The crypto market has spiked in recent months, but the number of downloaded industry apps has not increased. This is according to a report published by Bloomberg. It reveals that Google Play users downloaded over 67 million cryptocurrency related applications during the first half of this year compared to 65 million downloads within the same period last year.
The data which was analyzed using App Annie suggests that the current market growth is most likely driven by the core crypto community and not a wave of new users. The Bloomberg report also proclaims that crypto adoption is still slow despite the market uptrend.
6,500 financial app categories bearing the keywords Bitcoin, cryptocurrency, and blockchain were analyzed in the course of the research to come up with the statistics.
Mobile application installations are just one way of determining what’s driving the market. A huge proportion of the world’s population has access to a cell phone and so the aggregated data provides a reasonably pragmatic overview of the industry.
The report underlines that the number of searches related to bitcoin has increased significantly over the past 6 months, but the statistics are still lower when compared to December 2017 figures when the industry was at its apex. Google Trends data estimates indicate that those searches were at the time approximately five times higher than they are now.
The slow crypto adoption sentiment has been affirmed by a survey report released by Kaspersky in June. The research looked at consumer attitudes towards cryptocurrencies and involved some 13,434 participants.
According to the document, most people have a limited understanding of digital currencies and how they work. 81 percent of those surveyed declared that they had never used cryptocurrencies. Only 10 percent of the respondents conveyed that they fully understood how they are used. Of those who had never transacted using digital currencies before, only 14 percent said they would want to in the future.
Major Companies Try to Make Crypto Adoption Easier
Cryptocurrencies can be a bit tricky to manage, especially for newbies, and this aspect is among the biggest impediments to crypto adoption. And now, some major blue-chip companies are stepping in to provide solutions.
Apple is among them and is currently working on a cryptography developer tool for the crypto industry. The tech company recently announced the launch of its cryptographic software dubbed iOS 13. Apple is promoting it as a platform for developers looking to create easy-to-use secure apps.
Announced during the Worldwide Developers Conference last month, the software can compute and compare cryptographically secure digests, utilize public-key cryptography to analyze digital signatures, and create symmetric keys.
Blockchain-centric firm, The Celer Network, is also working on making the onboarding process painless for new users and has teamed up with crypto payments provider Wyre to streamline its network. The integration of the two systems will apparently make it easier for customers to transact using decentralized applications (Dapps).
According to Celer CEO, Mo Dong, “We want to make sure people do not even know [that] they are using blockchain.”
He explained that the combination would be an effective fiat-to-crypto onramp. The platform will utilize a point-system that allows conversion of money in a debit card into “points”, which in this case will be cryptocurrencies.
(Featured Image Credit: Pixabay)
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