In the last few years, the large cryptocurrency industry has increased its growth. Within this short span for blockchain technology, different areas of technological development have been put together. Expansion of blockchain technology and cryptocurrencies draws investors to this sector. Not all nations, though, are in the fight as others are. There are few countries that actually hold the largest share for cryptocurrencies.
Before 2013, bitcoin was the only asset which dominated the business, and the planet was comfortable with it. Since 2017, several cryptocurrencies have been launched and are capable of creating a potential market for shareholders. Today, altcoins occupy more than 30% of the market, and among those ethereums it’s common, and it also comes just after bitcoin’s value.
Have you ever wondered how these cryptocurrencies are doing in a nation that is wise? What nation is really accepting open-arm digital currencies that are not friendly? While altcoins are holding 30% of the market, we can’t just talk about bitcoin dominance. Now we need to concentrate on the whales that trade the most and carry the most cryptos.
From the previous research, while BTC was common in the cryptocurrency sector, the U.S. was the most powerful country in the world. In 2018, Bitcoin’s 22 % volume traded in the United States of America and Russia’s second and third place in the United Kingdom respectively.
Clearly, the leading country was on the leader board. Nonetheless, in the top three, there was no indicator of China, mostly because of the unfriendly existence of their administration. In 2017, China announced a strict regulation on cryptocurrencies contributing to the prohibition of ICOs or any kind of promotional event of cryptocurrency. That major step, taken by China, has taken a lot of investment and further opportunities for blockchain business in the country. China’s repugnant existence accelerates competition in blockchain in other competing nations.
Things have changed now. Obviously, volatility has driven most countries to adopt cryptocurrencies. Cryptocurrencies have become the most popular asset for safe transactions as well as for the storage of assets. In 2019, Turkey became the country holding most of the cryptocurrency market.
In the following paragraphs, I’m going to talk about places where bitcoin is common. The places where Altcoins and Bitcoin coexist and save the economies of the countries are mentioned. But before I address such a situation, let’s concentrate on the following map extracted from Google’s patterns.
Here is the map which indicates that countries have checked for the maximum bitcoin and cryptocurrencies in the last seven days.
Turkey, Germany and Nigeria are the top three countries whose search volume is the high for the week in cryptocurrencies and bitcoin.
The report above was the most comprehensive quantitative analysis representing the prevalence of cryptocurrencies across countries. Turkey was standing out from the crowd. Brazil, Colombia, Argentina are on the list following Turkey. Although big countries like the United States, the United Kingdom, and Russia, China was not even in the top five.
According to the survey, Latin American countries account for most of the cryptocurrencies. Almost 63% of people use crypto either as an asset or as a currency. For the friendliness of the countries, people are only because of the association of their government. The Government of these South American countries has clear guidelines for regulation and allows all kinds of trades to be carried out by their people. With open regulation, these countries are driving the mass adoption of cryptocurrencies.
Why do you think, Turkey and Latin American countries are having the most useful user of cryptocurrencies? The first reason which I have already discussed is the government’s stance on cryptocurrencies.
A country with a clear regulation strategy always allures public for investing in cryptocurrency. If the government and the law are not acting like an enemy of the cryptocurrency then the investors, researches, businesses etc. start looking for scope around the technology. Here happens exactly.
Another explanation that could be another reason to hold most of the cryptocurrencies, international inflation. Looking at the economic situation in Turkey, unemployment has risen to 14 % (approximately) which does not bring good news to the economy of the countries. But Turkey is a bridge between two continents, Asia and Europe. Thanks to its geographical location, Turkey is a mixing system of culture and economy. Turkey’s neighbours are happily investing in crypto. So, Turkey wouldn’t want to leave and start the match. For the performance of the market, Turkey is now heading the board with 20% of the country’s cryptocurrency merchants.
Third and one of the latest reason only for the turkey is the political disturbance in the country. Imbalance political environment accelerates the mass adoption of cryptocurrencies.
According to the government, bitcoin or any other cryptocurrencies are not regulated, and this opens up the use of the flare. The non-regulation also encourages investment and stimulates the country’s economic growth.
South Africa is one of the most industrialized countries in Africa. As we all know, African countries are the most underdeveloped countries experiencing the economic crisis, and their authorities see blockchain as the way to a new open banking sector. Citizens from the countries have a good idea, and they also stick with it. According to google trends, many African countries have been looking for bitcoin in one year. Nigeria is rated first while South Africa is ranked second.
Certain nations that also have the highest percentage of crypto-users among the population of countries are Romania, Spain, Czech Republic, Slovakia, etc., and each of those countries has more than 10% users among the entire population. However, major countries like the USA, Austria, Italy, Germany and Australia all have one digit. Reason for low numbers of users may be strict regulations from countries that gradually encircle distributed cryptos within a centralized authority.
Even though the USA is not in the list of highest crypto owners, it takes the first place in the total number of nodes carried. The U.S. is the home of Bitcoin, the first blockchain ever to exist. There is no question that the United States holds the highest number of nodes on the planet. Approximately 24.88 per cent of the nodes in the USA are scattered through Austria, France, the Netherlands, China, Australia, the United Kingdom, Taiwan, the Russian Federation and Japan. Other countries occupy a total of 2715 bitcoin nodes, which is only about 26% of the total nodes. The remaining 74% of the nodes belong to the top ten countries mentioned above.
Now some counties name holding the highest number of cryptocurrency users from the world. The USA, Romania, Czech Republic, China, Spain, Poland, Turkey, Japan, Switzerland, and South Korea.
The countries mentioned above are places for crypto-miners, crypto-exchanges, blockchain development, and these countries are idle for growth. Even regulatory procedures are going to be strict in order to stop money laundering and terrorist financing. Such countries have taken important steps to keep users ‘ funds secure, prompting more people to invest in crypto-projects. From 2009 to 2019 blockchain wallet owners have increased in size and this also shows that cryptocurrencies have become common in the investing field.
Only a few countries accept the maximum market for cryptocurrencies. Users come from all over the world, but the density of users is limited in some major countries. Many states, such as Russia, Vietnam, Bolivia, Burma, etc., are nations where cryptocurrencies were illegal. Many nations have the same presence as India. India is about prohibiting bitcoin, for which investors are not willing to invest more. Many countries which uphold crypto-friendly actions are now pushing for stricter regulations.
The travel of the owners of the cryptocurrency is to unidentified nations. There are also areas where economic conditions are not conducive for cryptocurrencies such as North Korea, Bahamas, etc. So long as the government helps crypto users, they are free to invest in it. If the state doesn’t help them, people are scared because they lack faith in the system.
Nonetheless, in every case, legislation plays a difficult role in the mass adoption of any nation. When cryptocurrencies need to be embraced on a massive scale in economies, fare and transparent regulations should be in force in a country where people were uncertainly held back from an investment.
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