As more and more people conduct transactions online, it isn’t surprising that cryptocurrencies have become a more popular medium of exchange. Since the first-ever cryptocurrency transaction in 2009, Bitcoin’s rise in the market gave birth to several altcoins over the years such as Ethereum, Litecoin, Ripple and more.
As of today, there are over 4,000 cryptocurrencies around the world. Additionally, major corporations like Tesla, PayPal, Visa and Mastercard have begun to incorporate crypto payments into their systems. Aside from these big companies, many countries have also created regulations that helped place digital currencies into the limelight. Find out more about the countries that use cryptocurrency the most here at BTC Post!
Countries that use cryptocurrencies
As cryptocurrency becomes more accepted around the world, more people have started to take an interest in using digital assets as well. Here are some of the crypto-friendly countries around the world:
Known to have one of the fastest developing technology markets in the world, Japan has already legalised cryptocurrency transactions since 2017. With the country’s PSA (Payment Services Act) based framework, they allow select cryptocurrencies and exchange sites to be used for payment and trading purposes. Today, Japan is considered a hub for cryptocurrency trading/exchange in Asia.
According to a report by a popular crypto exchange called BIDITEX, they say that the United States is one of the most active countries in the crypto industry this 2021. Today, it currently hosts one of the largest crypto exchanges, trading platforms, funds, crypto mining facilities, and blockchain-oriented projects. What’s remarkable is that 8% of the people in the crypto market are US citizens, making them one of the major contributors to its success.
Not only that, but American corporations are starting to accept digital assets into their payment systems in recent years. After including cryptocurrencies into Paypal’s services last October 2020, they now allow customers to use crypto assets for transactions with their accounts. This led to more American-based companies like Visa and Mastercard and Tesla to join the market trend as well. Due to these developments, Bitcoin reached a consecutive All-Time High since 2020’s last quarter and is now valued at $52,000.
Venezuela is one of the countries with the most cryptocurrency users. Due to the 3,000% inflation rate and financial turmoil that the country has faced for the past 7 years, citizens turned to cryptocurrencies rather than their local fiat currency to conduct transactions.
Since cryptocurrencies can be transacted easily online and are outside the control of central authorities, Venezuelans were able to steer clear of inflation rates and preserve their savings in the crypto market.
South Korea is one of the most crypto-friendly countries in the world and is home to various crypto exchanges sites and platforms. Among all the digital currencies in the country, Bitcoin is traded the most. In fact, South Korea accounts for almost 10% of all the BTC traded around the world.
Additionally, various technology companies in Korea want to offer new services to the cryptocurrency market. One of them is Kakao, the most popular messaging application in Korea. Over the years, the company has developed different crypto-related services for its users and continues to expand their platform to accommodate more cryptocurrencies.
China has one of the most active crypto communities all over the world. The country is known to be the heart of the crypto mining industry, accounting for 65.08% of the world’s activity. However, despite being popular among Chinese investors, the government does not recognize cryptocurrencies as legal tender. Instead, the country’s central bank plans to launch a digital version of their fiat currency.
Known for its cutting-edge banking system and financial institutions, Switzerland has also become a cryptocurrency and blockchain hub in the world. Just this year, their banks have opened their doors to cryptocurrency payments—a move that has encouraged many of its citizens to participate in the crypto industry.
Romania is home to various international firms and businesses in the IT sector, as well as a high number of freelance programmers and developers. For this reason, it doesn’t come as a surprise that it has developed businesses and projects involving cryptocurrencies.
Due to international companies like Deutsche Telekom and Alvogen based in the country, cryptocurrencies are used for overseas transactions due to its low cost and fast processing time. According to BIDITEX Exchange, at least 12% of the country’s consumers have been found to own at least one type of crypto, with Bitcoin being the most popular.
Why many people use cryptocurrencies
Compared to banks that may take a few days to process a single transaction, cryptocurrencies can be processed in just a few minutes. Additionally, users can send and receive cryptocurrencies with ease regardless of where they are. For instance, they can make an exchange from Japan to someone in the United States instantly without having to worry about cross-border regulations or expensive transfer fees.
When using cryptocurrencies, users don’t need to disclose any personal information just to make a transaction. Although the blockchain where all transactions are recorded is public, the identity of the sender and recipient remains anonymous. This prevents instances of fraud or identity theft.
With the popularity of digital assets today, as seen with Bitcoin’s consecutive All-Time Highs during the first quarter of 2021, the future of cryptocurrency looks promising, especially when it comes to peer-to-peer payments, remittances, e-commerce and retail, and media & entertainment industries. According to one of the world’s largest market research stores known as Research and Markets, experts expect that the global demand for cryptocurrencies will rise up until 2024.
Availability to everyone
Another aspect why cryptocurrency has become more popular is its availability to everyone. With digital transactions, you can easily participate in the growing crypto market as long as you have an internet connection and knowledge of the crypto fundamentals.
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