What people end up searching on Google provides raw insights into the real mindset, often revealing their interest, fear, and range of other emotions about a particular topic. To identify investor sentiment amid a bear market that is yet to find its bottom, Cointelegraph dug deep into the web to find out the most Googled questions about cryptocurrencies.
The top 10 Google searches related to cryptocurrencies uncover an increase in curiosity among general investors — represented by two “Whys,” three “Whats” and five “Hows.” Let’s go through the most crypto-related Google searches, from highest to lowest.
What is cryptocurrency
Even after thirteen years of disruption to traditional finance, the most popular question that general investors ask Google is, “What is cryptocurrency.” With a global search volume (GV) of 256,000, this Google search overshadows the second most crypto-related Google search by nearly five (4.7) times.
This indicates the gap — and a vast scope — in educating the masses about cryptocurrencies. Despite the evident conflict of interests, however, crypto entrepreneurs from across the globe put their differences aside and agree that educating the masses about cryptocurrencies can serve as a catalyst for mainstream adoption.
What is crypto
The second most Googled question about cryptocurrencies is, surprisingly, just an iteration of the top question, which reads, “What is crypto.” The question recorded a GV of 54,000, which, when combined with its predecessor, strengthens the case for educating the masses about cryptocurrencies.
The what-question highlights the lack of understanding among the masses and the need to shorten the learning curve for new and aspiring investors.
How to invest in cryptocurrency
In the third place for most popular Google searches comes the first investment-related question, “How to invest in cryptocurrency.” With a GV of 44,000, the Googled question shows rising interest in crypto investments despite the prolonged bear market.
The keywords also highlight the need for simplifying the process of investing in cryptocurrencies. This implies a redesign of trading platforms to make them more intuitive for new investors moving over from traditional finance.
What is crypto mining
Taking the fourth spot with a GV of 37,000 is a Google search that is surprisingly the most natural progression one would take when learning about the crypto ecosystem in-depth — “What is crypto mining.”
Investors with a base-level understanding of the crypto ecosystem tend to try out mining as a means to make passive income via cryptocurrencies. The thought of repurposing an old computer for earning cryptocurrencies by supporting the network is a popular search relevant from the early days of cryptocurrencies. However, off-the-shelf mining rigs have allowed novice miners to consider crypto mining as a viable career.
How to buy cryptocurrency
Given the rising popularity of cryptocurrencies, the search for “How to buy cryptocurrency” takes the fifth position as the most searched crypto-related keyword on Google. The GV of 36,000 shows an evident interest in purchasing cryptocurrencies.
Bear markets are often viewed as perfect timelines for making high-yield investments. Given the falling prices, existing and new investors are in a race to identify such investments as the market prepares to recover into a bull run.
Why is crypto crashing
The impact of prolonged bear markets seeped into top Google searches as investors tried to find answers to the question, “Why is crypto crashing.” The 2022 bear market proved to be catastrophic to several crypto ecosystems, wiping out millions of dollars overnight. As a result, the Google search represented a GV of 33,000.
The ongoing freefall in prices, along with no evident support to cushion the fall, generated negative investor sentiment across the globe. However, despite the losses, inflation in traditional finance has forced investors to reconsider Bitcoin (BTC) and other popular cryptocurrencies as hedges against draining buying power.
How does cryptocurrency work
An essential question asked by today’s investors, “How does cryptocurrency work,” stands as the seventh most Googled question about cryptocurrencies, with a GV of 27,000.
Following massive losses, the general public has become vary about the inner workings of a crypto project. Understanding how cryptocurrencies (or a particular crypto project) work helps uncover the hidden risks of investments.
Why is crypto down
With popular projects such as Polygon making consistent headlines for service disruptions, the general public asks, “Why is crypto down,” resulting in a GV of 21,000.
With projects being forced to stop withdrawals and blocking funds for various reasons, investors tend to find answers on the internet. This search making the top 10 list showcases the unprecedented increase in the shutdown of services. Untimely services and blockchain shutdowns are the primary drivers of negative investor sentiment.
How to create a cryptocurrency
For many, the idea of creating, marketing and selling their own cryptocurrency seems better than investing in something created by others. “How to create a cryptocurrency” stands as the ninth most Google searched term in the crypto space with a GV of 14,000.
Off-the-services now allow anyone to launch their own tokens. However, merely launching a cryptocurrency without aiming to serve a use case is destined to fail in the long term.
How to trade cryptocurrency
Last in the top 10 Google questions list is “How to trade cryptocurrency,” with a GV of 13,000. Investors continue researching new ways to trade cryptocurrencies despite the growing mainstream popularity of cryptocurrencies.
Based on the jurisdictions, crypto platforms have started offering services tailored to meet the region’s regulatory requirements. As a result, investors must research to identify the most suitable platforms for crypto trading while ensuring compliance with local laws.
Iran’s Industry, Mines and Trade Ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.
According to local news reports, Trade Minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country.
Amin outlined the regulatory change at an automotive industry exhibition on Sunday, just a week after the country had placed a first-ever import order for vehicles to the tune of $10 million, using cryptocurrency as a payment method. The Iranian trade ministry had previously indicated that the use of cryptocurrencies and smart contracts would be widely used in foreign trade by September 2022.
Following the cryptocurrency-funded import, Iran’s Import Association called for clear-cut regulatory parameters to ensure that local businesses and importers are not hamstrung by shifting directives.
The minister noted that the new regulations specify all issues related to cryptocurrencies, including the process to grant licenses as well as the provision of fuel and energy to mining operators in the country.
It is understood that local businesses will be able to import vehicles into Iran and a range of different imported goods using cryptocurrencies instead of United States dollar or euro payments.
International trade sanctions against Iran have been largely due to opposition to its nuclear program, which has essentially cut the country out of the global banking system.
Iran has since shifted its attention to adopting cryptocurrencies as a means to address and potentially bypass sanctions for imports, given the decentralized nature of public blockchains like Bitcoin and Ethereum, which are not controlled by government or central authorities.
The Iranian Industry, Mines and Trade Ministry granted operating licenses to 30 crypto mining centers in the country in June 2021, while more than 2,500 permits were approved for the establishment of new mining operations. In the months that followed, the government also cracked down on illegal mining operations and even imposed a three-month ban on mining to alleviate pressure on its national grid.
This Daily Dose was brought to you by Cointelegraph.