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How to Buy Bitcoin in the UK: Beginners Guide 2020

The British are buying cryptocurrency ...

Britons buy cryptocurrency as gambling – FCA survey
CONTENT

  • The cryptocurrency market, at least in the UK, is becoming more popular.

  • Only a few buy virtual assets for long-term investment.

  • Last year, the main reason for buying cryptocurrencies was the syndrome of missed opportunity and the desire to get rich quickly..

International consortium of news organizations developing transparency standards.

The number of people aware of the cryptocurrency industry is growing every year, the regulator notes..

The UK Financial Conduct Authority (FCA) has published the results of a survey, according to which over 40% of respondents buy cryptocurrency as gambling.

British people mostly buy cryptocurrency for a short-term money-making opportunity, according to published research.

The British are buying cryptocurrency ...

Only 17% of those surveyed said that they buy cryptocurrency because of the dislike of the existing financial system. Exactly the same number of respondents announced the purchase of cryptocurrencies as a long-term investment.

FCA estimates roughly 1.9 million UK citizens (3.86% of total adult population) already own cryptocurrencies.

Compared to 2019, the number of cryptocurrency owners increased by 0.86%, which is a “statistically significant increase”.

Mass adoption is already here

Along with the growth of owners of virtual assets, the awareness of the cryptocurrency market is growing. Compared to last year, the number of people who heard about cryptocurrencies increased from 42% to 73%.

At the same time, according to the FCA, about 75% of 1.9 million cryptocurrency holders hold less than $ 1230.

It is noteworthy that, according to FCA estimates, about 300 thousand cryptocurrency owners mistakenly believe that such assets fall under the Consumer Protection Law..

The regulator notes that such an erroneous assumption exposes consumers to the risk of financial damage..

Year of greed

This is far from the first UK financial regulator’s report on cryptocurrencies. In February this year, FCA also presented a report on the study of the cryptocurrency market, but for 2018.

According to the report, in 2018, the main factor for buying digital assets was the desire to get rich quickly and the loss of profit syndrome..

The British are buying cryptocurrency ...

At the same time, respondents said they did not trust the mainstream media when considering this type of investment..

[perfect_survey id = ”8956 ″]

Regarding the cryptocurrency market exclusively as a high-value segment of the digital economy, in 2019 the FCA considered the possibility of introducing a ban on the purchase of cryptocurrency derivatives by retail investors..

Despite the fact that the UK still decided not to impose a complete ban, the European Union is preparing to update cryptocurrency regulation, which could create difficulties for a number of stablecoin projects, including the startup Libra.In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately attracted attention … More from FacebookIn June 2019, Facebook announced preparations for the release of the Libra digital currency. The social networking project immediately attracted attention … More.

What do you think? Is the massive adoption of cryptocurrencies really here? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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