The number of users of cryptocurrency apps in South Korea has increased 14-fold to around two million users in the past 11 weeks, according to a recent analysis. Users use it an average of 26 minutes every day and the majority of users are in their thirties.
Also read: South Korea urges 23 countries, the EU and the IMF to work together on curbing the crypto trade
A 14-fold jump
Application analysis company Wiseapp recently conducted an analysis of 23,000 Android smartphone users in South Korea.
The company found that “over the past week an estimated 2 million South Koreans have used cryptocurrency applications with their smartphones,” Yonhap wrote, adding:
A total of 1.96 million people may have used apps to handle digital currencies like Bitcoin and Ethereum in the past week, up from 140,000 between October 30 and November 5.
The weekly graph of the number of users of crypto apps from October 30 to January 14, 196 is equal to 1.96 million.
According to Wiseapp data from October 30 to January 14, virtual currency app users have increased 14-fold in the past 11 weeks, the company wrote. Popular apps include those in connection with trading in cryptocurrencies, especially Bitcoin, as well as “quotes, bulletin boards, etc.”, as the company explains in detail.
More and more South Koreans are using cryptocurrency apps despite multiple government announcements, including crackdown on anonymous crypto trading. The tax authority has also discussed ways to tax cryptocurrencies.
In addition, two major exchanges, Bithumb and Coinone, are being investigated by the authorities. Then, over the weekend, regulators announced that crypto traders could face fines if they fail to convert from virtual accounts to real-name accounts after implementing the new system.
Bitcoin app user demographics
Wiseapps research also found that 1.8 million people used the top 10 Bitcoin-related apps last month, while 2.67 million people used the top 10 securities-related apps over the same period. However, Bitcoin app users spend an average of 26 minutes using the apps. This corresponds to twice the daily usage time of 13 minutes for securities apps in the same period.
In addition, the company found that 6.5% of Bitcoin app users are teenagers, 24% at the age of 20, 32.7% at the age of 30, 21% at the age of 40 and 15, 8% are over 50 years old.
Demographics of the Bitcoin app users (yellow) and the securities app users (green). Source: Wiseapp.
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Images courtesy of Shutterstock and Wiseapp.
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Analysis, App, Application, Bitcoin, Bithumb, Charts, Cryptocurrency, Demographics, Digital Currencies, Ethereum, Korea, N-Featured, Prices, Courses, Research, Securities, South Korea, Stocks, Survey, Up Movement, Users, Virtual Currencies
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