In these few years we have seen cryptocurrencies achieving their fair share of growth in terms of value, the number of cryptocurrencies, and most importantly, is being globally adopted. Different countries throughout the world are beginning to identify cryptocurrency as a solid investment option. Even though some are late to arrive, even their attention has surfaced here.
Statista’s research shows that the number of wallets had increased to 35 million in the first quarter of 2019. This study, however, focuses on the blockchain wallets making it bitcoin-based excluding all the other cryptocurrency wallets.
The Leading Countries Who Adopted Cryptocurrencies
When we start talking about adopting cryptocurrencies, the thought of countries like Japan, the US, or even South Korea comes in mind. But the strange thing is none of these countries’ names appears in the list of the first five leading names. A survey by Statista conducted on every 1,000 respondents from each country, to see if they have owned or used cryptocurrencies ever or not. From that study, we can derive that the 5 countries that are leading in terms of bitcoin are-
Are you surprised to see Turkey’s name in the first place? But it actually is quite natural when you ponder on the facts for determining this position. Did you know that Turkey consumes 20% of the cryptocurrencies adopted worldwide? Additionally, in Turkey the bank and government trust is low, and the national currency is continuously subjected to inflation. Further, the regulatory bodies are not in good terms with the United States, hence crypto has become their escape route. As their ruler is a dictator and sends competitors to jail, as well as sensor content. So, it is not at all surprising that the adoption rate of cryptocurrency is higher there.
Even in Brazil, the corrupt government battles the bank just like Turkey. On the contrary, the economy of Brazil is not completely breaking down, but it did go through the biggest inflation rate in April, in the last four years. During this time Brazil listed traders accounting to 100,000 bitcoins in about 24 hours. This amount results in a net cost of 500 US dollars. Brazil acquires 18% cryptocurrency adoption all over the world.
Colombia is tied with Brazil with 18% cryptocurrency adoption worldwide. Colombia shelters Venezuelan refugees ranging from over one million. Even this country has a bitcoin-friendly government, and just like Brazil citizens here use bitcoins for preserving wealth. This is how they can shield themselves from the inflations that their country experiences. On the other hand, this is not where the story ends, while people use crypto for running their businesses involving it as an investment.
The Argentinians are using cryptocurrencies for preserving their wealth for the same reason other countries are doing it. This has resulted in making the cryptocurrencies very famous throughout the country. Plus, in Argentina cryptocurrency is on the top of the Google search lists. Some of the public transports also claim to accept cryptocurrencies. Argentina is in third place with 16% of the cryptocurrency adoption in the entire world.
South Africa is tied with Argentina at the third spot with 16% adoption worldwide. This should not come as big of a shock since crypto work in Africa has been perceived often in the past. The crypto scene there has kept on growing bigger over the years and notwithstanding administrative clampdowns, the enthusiasm for digital currency has not dwindled after some time—truth be told, it has kept on becoming more grounded.
In addition to the fact that they use digital money as a method for conservation of funds, however, they additionally use it as a speculation device just as a simpler method of sending digital cash to other countries. One of the greatest genuine use cases for crypto money in Africa is sent as a remittance. Considering this, the utility of cryptocurrencies makes it less expensive and more productive.
If even you are interested in conversing with your fiat currencies then you can think about investing in cryptocurrencies. You can use one bitcoin a day for purchasing, using, and selling cryptocurrencies if you like.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.