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Profiling Cryptocurrency Users

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March 1, 2018 | 

Joanna Newman |  0 Comments| 

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The use of any product by the masses will always cause a melting pot of racial, linguistic and lexicological reactions that are completely compartmentalized.

With an ever-increasing popularity, the number of Bitcoin accounts is estimated to be in between 22 and 23 million. And, every day, the number continue to grow. However, this does not necessarily signify that there are 22 or 23 million cryptocurrency users, since each user may possess more than one portfolio.

Either way, the ecosystem that has developed around cryptocurrencies continues to garner attention around the world. And, the countries or social networks that aren’t studying or profiling their users seem to be the ones who want to prevent them from developing the technology any further.


Examining Crypto-Users


Up to now, there haven’t been very many studies on the different types of cryptocurrency users based on actual statistical numbers. For the most part, the studies that have been conducted are based on empirical data and the personal perceptions of the study’s author.

Among these rare, in-depth studies that reflect actual user data, the one carried out by Alexander Borodich, founder of Universa.io, is one of the most prominent. It was his study that brought him into close contact with the diverse pool of individuals who have contributed to his project.

Borodich found his panel of cryptocurrency users on one of Russia’s most prolific social media sites, Telegram. And, at the end of his study, Borodich identified 6 different psychological profiles of cryptocurrency users. The study considered several factors such as user comments, their reactions and several other behavioral factors.

https://www.youtube.com/watch?v=cZHIa0_dv7g

1 The alarmist

This type of user is very active and engages in almost all cryptocurrency related projects. But, they are quick to disassociate themselves at even the slightest sign of any problem. They are not the type of people who like surprises and prefer when things don’t deviate from the norm. These are the cryptocurrency users who prefer to hold on to their tokens, as opposed to selling.

Typically, the alarmist sounds something like this: “I love you all. HODL. I truly believe in this project.” But, they quickly turn and become nervous or even crass. “I want my cryptocurrency reimbursed! I hate you! Give me my money back! It’s a scam! Run, fools! It’s a fraud! I should have listened to my mother!”

2 The “Network” Man

This is the type of crypto-user who “thinks” they know everything and claims to have ties in all circles of power whether it be in the court system, the CIA or the Presidential Palace. They tend to enjoy using phrases such as: “You’re going to be in big trouble. I’ve already reported it to the SEC (Securities and Exchange Commission). The FBI is already watching you. Say your prayers.”

3 The Believer

This is the category that covers most cryptocurrency users. They closely monitor all discussions on Telegram related to cryptocurrency. Essentially, they are cryptocurrency enthusiasts or analysts who read anything related to the industry and monitor all references to cryptocurrency that’s being reported in the media.

They invest their own money to turn a profit, but also because they truly believe in a project and its developers. They are the main audience of every project and support its team. They are the most loyal type of crypto-user and show patience and understanding during a project’s development. They also tend to stand back when a problem arises and like to share their ideas and solutions with other users.

4 The Dealer

This is what we can call a professional cryptocurrency user and they are typically driven by their own greed. They tend to invest as little as possible and then wait for a spike in the market before selling. They participate in projects to build up their capital and tend to not bother with any details or features related to the project. This type of users doesn’t usually read any of the white book related to a cryptocurrency. They tend to say things like: “Hurry up, boys! Let’s go! I can’t wait any longer for its value to go up!”

5 The Blacklisted

This is the type of users who tends to get on everyone’s nerves and ends up getting banned from chat rooms. He usually creates a new account and falls into the same type of behavior repeatedly. They are vindictive and associate their participation in a project with the right to do and say what they want.

Typically, they sound like this: “Why did I get banned this time? I invested so much money and got blacklisted, why?”

6 The Sarcastic Troll

This is the user who only connects once a month and always asks the same questions: “So, how did it go?” or “Was the project a success?”. Typically, they will then disappear for another month or so before showing up again and asking the same questions. They don’t believe in the project or what is being done, but, don’t want to be sidelined since they are proud to be part of such a massive project.

In conclusion, there are many different personas that people adopt when dealing with any type of product. Here, we have established the different types of users who participate in projects related to the Blockchain. In the future, we will see other studies undertaken that will scrutinize other things such as security aspects, the breakdown of contributing countries, etc.

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