Crypto Adoption and Rating by Countries
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Gradually, crypto is becoming the new normal. Every day, the number of crypto users around the globe keeps rising. As the need for crypto arises, so do the number of cryptocurrencies. Just as different countries have different currencies, so are many different cryptocurrencies worldwide.
People are starting to see the worth of these cryptos around the globe. Though anybody in different nations can trade with these cryptos and have different exchange rates, the users are not restricted to their geographical locations.
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What is Crypto?
Crypto is the name given to digital currencies used by a lot of people from around the globe. Though governments of different nations have not regulated these currencies, they are considered greatly as an alternative medium of exchange.
There are lots of different cryptocurrencies that one can find these days, they range from, Bitcoin (BTC) to Litcoin BTC, Ethereum (ETH), Tron (TRX), Coinye, Ripple and a host of so many other cryptos arising. Because of its recognizable relevance daily, new cryptos are springing up, with users increasing every day.
When the users of these cryptos need money in their local currencies, they trade with their cryptos and have it exchanged in their local currencies. These cryptos have a specific method in which they are stored. Since it is a digital currency, they are stored digitally in wallets and addresses.
The value of crypto is on the rise daily, and people get to see the need to adopt it. Many countries of the world have not adopted these cryptocurrencies but only a few have been ranked as top countries that have adopted crypto.
List of Crypto Adoption by Countries
Now, among all the world nations, according to Chainalysis, 154 countries have adopted the use of crypto and some countries have the highest use of these crypto. Countries recorded to have the highest use of crypto include China, the United States of America, South Africa, Nigeria, and Colombia.
By crypto adoption, it is said that the following countries have been discovered to lead the rest counties in adoption; Venezuela, Ukraine and Russia. According to a private independent researcher, Africa and parts of Latin America have shown rapid growth and interest in using cryptocurrencies, especially the use of Bitcoin.
These findings prove that the countries that have adopted crypto currencies are not the world’s super economic countries.
Crypto ratings by countries -Crypto Adoption
The Chain analysis has established a firm concerned with the monitoring of crypto data information ledger called the blockchain, that these countries have one thing in common the adoption, but all have different ratings for cryptocurrencies. Since January 2017, when the use and adoption of cryptocurrency became a trend, different countries, according to their economic capacities, have invested in digital assets.
Lately, Coinmarketcap observed and pointed out that the major users of Crypto are young people between the ages of 18 and 24. In the first quarter of the year 2020, the Coinmarketcap named the country with about 80% of user growth with Nigeria taking the lead and with over 200% increase.
The country with about 160%, Australia, leads Spain which has an increase of 120.71%. The rest top countries on the list include; Canada, Mexico, The United Kingdom (UK), Colombia, India and Pakistan. It is quite difficult and almost impossible to monitor and measure the statistics of trading volumes of cryptocurrencies daily because there is no definite and reliable source.
However, the exchange rate in different countries can be a sure bet. With the ban of exchanges in China, the exchange rate over for the country cannot be monitored. Unsurprisingly, the USD is at the top for the exchange of Bitcoin (BTC), being bought and sold at BTC 303,355 daily. This, however, is 65.33 % of Bitcoin trading volume.
Next to the USD is the Japanese Yen, bought and sold with BTC at 95,229 daily. This percentage accounts for 20.51% of the world’s trading BTC volume. Also, some heavy OTC traders happen to be in Venezuela and Russia.
Statisticians can try to monitor local trading volumes and data according to different crypto currencies and come up with some speculated and tweaked reports because absolute and accurate is impossible.