Coinbase Considering Subscription Model, Hints New User Survey

Cryptocurrency exchanges like Coinbase and others drive their revenue through the fees users are charged for the trades or purchases they make.
However, a new user survey being circulated by Coinbase appears to hint at the cryptocurrency powerhouse exploring new fee models, including a subscription model.
Coinbase Survey Polls Users on Potential Subscription Model
Companies frequently send around surveys to their most active and loyal customers, seeking valuable input and feedback that may or may not end up shaping future products or services. This past week, San Francisco-based cryptocurrency giant Coinbase sent around a survey to select customers seeking feedback on a number of questions.
According to the questions asked in the survey, Coinbase appeared particularly interested in changing up its fee structure in order to remain competitive in the ever-changing crypto space. Among the questions, the crypto firm compared their maker and taker fee models against other exchanges, such as Binance, Huobi Pro, Gemini, and more.
Related Reading | Coinbase Exploring Support for 31 More Crypto Assets
However, there was another section of questions where Coinbase focused on gaining user input on potentially switching to a subscription fee model for users. The survey asked how interested a user would be in paying a “modest subscription fee” in exchange for lower “maker” or “taker” fees and other perks.

With a subscription model, a user would likely pay a monthly or annual fee to gain access to lower overall fees and “perks.” The survey didn’t hint at what the potential perks might be. It’s also worth pointing out that survey’s like the one in this example are seeking to gain feedback and may not lead to actual products or changes to services. Should the feedback about the subscription services be overwhelmingly negative, the subscription model may never see the light of day.
Coinbase Pivoting To Better Monetize Active Users?
A recent report from the Blockchain Transparency Institute showed that Coinbase had the highest number of daily active users on its cryptocurrency exchange. The Brian Armstrong-led firm boasted over 100,000 more active users than Binance, and nearly four times as many users as the #3 and #4 spots on the list.
However, despite having such a large amount of active users, each user only contributed a dismal amount of transaction volume.
Related Reading |  Brian Armstrong: 2019 Will be a Great Year for Crypto
Coinbase ranked the lowest by transaction volume out of the four exchanges with over 100,000 daily active users. Each user contributes only $189 in transaction volume, compared to $2,137 per user on Binance.
With cryptocurrency exchanges like Coinbase and Binance generating revenue from fees, which are typically a set percentage of the transaction value, it’s not a surprise to see Coinbase exploring ways to better monetize their large volume of active users.
If Coinbase moved forward with a subscription model, it would allow the firm to charge a set fee to use their services, regardless of transaction volume and value. But again, many ideas mentioned in user surveys don’t end up coming to fruition, so only time will tell if the firm’s executives are satisfied with the feedback and decides to roll out a subscription model.
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Lack of Widespread Crypto Knowledge Could be Stunting the Market’s Growth

2018 has been a rough year for the crypto markets, with Bitcoin, the market’s largest digital asset by market cap, falling from highs of nearly $20,000 one year ago to recently established lows of just over $3,000. The tumultuous market conditions throughout 2018 have disheartened many investors and has led the industry as a whole to ponder what could help drive an influx of fresh capital into the markets.
The results of a recently conducted survey from the Europe-based online trading platform, eToro, signals that the lack of knowledge about cryptocurrencies and how to acquire them may be acting as a huge barrier to many traditional investors.
Investors Still Incredibly Interested About Crypto, Despite Market Crash
The 2018 market crash inevitably led to an influx of negative news from mainstream media outlets, with reports titled “Bitcoin is Dead” frequently plaguing the crypto news cycle. Despite this, the results of eToro’s survey signals that the “FUD” from traditional news outlets hasn’t dissuaded traditional retail investors against being interested in the crypto markets.
Of the 1,000 respondents to the survey, 69% of those who are not already invested in cryptocurrencies claimed that they are either interested or very interested in learning about the markets and the technologies.
Guy Hirsch, the U.S. managing director at eToro, spoke about the results of the survey, noting that there is still a sense of “FOMO” (fear of missing out) amongst investors who have not yet entered the crypto markets.
“People still associate crypto with something that can generate alpha. In one sense people have FOMO (fear of missing out) if there is ever another rally and on the other hand people want to understand how they can do it,” he said.
Lack of Education a Huge Barrier for Entering Cryptocurrency Markets
Additionally, of the surveyed investors who are not currently invested in the crypto markets, three quarters claimed that they simply lack enough knowledge about the markets and technology in order to invest. This lack of knowledge wasn’t exclusive to those who hadn’t invested in the nascent markets, with one-fifth of current crypto investors claiming that even they don’t have adequate information about their investments.
Hirsch further explained that there is a huge demand for advice from registered investment advisors that is currently going untapped.
“There’s a huge demand that is not currently being satisfied to get advice from registered investment advisors about how to get into this asset class. There’s an untapped opportunity that is currently out there for companies and advisors to leverage,” he explained.
Furthermore, amongst millennial investors that don’t currently own any digital assets, 40% claimed that their lack of knowledge about cryptocurrencies, and how to acquire them, was directly stopping them from taking the leap to enter the markets. 44% of all respondents to the survey echoed a similar sentiment.
Although there are ample resources online that can offer neophyte investors knowledge about the cryptocurrency markets, 73% of millennial investors claimed that they’d be significantly more inclined to invest in crypto if they received the advice from an advisor.
“It’s very encouraging to see that millennials are in favor of using financial advisors. This makes sense as the top of the millennial generation is approaching 40 and is starting to accumulate a significant amount of wealth and are looking at their investments over the long term,” Hirsch said.
As cryptocurrency’s accessibility increases with the advent of new exchange features that simplify the buying process, and as traditional financial advisors become more willing to discuss digital assets as investment opportunities, it is likely that the markets will grow significantly.
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Report: Blockchain in Retail to Grow from $80m to $2.3B by 2023

A survey conducted by fintech specialist Monica Eaton-Cardone found that about 78 percent of retailers will have joined the blockchain revolution by 2023. The market value of blockchain in the retail sector could grow to more than $2.3 billion with a compound annual growth rate of 96.4 percent, the study suggests.
78 Percent of Retailers Will Adopt Blockchain in Next Five Years, Study Finds
Eaton-Cardone, who is COO of risk mitigation firm Chargebacks911, CIO of Global Risk Technologies, and member of Forbes Technology Council, has found that just 6 percent of companies are ready to embrace blockchain now. Another 9 percent are less than a year away and a further 43% will have joined in three years time. By 2023, 78 percent of retailers will integrated blockchain for payments.
Currently, the market value of blockchain in retail is about $80 million, but the next five years should entirely change the paradigm. With a compound annual growth rate of 96.4 percent, the distributed ledger economy will reach over $2.3 billion in retail only, said Eaton-Cardone.
“Bitcoin has suffered high-profile hacks and wildly fluctuating prices in recent years, so wariness of cryptocurrency has led some to be leery of blockchain by association. But the technology is starting to spread throughout the retail industry now that early adopters are proving its real-world potential”.
The fintech specialist noted that the retail sector will change significantly as it adopts different types of distributed ledger applications, including supply chain management (data trail that can trace a product from its source to retail shelves), inventory management (track the location of goods), authenticity verification (detect product diversion and trademark infringement), auto-renewal and subscription services, and customer data and loyalty programs.
Valuable distributed ledger technology applications in the retail industry include platforms such as Provenance, IBM Food Trust and TrustChain, which have capitalized on its capabilities and partnerships with industry giants such as Walmart, Carrefour, De Beers, Amazon and American Express leading the way.
“Today’s retail applications are proving that blockchain definitely lives up to its hype. Distributed ledger technology has moved from theoretical possibilities to practical uses, and the implementations we’re seeing now are just the tip of the iceberg in terms of what blockchain can do for retailers. I believe blockchain has the capacity to completely reshape the retail landscape within the next five years.”
There are, on the other hand, a few challenges the blockchain space needs to overcome before being implemented on a mass scale. Eaton-Cardone pointed to the debate over the privacy of data stored on peer-to-peer networks and the need for a common platform to emerging legal and regulatory developments.
Eaton-Cardone expects the distributed ledger to reduce or eliminate the need for intermediaries while delivering near real-time processing, lower fees and infrastructure costs, and greater transparency, efficiency, and security. Distributed ledger technology has the capability to revolutionize virtually every modern industry worldwide.
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Survey: Four in 10 Brits Don’t Think Crypto Will Be Used as Cash or Card

YouGov internet market research and data analysis group has conducted a survey about cryptocurrency use today and in the future in Great Britain.
The results found that more men than women were interested in the technology, it was a younger crowd who mostly saw Bitcoin and other digital assets’ potential, and just one in five felt that it was a good idea to reject central banking in favour of a cryptocurrency future.
YouGov Survey Provides Insight into U.K.’s Knowledge and Acceptance of Crypto
YouGov took a sample from its 800,000 registered members to determine which demographics in the U.K. were most interested or involved with crypto. This collection of people supposedly represents a diverse range of ages, genders, social classes, and academic backgrounds.
The YouGov website published the outcomes of the series of questions put to the sample today. The first addressed whether the respondents had even heard of Bitcoin. Here, an impressive 93% of Brits said they had.
The follow-up question addressed how many “feel they understand how Bitcoin works.” To this, only 9% of those answering stated that they understood the cryptocurrency “very well.” This compared to 65% who admitted to having the poorest understanding of BTC.
Interestingly, far more men claim to understand the financial and technological innovation than women. Compared to the 39% of men who said they understood Bitcoin either “very well” or “fairly well,” just 14% of women said they felt the same.
As you’d probably expect, young people were much more likely to have a stronger grasp on crypto. Over two in five of those responding to the survey said they understand Bitcoin “fairly well.” This compared with just 16% of those aged over 55. The results on age demographics are in keeping with U.S. Commodity Futures Trading Commission (CFTTC) chair Christopher Giancarlo’s opinion that interest in digital assets is generational.
The survey then addressed who had actually bought Bitcoin. Again, the results support the idea that younger people are more receptive to the ideas of decentralised money and digital scarcity. A total of 45 respondents aged 18-24 said they had either bought the digital asset themselves or knew someone who had. At the other end of the spectrum were those older than 55-years-old again. Just 1% had bought BTC themselves and 7% knew a Bitcoin investor personally.
Next, those involved in the survey were asked if they believed that cryptocurrencies would play an important role in the future of finance. Over one in five respondents stated that they felt digital assets would eventually be as widely used as card or cash payments. The answer distribution between the men and women was much closer in response to this question with 22% of men and 19% of women saying they thought a cryptocurrency future was likely.
Finally and perhaps most telling, the sample was asked about how they felt about the idea of a currency controlled by the public rather than one provided by a centralised institution such as the Bank of England. Just 3% of those asked said they felt “very positive” about the idea and 9% were “fairly positive.” The most popular answer by a sliver was “neutral” at 25%. Just behind was “fairly negative” at 24% and “very negative” at 20%. Finally, 18% of people asked said they didn’t know how to feel about it.
Presumably, if you were to ask the same question in a nation such as Zimbabwe, Turkey, or Venezuela you would get a very different answer. In terms of banks, the Bank of England is one of the least likely to abuse their power and trust in the institution has certainly been reflected in the responses to the survey.
Of course, there are issues with these kinds of online polls. The chief of these is the fact that we must assume that an overwhelming majority of the respondents are computer literate. If they were not, they would be highly unlikely to be a registered member of the YouGov platform in the first place.
This is immediately problematic with a topic such as digital currencies. Since a huge number of those surveyed are obviously regular internet users, they are much more likely to have encountered cryptos previously. The figures are therefore likely exaggerated when compared with a true survey of the entire British public.
Related Reading: Survey: A Quarter of Millennials Hold Crypto, Wary of Current Financial System
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Most Finance Execs Say Cryptos Are Here To Stay: Survey

Seventy percent (70%) of finance executives say that cryptocurrencies will play a role in the future of the finance industry. That’s according to 141 institutional investment execs polled by Greenwich Associates. However, one in five had pessimistic sentiments about digital coins. According to Sept. 12 survey, 10% of respondents think that cryptos won’t ever see mainstream adoption and another 10% said that regulations will eliminate the market altogether.
Most Americans Aware Of Cryptos
Macro trends indicate growing awareness of at least major coins.
Continue reading Most Finance Execs Say Cryptos Are Here To Stay: Survey at Crypto Daily™.
Source: Crypto Daily

Report: Australian’s Cryptocurrency Holdings Triple in 2018 Despite Bear Market

According to a recently conducted survey, the number of Australians who own cryptocurrency has nearly tripled in 2018 alone, signaling that the current bear market is not an accurate signal of interest in cryptocurrency, which is growing at rapid rates.
The new report comes on the heels of Bitcoin plunging nearly $1,000 to its current price of just over $6,400.
The survey was conducted by Finder-backed brokerage firm HiveEx, who surveyed a total of 2,000 Australians, finding that of the sample group, cryptocurrency ownership totaled at 13.5% in August, as compared to 5% in January, reports News.com.au.
HiveEx also found that the reasons behind the growing cryptocurrency ownership vary, with 50% of the surveyed group holding crypto as an investment, 34% holding it because of “fear of missing out” (FOMO), and 26% using it to save for retirement. Notably, more than a third of Australians holding cryptocurrency mentioned that they were planning on paying their taxes using their cryptocurrency.
An important statistic found in the survey is that 80% of respondents said that they would be open to using crypto for their daily purchases on the condition that it was as easy to use as Australian Dollars.
The survey also found that the main reason behind some individuals not holding crypto is due to lack of knowledge. Of those who responded, 65% said that their lack of cryptocurrency ownership can be attributed to lack of understanding or difficulty in use or acquisition. Over 20% of those who don’t hold cryptocurrency also indicated that they believe it is a “scam,” and the same percentage of respondents thought it was a “bubble.”
Other Reports Coincide with Cryptocurrency Ownership Statistics
The HiveEx survey comes on the heels of a SharePost survey that also analyzed cryptocurrency interest and ownership, but on a more international scale. This survey also found that despite a persisting bear market, consumer interest in cryptocurrencies is at nearly an all-time-high.
This survey found that 59% of investors, and 79% of consumers, will be adding to their crypto portfolios over the course of 2018, coinciding closely with the statistics from the HiveEx survey. The report also found that non-crypto holding consumers are mainly interested in Bitcoin as their first crypto investment, while crypto investors are looking towards ETH and XRP as the greatest investment opportunities.
The report notably states that:
“Among cryptocurrencies, Bitcoin has seen a surge in optimism over the past six months. 80 percent of investors and 64 percent of consumers believe Bitcoin offers the most potential for future success. However, enthusiasm for Ethereum decreased during the same period as companies increasingly use their own individual blockchains to launch tokens instead of Ethereum.”
The statistics coming from these reports signal that although the markets are sitting near their year-to-date lows, and sentiment from investors is overwhelmingly negative, the crypto markets are still in their infancy. Investors can find confidence in the fact that interest from “no-coiners” is nearing an all-time high, regardless of the current state of the markets.
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