Initially, it was assumed that cryptocurrencies are only beneficial for illegal activities. However, one of the most important things to note about cryptocurrencies is that they play an essential role in easing different financial difficulties worldwide.
The adoption of cryptocurrency has played an important role in ensuring peer-to-peer transactions. Furthermore, initially, there were extra charges for sending money across the border. But cryptocurrency has eased it. Nigeria is one of the major countries to have adopted this method for cryptocurrency adoption.
Bitcoin and other cryptocurrencies have reached an all-time high in today’s time. They are playing an essential role in bringing significant changes. Americans have been using cryptocurrencies for a long time. It is believed that only rich and powerful people can use cryptocurrencies. However, if you’re smart enough to mine them, it can play an important role in the long run.
Different countries around the world have been using cryptocurrencies for a long time. It is necessary to understand where cryptocurrency is legal and where it is illegal.
Countries where Bitcoin and other cryptocurrencies’ use is legal
The involvement of bitcoin in the Silk route case made people believe that it is used only for illegal activities. However, it is not. According to Statista Global Consumer Survey reports, cryptocurrencies are used on a large scale in South America, Asia, and Africa. The reports further show that people in North America, Europe and Australia are likely to use their cryptocurrencies. Nonetheless, South Americans, Africans and Asians have the upper hand in owning and using cryptocurrencies.
The country with the highest number of cryptocurrency users
While cryptocurrencies are still illegal around many parts of the world, one specific country uses them the most. Africa is the largest economy using or owning the most number of cryptocurrencies. According to the reports, in 2020, around 32% of Nigeria’s population owned cryptocurrency. On the other hand, only 6% of users are active in using cryptocurrency in America.
As per the reports, the unique culture and circumstances have played an essential role in fueling the trend. Poverty is the major influencer here. Around 87 million people from the 200 million people in Nigeria are victims of cryptocurrency. Since cryptocurrency transactions are safe, it plays a vital role in facilitating transactions.
Another reason why Nigeria has the highest number of users for cryptocurrency is that people mostly send money via phone. There is no double-digit inflation rule. Different cryptocurrencies are prevalent in Nigeria. However, the finite value of bitcoin plays a vital role in acting as a hedge against inflation.
What are the other countries using cryptocurrencies?
The use of cryptocurrencies is banned in many places around the world, such as India and China. These countries believe that facilitating the use of cryptocurrencies will pave the way for illegal activities. However, one of the most important things to note, according to cryptocurrency investors is that the transactions made through cryptocurrencies are unlawful; the cryptocurrencies, on the other hand, aren’t illegal.
While Nigerians top the list of cryptocurrency owning and spending, other countries also top the list. Southeast Asia is also showing a massive rise in the number of cryptocurrency users. Latin America is also making a list of the top users of bitcoin.
According to statistical data, some of the countries with the largest cryptocurrency users include Nigeria, Turkey, the Philippines, Vietnam, Peru and Switzerland. Japan has the lowest number of crypto users. Some of the other countries where cryptocurrency is used at a lesser rate include China, India, Germany and the US. Most of these places around the world have extensive cryptocurrency mining rigs.
Conclusion
Furthermore, they also have bitcoin ATMs to ensure faster and easier transactions. With each passing day, the adoption of bitcoin has become extremely popular. More and more countries are looking into regulations to ease bitcoin usage. The stringent laws of the countries are also being eased to ensure faster transactions. Furthermore, it has played an essential role in facilitating a peer-to-peer transaction.
