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Bitcoin Magazine 2022 Annual Survey

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Bitcoin Magazine casted a net far and wide to hear from its native Bitcoin focused audience. Launching this survey is a part of a multi year goal that will allow to follow the changing bitcoin environment over time.The first annual survey officially kicked off on August 15th, 2022. At its end on October 19th, 2022 in total 6,665 responses were gathered.

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Bitcoin community

Do you own cryptocurrencies aside from bitcoin?

68.5% of the respondents own also other cryptocurrencies apart from bitcoin, yet 56.2% consider themselves Bitcoin Maximalists.

Who have you orange pilled so far?

Only 17.3% of the respondents kept it quiet and didn’t actually advocate for bitcoin, they say. On the other hand just over 70% have declared that they have introduced their friends to bitcoin, 31.5% also enlightened their parents.

Do you prefer to buy products from Bitcoin-only companies?

60% of the respondents would prefer to buy products from bitcoin only companies.

Would you vote for a candidate if they were pro Bitcoin even if they were not part of your political party?

Bitcoiners are very clear on their preferences when it comes to politics. Orange first, your political colors second. Pro-bitcoin politicians would get their vote in 72% cases.

Do you believe that Craig Wright is Satoshi?

Only 3.8% of respondents thought Craig Wright is Satoshi Nakamoto the original founder(s) of bitcoin, need to note that this Survey was conducted before the Norwegian Craig vs. Hodlonaut defamation trial was closed in Hodlonaut’s favor.

Technical questions

How do you primarily make bitcoin investments?

Little over 75% of bitcoiners trust regulated exchanges (their top choices being Binance 34.8%, Coinbase 20.6%, FTX 7.4% and Kraken 6.6%). While bitcoin as intended - peer-to-peer - is a strategy for only 18.7% of the most hard core bitcoiners. To point out - recently crashed exchange FTX was trusted by 7.4% of the audience at the time this survey was conducted.

Have you made a Lightning transaction?

The real star of this year is Lightning adoption - 70.4% of the respondents have made at least one transaction on a lightning network. Using one of these most popular lightning wallets (Wallet of Satoshi 27.1%, Muun Wallet 25.4%, Blue Wallet 23.7%).

Do you mine bitcoin at home?

12.6% of the respondents are mining at home.

Do you run a full node?

More than a quarter of the respondents (25.4% ) run their private full node.

Do you self-custody your crypto assets?

Alarming number of only 62.3% of the bitcoiners self-custody their assets, using hardware wallets like (Ledger 43.7%, Trezor 16.4%, ColdCard 10.2%) and others.

Bitcoin and source of information

How do you consume the majority of your bitcoin content?

When it comes to learning and consuming information from the industry, bitcoiners turn to Twitter (28.1%) Podcasts (26.4%) followed by video content (22.2%).

TOP 5 read media among the respondents are Bitcoin Magazine, Blockworks, Coindesk, Cointelegraph, The Block (alphabetically).

Most popular podcast What Bitcoin Did (by Peter McCormmack).

Most recommended book The Bitcoin Standard (by Saifedean Ammous).

Top 3 YT channels: Bitboy Crypto, Bitcoin Magazine LIVE, The Best Business Show with Pomp (alphabetically).

And the Twitter personality of the year is: Michael Saylor (48.9%) followed by Yellow (10.1%) and Natalie Brunell (8.7%).

Hopes for Bitcoin

One might think that the mood in the bitcoin community during the current bear market will be low. The survey revealed that bitcoiners are actually quite hopeful, hodling their savings in self-custodian solutions. Some of them surely lived previous cycles of the bear markets and know the drill. Despite the recent market conditions, this survey shows that many bitcoiners are here to stay and the overall bitcoin community is still growing.

What do you think Bitcoin’s price will be in December 2022?

Vast majority 86% of the bitcoiners don't believe that bitcoin will hit another ATH before the end of this year, but only 7.5% of the community is as desperate as seeing it below 10K levels.

When do you think the Bitcoin market will get better?

Around 85% of bitcoiners are hopeful about the bear market ending by the next halving. Only 14.3% find bitcoin so unpredictable and are not holding any specific hopes for a bull run.

Female part of the community

11.1% in absolute numbers 672 of the respondents identified as female. 35.1% of them own only bitcoin and not other cryptocurrencies.

Ladies self-custody bitcoin in 57.4% of the cases, giving priority to these HW wallets (Ledger 41.7%, Trezor 18.4% and Coldcard 10.1%). Self-custody among women is 7.2% less popular than among men, who hold their keys in 64.6% of the cases. One could speculate, there is still a technological gap in wide adoption of self-custodial solutions.

Almost half of the females consider themselves bitcoin maximalists - 48.2%. But only about 5% trade Peer-to-Peer being heavily favorable to regulated exchanges (Binance 38.9%, Coinbase 21.5%, FTX 9% and Kraken 6.3%).

When it comes to technical knowledge, 6.3% of our women run full nodes and a little bit less than 5.4% mine bitcoin at home. Less than half of the male audience. On the other hand they tend to be more optimistic, when it comes to the price of bitcoin at the end of this year, only 0.9% believes it will be under 5K.

Bitcoin maximalists

And what defines Bitcoin maximalists?

About half of the respondents 56.2% consider themselves bitcoin maximalists. They run full nodes in 14.6% of the cases, 6.4% of them mine bitcoin at home and 9.3% have never made a lightning transaction. They hodl in 67.9% of cases in self-custodial hw wallets (Ledger 40%, Trezor 16.9% and ColdCard 12.75%). Almost 13% of them fall under the fun stereotype - steak, no seed oil and weight lifting bitcoin maximalist.

For further information and comments contact Kristyna Mazankova, Head of PR BTC Media, kristyna.mazankova@btcmedia.org