Despite the current dip in market value, cryptocurrency investment is something that continues to be on the rise. For quite some time now, that’s the most prolific aspect of the crypto market. Investment is happening on a daily basis as many people see the crypto market to be favorable than many others in terms of making some extra bucks on the side.
With the rate of investment pouring in day and night and the number of people getting on board, one may be tempted to think that each person really knows and understand what he or she is getting in bed with.
However, that seems not to be the case, as recent studies have found out that many investors still lack the understanding or enough knowledge about cryptocurrency. The crypto craze is still intense that everybody just wants a piece of the goodies in the market, without properly digesting the whole concept.
As astonishing this may sound or not, the number of newbies that boarded the crypto train in the latter stages of last year, whiles the crypto market was on the rise, hasn’t been the same as that of now. Many investors that came on board during December last year just because many digital coins were doing well are now left ‘red-faced’ and shaken out of the market.
Now a new report on a research conducted by a firm in the UK has revealed that almost 38 percent of British people do not really understand cryptocurrency. It further states that, upon the numerous investors in the country, just 5 percent of crypto investors have managed to profit off the market.
The numbers are very shocking considering the fact that, cryptocurrency has been around for years and has now evolved into a much-matured state.
Of the 20,007 respondents subjected to the research, 38 percent of them claimed they didn’t fully understand cryptocurrency whiles others stated that they are still scared cryptos are a bubble that will soon burst and as such any profit should be made now, regardless of the current situation of the market. A minimal of just 7 percent saw crypto investment to be better than an investment with the traditional banks.
Whiles these results may be just for the UK, it still shows that people are just investing in crypto based on their hype and not the real details they should be. With that been said, newbies who want to throw their resources into the crypto market should diligently do their research to get full on knowledge on what they are spending on and better still spend what they can afford to lose should things go sour.
