com’s response: “Crypto-mining is how cryptocurrencies are created. It does so by having decentralized computer networks (as mentioned above) verify and secure blockchains, making new devices available for purchase and investment.”
Overall, the study has shown that there is increasing interest in the crypto sector from the population. However, this interest depends on the cryptocurrency cycle, so in the hype years of 2017, 2020 and 2021, there was a rapidly increasing need for information about Bitcoin and Co., which declined so rapidly in the ensuing cryptocurrency winter. It is still unknown whether the crypto sector can continue to grow in importance in the coming years – which will no doubt be reflected in more frequent Google searches on the digital currencies.