The company Bird, who sell the virtual currency New Century Currency, and the tax accountants Meijidori, together run seminars on tax reduction, presumably including information on tax issues surrounding virtual currencies like Bitcoin. Thus, they jointly sponsored a survey by iResearch into buying and using virtual currencies.
I personally wouldn’t touch Bitcoin with a barge-pole, and as a regular reader of /r/Buttcoin and its sister sub-reddit /r/SorryForYourLoss I know all too well of the scam artists and frauds that infest the virtual money world.
Research results
Q1: Do you know about virtual currencies? (Sample size=6,930)
| Know them well (to SQ) |
3.5% |
| Know them (to SQ) |
17.1% |
| Just heard the term |
50.5% |
| Don’t know about them |
28.8% |
Q1SQ: Are you interested in purchasing or using virtual currencies? (Sample size=1,431)
Q2: Why are you interested in buying, using virtual currencies? (Sample size=300, multiple answer)
| Can use the same currency the world over |
32.0% |
| Can send money to other people with no or little fees |
28.0% |
| Been a theme on news, etc |
27.3% |
| Can cheaply and easily exchange it with dollars, Euro, yen, etc |
26.3% |
| Can use with e-commerce |
24.0% |
| The number of physical locations worldwide where it can be used is increasing |
22.3% |
| Is an investement |
19.0% |
| Much cheaper for international transfers |
18.0% |
| Interested in BlockChain technologies |
14.7% |
| Interested in the FinTech field |
13.7% |
| Cheap and easy to exchange between virtual currencies |
13.0% |
| Can protect my assets against hyper-inflation, other financial crises |
12.7% |
| Can reduce tax (hide assets from tax, etc) |
12.7% |
| Laws surrounding the use of virtual currencies have been amended |
12.0% |
| Don’t want to miss out |
4.3% |
Q3: In the last year have you bought or held virtual currency? (Sample size=300)
| Both bought and held (to SQ1) |
23.7% |
| Neither bought nor held (to SQ2) |
71.7% |
| Have bought, held, but not recently (to SQ3) |
4.7% |
Q3SQ1: How much in Yen are you currently holding in virtual currencies? (Sample size=71)
| Under 10,000 yen |
14.1% |
| 10,000 to 49,999 yen |
23.9% |
| 50,000 to 99,999 yen |
14.1% |
| 100,000 to 499,999 yen |
23.9% |
| 500,000 to 999,999 yen |
11.3 |
| 1,000,000 to 4,999,999 yen |
7.0% |
| 5,000,000 to 9,999,999 yen |
2.8% |
| 10,000,000 to 49,999,999 yen |
1.4% |
| 50,000,000 to 99,999,999 yen |
0.0% |
| Over 100,000,000 yen |
1.4% |
Q3SQ2: Why do you not buy, hold virtual currencies? (Sample size=215, multiple answer)
| There have been Mt Gox and other frauds |
30.7% |
| Lots of virtual currency fraud, other negative news stories |
25.6% |
| Has dodgy, shady, otherwise bad image |
25.6% |
| Don’t know how to buy |
25.1% |
| Don’t think now is the time to buy |
25.1% |
| Don’t need to deal with virtual currencies |
21.4% |
| There are lots of overseas exchanges, so it would be unsafe to buy |
14.9% |
| Probably lose, won’t make money |
14.4% |
| Don’t have friends, family who have dealt with virtual currencies |
13.5% |
| Other |
0.5% |
Q3SQ2: Why have you quit buying, holding virtual currencies? (Sample size=14, multiple answer)
| There have been Mt Gox and other frauds |
42.9% |
| No longer need to deal with virtual currencies |
28.6% |
| Lots of virtual currency fraud, other negative news stories |
28.6% |
| Few shops, sites where they can be used |
21.4% |
| Has dodgy, shady, otherwise bad image |
21.4% |
| Price has dropped, I lost money |
14.3% |
| Purchasing methods have become more strict, bothersome |
14.3% |
| Don’t think now is the time to buy |
14.3% |
| Inconvenient compared to other payment methods |
7.1% |
Q4: Which of the following virtual currencies do you know? (Sample size=300, multiple answer)
| Bitcoin |
96.7% |
| Ripple |
23.7% |
| Ethereum |
22.3% |
| Litecoin |
17.7% |
| HORIEMONCARD |
14.0% |
| fujicoin |
13.0% |
| Peercoin |
12.0% |
| monacoin |
10.3% |
| Dogecoin |
10.3% |
| samuraicoin |
9.7% |
| Stellar |
9.7% |
| Dash |
9.3% |
| BitShares |
9.0% |
| MaidSafeCoin |
8.7% |
| eternal coin |
8.3% |
| Factom |
6.0% |
| NEM |
5.7% |
| Satoricoin |
5.7% |
| Monero |
5.0% |
Q5: In the future, which of the following virtual currencies would you like to buy, interested in, want to use? (Sample size=300, multiple answer)
| Bitcoin |
87.3% |
| Ethereum |
13.3% |
| Ripple |
11.3% |
| Litecoin |
8.7% |
| HORIEMONCARD |
8.0% |
| fujicoin |
7.7% |
| Peercoin |
5.3% |
| samuraicoin |
5.3% |
| BitShares |
4.7% |
| Stellar |
4.7% |
| monacoin |
4.3% |
| MaidSafeCoin |
4.3% |
| Dogecoin |
4.0% |
| Dash |
3.3% |
| Satoricoin |
3.3% |
| eternal coin |
3.3% |
| NEM |
2.3% |
| Factom |
2.0% |
| Monero |
1.7% |
Q5: In the future, which one of the following virtual currencies would you most like to buy? (Sample size=300)
| Bitcoin |
82.3% |
| fujicoin |
3.0% |
| Ethereum |
2.7% |
| Ripple |
2.7% |
| HORIEMONCARD |
2.7% |
| Peercoin |
1.7% |
| samuraicoin |
1.3% |
| MaidSafeCoin |
1.0% |
| Litecoin |
0.7% |
| Stellar |
0.7% |
| Satoricoin |
0.7% |
| monacoin |
0.3% |
| eternal coin |
0.3% |
| Dash |
0.0% |
| Dogecoin |
0.0% |
| NEM |
0.0% |
| Factom |
0.0% |
| Monero |
0.0% |
| BitShares |
0.0% |
Q6: Where do you use, would you like to use virtual currencies? (Sample size=300, multiple answer)
| |
Want to |
Most want to |
| Internet shopping |
51.3% |
34.3% |
| Exchange |
35.7% |
17.0% |
| Receiving, making payments, overseas money transmission |
33.7% |
12.0% |
| Physical shops |
27.0% |
8.0% |
| ATM |
25.7% |
5.3% |
| Cafe |
17.7% |
4.0% |
| Ramen shop |
17.3% |
3.7% |
| Sushi shop |
16.0% |
2.0% |
| Yakiniku (grilled meat) restaurant |
13.3% |
1.3% |
| Corresponence courses |
12.7% |
1.7% |
| Donation |
11.3% |
2.0% |
| Dentist |
9.7% |
1.3% |
| Hairdressers |
8.0% |
0.7% |
| Veterinarian |
7.0% |
1.0% |
| Beauty clinics |
7.3% |
2.0% |
| Schools |
6.0% |
0.3% |
| Acupuncturist, chiropractise |
5.7% |
0.7% |
| Izakaya (dining pub) |
13.0% |
1.7% |
| Bar |
8.0% |
0.7% |
| Other |
0.3% |
0.3% |
Q7: Have you ever attended seminars, study meetings, etc on virtual currencies? (Sample size=300)
| Yes, often (to SQ) |
9.7% |
| Yes, sometimes (to SQ) |
19.7% |
| No, never |
70.7% |
Q7SQ: Were these seminars, study meetings, etc useful? (Sample size=88)
| Yes, very much so |
35.2% |
| Yes, somewhat |
59.1% |
| No |
5.7% |
Q8: What do you think the future holds for virtual currencies? (Sample size=300)
| Will become as common as credit cards, electronic cash |
35.3% |
| Awareness will grow, but it will have limited application |
26.3% |
| Once regulations are in place, it will eventually become commonplace |
23.0% |
| Will stay a niche application |
10.0% |
| Will just peter out |
5.0% |
| Other |
0.3% |
Demographics
Between the 12th and 16th of May 2016 6,930 members of the iResearch monitor group aged between 20 and 69 completed a private internet-based questionnaire. Of the approximately 530 people in Q1SQ who answered that they were interested in or had already bought virtual currencies, 300 were selected to answer the subsequent questions.
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