The results of the first edition of Bitcoin Magazine's annual survey, which collected responses from over 6,600 Bitcoin holders between the dates of August 15 and October 19, 2022, found that the majority of Bitcoin holders considered themselves to be maximalists for the cryptocurrency. This percentage was found to be 56.2%. However, more than 68 percent of respondents possess additional cryptocurrencies as well. It's interesting to note that 60% of respondents claimed they would prefer to buy things from companies that only accept Bitcoin.
The survey, which shed light on many intriguing aspects of the Bitcoin community and its members, was intended for the purpose of gathering input from the community on Bitcoin Magazine's existing content and was also designed to better understand the preferences of users.
Binance (34.8%), Coinbase (20.6%), FTX (7.4%), and Kraken (6.6%) are the most popular choices among respondents when it comes to licensed exchanges for purchasing bitcoin. Following the announcement that the exchange would be declaring for bankruptcy less than one month after the survey, FTX's preference is almost certain to fall to levels close to zero. Peer-to-peer (P2P) trading, which more closely resembles Bitcoin's intended design of transactions without intermediaries, was shown to be a strategy for only 18.7% of the users that were surveyed. Peer-to-peer (P2P) trading more closely resembles Bitcoin's intended design of transactions without intermediaries.
It was discovered that adoption of the Lightning Network, which is an overlay network for Bitcoin that allows for faster and cheaper transfers, was strong. Seventy and a half percent of the respondents said that they have used Lightning to make at least one payment. Wallet of Satoshi (27.1%), Muun Wallet (25.4%), and Blue Wallet (23.7%) were the digital wallets that consumers preferred the most.
It should come as no surprise that there was less participation in the mining activity. Only 12.6% of respondents indicated they mined bitcoin from their own homes, which is likely due to the high level of technical difficulty required to set up an ASIC miner at home. That accounts for slightly more than a quarter of people who participated in the survey, making it slightly more than half of those who manage their own nodes.
According to the results of the survey, 62.3% of cryptocurrency users store their BTC on their own devices. This represents the majority of respondents. The most popular choices among hardware wallets are the Ledger (43.7%), Trezor (16.4%), and Coldcard (10.2%) devices.
According to the results of the survey, Twitter is the most popular channel for learning about and consuming industry information, with 28.1% of respondents stating that this is where they typically go to get their information. Michael Saylor was chosen as the Twitter personality of the year by the respondents 48.9% of the time, followed by Yellow 10.1% of the time, and Natalie Brunell 8.7% of the time. The third place finisher was video (22.2%), followed by podcasts (26.4%), with Peter McCormack's "What Bitcoin Did" being the podcast that was listened to the most frequently. Even though not many of the respondents cited books as their primary source of information, The Bitcoin Standard by Saifedean Ammous was the Bitcoin book that was recommended the most frequently by the survey participants.
According to the findings of the survey, the majority of Bitcoin users (70%) are the ones to introduce their friends to the cryptocurrency, while some also spread the word to their parents (31.5%). When it comes to passing on Satoshi's torch, the majority of Bitcoin users introduce their friends to the cryptocurrency. Only 17.3 percent of respondents did not in any way support Bitcoin and wanted to remain silent on the issue.
