Cryptocurrency is an interesting investment model. The token made its entry in 2009 with Bitcoin being the first currency. The investment model became an instant hit through its working model. Cryptocurrencies make use of blockchain technology and a decentralized finance model. For most people, Bitcoin trading involves buying this cryptocurrency on a cryptocurrency exchange like Bitcoin Circuit.
Both these working models combined made investments easier. The primary purpose of the crypto tokens is to enable easy peer transactions. Additionally, the token aims to make payments easier while not losing the advantage of the internet.
Crypto payments make use of digital wallets on the internet. The money from one digital wallet transfers to another wallet in minimal time. The advantage of crypto payments includes easier fund transfer and fewer transaction charges. It also aims to provide such fund transfers at a reduced time as compared to traditional banking.
Although cryptocurrencies have been in the industry for more than a decade now. The use of blockchain technology in the financial industry is gaining massive attention. Many industrial groups identify its benefits and are ready for adoption. Blockchain in layman’s terms is an online ledger that stores your transaction history. Additionally, there are admin users within the network that manages the access privileges.
Adoption of cryptocurrencies
Yes, since the launch of cryptocurrencies there has been debate on their utility. The reason is the simple working model of these currencies. As we speak, there are more than 19k+ crypto tokens in the global market. All these tokens combine to create a market share beyond $3 trillion.
But the catch with cryptocurrencies is their working model. Every cryptocurrency makes use of decentralized finance. It eliminates the need for central banks and regulatory authorities during user transactions. Cryptocurrency transactions are not regulated. It means the profits you earn from cryptos are entirely yours. And if you suffer losses in crypto, then the government is not responsible for such losses.
Despite these negative theories and criticism, crypto investments grew. Today, there are more than 100 million users who are trying their luck with crypto investments. The past two years have made a remarkable increase in the number of crypto users. Thanks to the pandemic and work-from-home setup. Many new and experienced investors had their share of knowledge about cryptos. The market is also diversified with young, experienced, and women investors in cryptos.
Let us look at the top 5 countries that have maximum crypto users among others.
India stands first with more than 100 million users making their crypto investments. The government is yet to provide its green signal on accepting crypto as a legal tender. Earlier, this year the government announced a 30% taxation on crypto investments. Compared to the total population, more than 10% of Indians have crypto investments.
Next on the list is the USA. The total market investments in crypto stand at 30 million. Efforts have been taken by the US government to legalize and regulate cryptos. The US President has created a steering committee to review and track crypto payments. More than 8.31% population has invested their funding in cryptos.
Russia takes the third position on the list. As we speak, the Russian investment form more than 17 million in cryptos. More than 10% of Russian residents have invested in cryptos. Rather than investing in popular tokens.
Probably the first in the African country to adopt cryptos on large scale. It contributes over 13 million crypto investments. The primary reason for large-scale crypto adoption is their challenge in traditional banking. Cryptocurrencies have enabled easier transactions and payments. Along with Nigeria, many other African countries are looking at adopting cryptos.
The last country to join the list is Brazil with more than 10 million crypto investments. More than 5% of the total population has made investments in cryptocurrencies.
Considering the growing popularity, crypto investments will continue to grow. Cryptocurrencies are also subject to varied market conditions. This makes its prices fluctuate and market trend controls its prices. Hence, invest in cryptos if you are looking for long-term benefits. Also, the current market condition is depressing with all popular tokens trading at a low price. If you are planning crypto investments, then the right time is now.
Disclaimer: This is sponsored marketing content. The presented material by no means represents any financial advice or promotion. Be sure to do your own research and acknowledge the possible risks before using the service of any cryptocurrency platform.