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Which Countries Use Cryptocurrency the Most? You Might Be Surprised

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 Which Countries Use Cryptocurrency the Most? You Might Be Surprised!!!

in this post, we will talk  about Which Countries Use Cryptocurrency the Most.


Cryptocurrency’s popularity has increased rapidly in recent years, with thousands of new users entering the market each month. But where are all these people coming from? And which countries are most heavily invested in cryptocurrency? Let’s take a look at the map below to get an idea. By plotting the number of unique IP addresses connected to the Bitcoin network (excluding Tor nodes) and mapping that to country borders, we can see which countries have a higher density of cryptocurrency users than others.


Is trading crypto legal?

You might be surprised to learn that cryptocurrency is actually legal in a lot of countries. In fact, many countries are now beginning to accept and use cryptocurrency as a form of payment. Here are some of the most crypto-friendly countries in the world.


How To Buy Bitcoin and trade it

If you're looking to get into the cryptocurrency game, there are a few things you'll need to do first. In this post, we'll go over how to buy Bitcoin and trade it on an exchange. First, you'll need to find a reputable exchange that accepts fiat currency (like USD) and trades in Bitcoin. Next, you'll need to create an account and deposit money into it. Once your account is funded, you can start trading! To buy Bitcoin, simply place an order at the current market price.


Read our full guide on how to invest in crypto? and how to trade bitcoin and other cryptocurrencies


Which countries use cryptocurrency the most

  • A recent study has found that the top five countries using cryptocurrency are Venezuela, Zimbabwe, Trinidad and Tobago, China, and Jamaica. The study, conducted by the University of Zurich, looked at how many people in each country have made a transaction with cryptocurrency in the past year. While the United States is not in the top five, it is worth noting that almost 3% of Americans have used cryptocurrency in the past year. This is a significant increase from 2020 when only 1% of Americans reported using cryptocurrency.

  •  Venezuela currently has a population of over 30 million people, and only .9% of them have used cryptocurrency in the past year. However, it is still surprising that they have such a high percentage compared to other countries. 

  • The country has experienced hyperinflation and high levels of poverty, which may explain why many people turn to cryptocurrency. As Bitcoin News explains: Venezuelans are turning to cryptos as a last resort since their national currency Bolivar’s value keeps dropping and they keep running out of time with daily queues to buy food.


Which country buys the most cryptocurrency

  • While you might think that countries with unstable economies or high levels of crime would be the biggest users of cryptocurrency, that doesn't seem to be the case. In fact, some of the most stable and wealthy countries are big buyers of cryptocurrency.

  •  Venezuela tops many lists of countries with unstable economies, but it’s actually Norway that tops one list. In fact, Norwegians own more cryptocurrency than any other country in Europe by a huge margin. In contrast, Venezuela doesn’t even make it into the top 20. The ranking is based on two primary factors—the number of cryptocurrency users and their ownership of bitcoin. China comes in second overall when it comes to using cryptocurrency, but Hong Kong owns more crypto than China due to its small population size.

  • In contrast, you might expect Iceland to be a big user of cryptocurrency because of its high use rates for tech products like computers and internet access.

  •  So why does Norway have such a high rate of crypto use compared to other countries with similar wealth and stability? Norway has very few banks, and its citizens aren’t allowed to buy foreign stocks or bonds. Thus, Norwegians are turning to cryptocurrency for financial investments.

  •  So if Norway is number one, why isn’t Iceland on any list of countries that use cryptocurrency heavily? The country’s small population size means that its numbers are heavily influenced by outliers. For example, there was a huge spike in bitcoin ownership in 2021 when Iceland-based bitcoin mining company, Genesis Mining, paid all its employees using cryptocurrency instead of more traditional payment methods.

  •  Many might think that Finland would be a big user of cryptocurrency, especially since its central bank is actively developing an e-currency as we speak. However, there just aren’t many users in Finland—the country has a tiny population of only 5.5 million people compared to China’s 1.4 billion people. Which countries are ahead of you when it comes to investing in cryptocurrency?


Where Are We Headed With Cryptocurrencies?

We're still in the early stages of cryptocurrency adoption, but some countries are certainly ahead of the curve. Here's a look at which countries are using cryptocurrencies the most and where we might be headed with this digital currency.


 In terms of cryptocurrency use, Malta, Iceland, and South Korea are three of the highest users, according to findings from The Next Web. Within these countries, there are clearly pockets of high cryptocurrency usage compared to others. In South Korea for example, cryptocurrency is increasingly being used in retail stores as an alternative currency—especially among younger generations. It's also getting increasingly easier to purchase goods using cryptocurrencies such as Bitcoin and Ethereum in other countries as well. Many businesses that now accept digital currency such as Shopify and WordPress offer shopping cart plugins for digital currencies so merchants can easily adopt them and start selling products or services that utilize cryptocurrency payments. Companies like Gyft have even created mobile apps where people can buy things like gift cards with cryptocurrencies.


Why cryptocurrencies are banned in some countries

In countries like China and Russia, cryptocurrencies are banned because the government doesn’t want its citizens to have access to alternative currencies. They’re also worried about money laundering and other financial crimes that could be facilitated by digital assets. 

In other countries, like the United States, cryptocurrency isn’t banned but it’s heavily regulated. The government is concerned about investor protection and preventing fraud. So, if you want to trade digital assets in the US, you have to go through a registered exchange and follow Know Your Customer rules. 

Finally, there are some countries where cryptocurrency is legal but not widely used or accepted. For example, in Japan crypto is accepted as payment for goods and services but it’s not yet mainstream.


 



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