Who comes to mind when you think of the average bitcoin user? If you said young white males on the Eastern Seaboard you're on the money. 86% of bitcoin users are males while only 10% are women (and 4% preferred not to say), and 59% are under the age of 34 with a quarter being under the age of 24. The survey also finds bitcoin investors to be predominantly white.
The results come from the largest ever survey on Australia's bitcoin users, carried out by bitcoin.com.au. However, some of the less expected results might be more about the where, why and how much, rather than the who.
Where and why
The majority of Australia's bitcoin (BTC) users (63%) said they specifically got into it as an investment strategy rather than to actually make transactions. And around Australia, the bigger and more expensive cities have an exceedingly disproportionate portion of bitcoin users.
29% are in New South Wales and 3% are in the ACT
27% are in Victoria
24% are in Queensland
By contrast, only 1% of Australia's bitcoin owners are in Tasmania, 2% are in the NT, 6% are in SA and 8% are in WA. While the survey didn't differentiate between metro and regional areas, it's safe to say that almost all of the traders are in the cities.
If you squint, it looks exactly as though young Australians in the places with the least affordable property are turning to more volatile investments for bigger risk and reward. Coincidence? Probably.
What and how much?
Plenty of them are also diversifying their investments, with a large portion of bitcoin users also holding other currencies.
There's also a lot of diversity in users' choice of wallet.
49% use a mobile wallet for access on the go. This most popular option might be a good idea for such a volatile asset.
35% use a desktop wallet and prefer to access their coins from their home computer.
30% use a web wallet, for versatile multi-platform access through a third party system.
15% use cold storage, such as putting their keys on a USB or external hard drive. If you don't want to touch it, then cold storage might be the place to put it.
According to bitcoin, at the time of the survey, one BTC was worth about AU$4,700. This could have been around mid August, or more likely mid to late September. Now at the time of writing one bitcoin is worth around $9,000$9,100$9,150 $9,115.
How much is it now?
Historical Rate chart of BTC and AUD
Updated: 18 Nov 2019 23:30:23 UTC
The latest jumps might be coming ahead of the mid November "hard fork", as investors jump aboard looking to multiply their efforts. Whether or not it will pay off is anyone's guess.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.