• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Bitcoin

These countries are leading Bitcoin adoption, and it’s not the US

by admin
September 9, 2020
in Bitcoin
0
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter


The current economic superpowers would have been a surefire bet some years ago to lead blockchain and cryptocurrency adoption in the world. However, the data shows this is not the case.

Related Posts

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days

LatAm leads in Bitcoin adoption

In its latest report on global crypto adoption, on-chain analytics firm and security provider Chainalysis said that of the top ten nations where the usage of Bitcoin is the highest, only two feature in the list: China and the US.

Our Global Crypto Adoption Index is here! We used on-chain and P2P transaction volume weighted by population, GDP, and other factors to rank 154 countries by grassroots-level cryptocurrency adoption. Read our blog for a sneak peek at the top 10 countries! https://t.co/R4zpSE3Bxc

— Chainalysis (@chainalysis) September 8, 2020

The firm used its proprietary tracking tool, the so-termed Global Crypto Adoption Index, to chalk out the listings. The latter measures each country’s population and the total size of its economy when assessing four factors, namely: on-chain cryptocurrency valued received, on-chain retail value transferred, number of on-chain crypto deposits, and exchange trade volume.

Image: Chainalysis

As per Chainalysis, such a method helps find the “intention to highlight the countries where most residents have moved the biggest share of their financial activity to cryptocurrency.”

The firm added that while trading and speculation are important to the cryptocurrency economy, “we wanted our index to emphasize grassroots adoption by everyday users.”

On the Global Crypto Adoption Index accounts for the 154 countries that Chainalysis tracked, it found that Russia, Venezuela, and Ukraine lead in terms of crypto adoption. Others on the list are China, Kenya, the US, South Africa, Nigeria, Colombia, and Vietnam.

What’s up with Venezuela and Columbia?

In South America, Venezuela and Colombia — two countries marred with a corrupt government and rising inflation — have led the way in Bitcoin trading volume. Of those, Venezuela has been a “case study” for Chainalysis:

“Venezuela represents an excellent example of what drives cryptocurrency adoption in developing countries and how citizens use it to mitigate economic instability.”

The firm said Venezuelans have started to use more cryptocurrency more as its “native fiat currency is losing value to inflation,” which in turn suggests that using the new asset class is a way to “preserve savings they may otherwise lose.”

Meanwhile, Columbia, ninth on the Chainalysis list, apparently leads crypto adoption despite the strict regulations governing the industry in the country.

A Bitcoin ATM in Columbia. Image: Bitcoin ATM

However, the firm noted that lawmakers in Colombia are actively working to make the country more “Bitcoin friendly” by instilling new regulations for crypto trading and related activities. 

One added fundamental point is the rising number of Bitcoin ATMs and payment fintech in Colombia, that show a potential boom in the country’s local crypto industry, said Chainalysis.

Like what you see? Subscribe for daily updates.





Source link

Tags: AdoptionBitcoinCountriesLeading

Popular

Press Release

A Multi-Currency Wallet For All Your Crypto Needs

by admin
June 29, 2022
0

CCTIP: A Multi-Currency Wallet For All Your Crypto Needs KOWLOON CITY, HONG KONG Tue Jun 28 2022 03:45:00 GMT-0400 (EDT)...

Read more

Fat Cat Killer ($KILLER) is now listed on Bitmart!

June 28, 2022

DeFi Skeptic Aspires to Make the Decentralized World Better Through Increased Transparency and Information.

June 28, 2022

Anchorage Digital to Introduce Ether Staking for Institutions as Move to PoS Approaches

June 29, 2022

Will emergence of this unique young Crypto star bring new hope for the Crypto world.

June 28, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%