The world of cryptocurrency apps has been heating up over the past couple of months, as a report released by data firms Apptopia and Appjust recently revealed that over one hundred million downloads of crypto apps took place between October 1st and December 31st, 2021. That number is expected to increase during the first quarter of 2022 after multiple advertisements for crypto platforms were aired during this year’s Super Bowl between the Cincinnati Bengals and the Los Angeles Rams.
Cryptocurrency is a digital asset designed to complement and, in some ways, surpass traditional fiat currencies such as the United States Dollar or the Norwegian Krone. Although transactions take place through the publicly viewable Blockchain, there is a greater amount of privacy available via crypto transactions and it is less vulnerable to theft. To view the price of FileCoin and other crypto, please visit https://www.okx.com/markets/prices
Many crypto enthusiasts prefer using private wallets for security purposes, but many newcomers prefer the ease and convenience of using an app exchange, such as FTX or Coinbase. There are many cases of users starting with an app and then moving to a wallet approach later on, as their knowledge of the crypto sector grows.
According to the report, the five most popular apps in 2021 were Coinbase, Crypto.com, Binance.US, Binance, and Voyager. This marks a slight change to the 2020 top five, which were Coinbase, Crypto.com, Binance, Coinbase Pro, and Binance.US. The report also stated that the average usage time for the app was 15 minutes per session, longer than the average visit to a banking or stock trading app.
The number of crypto app users is even higher than the report accounts for, as traditional payment apps such as Cash App, Venmo, and PayPal allow users to purchase crypto from the app itself and, as the business data is proprietary, it is impossible to know how many users purchase crypto via this route.
In 2020, Cryptocurrency Apps downloads increased 64% over the previous year, and in 2021, that number skyrocketed to 400%. The number of overall sessions on these apps increased even more in 2021, with over 4 billion individual sessions registered in the 4th quarter alone, a 567% increase over the previous year.
According to a study published by the platform Crypto.com, there are roughly 106 million cryptocurrency owners worldwide, a number that is constantly on the rise. Despite the commonly held belief that younger, more tech-savvy investors are the most interested in trading crypto, a different study by financial advisory group deVere revealed that 70% of its clients aged 55 and up owned at least one form.
2020 was the start of massive growth in the crypto sector and 2021 took that growth to even greater heights. Experts predict that the numbers will get even higher in 2022 after the explosion in cryptocurrency advertisements during sporting events, in subway tunnels around the world, and large television broadcasts. As more people trade crypto every day, more places have begun to accept it as payment and it may one day become as common as fiat currency.