With each passing day the number of users in the crypto world increases. As more and more people realize the qualities of digital currency like Bitcoin, they begin to acquire and use them on a daily basis. Thanks to this, several countries now have important national communities of crypto users. That’s why today we tell you which are the 10 countries with the highest adoption of Bitcoin in the world.
The main crypto countries
At this point, for anyone moderately familiar with digital currency, the advantages they have over fiat money are obvious. And it is that, the decentralization and flexibility offered by currencies like Bitcoin greatly facilitates operations such as international transactions. In addition to providing, on many occasions, a refuge of much more stable value than various national currencies.
Therefore, in recent years several countries around the world have experienced a significant flourishing of their crypto user communities. This has been reflected by Chainalysis in a recent report, in which it identifies the 10 countries with the highest adoption of Bitcoin. Using as a criterion for the elaboration of the ranking the proportion of the population of each country that migrated its financial activities to digital currencies.
This information was obtained through four variables: the value received through the Bitcoin Blockchain, value received for trading activities, number of deposits in the Blockchain, and volume of P2P exchanges. Which would provide 4 different scores for each country, with which Chainalysis created an index with a scale from 0 to 1.
Thus, the country with the highest adoption of Bitcoin according to the Channelinal report would be Ukraine, with an index of 1, followed by Russia and Venezuela in second and third place respectively. While China in fourth place would be next to the United States one of the only two developed countries in the ranking. Closing the same Kenya, South Africa, Nigeria, Colombia and Vietnam.
Why adopt Bitcoin?
When looking at the ranking of Chainalysis, one immediately identifies a common element among most of the countries included in it. And it is that, except the United States, China, and to a lesser extent Russia, all the countries that are in the top 10 of the ranking are developing countries.
This would not be surprising, given that several crypto analysts have warned that the start of the massification of Bitcoin will not occur in the first world. So, in these countries there are usually solid currencies with a stable institutionalization. So the population would not see the need to migrate to digital currency.
However, countries such as Venezuela, Nigeria and Kenya face much greater difficulties in stabilizing their economies. Which forces residents to look for alternatives to the digital economy. With the aim of facing the inflation of fiat money or managing to integrate into the international economy.
For its part, the three powers that are in the top 10 of the ranking of Chainalysis, for their own level of economic progress and interest in strengthening their cybersecurity capabilities, have been epicenter for the development of digital currency. With the vast majority of BTC mining farms located in the territory of the United States, Russia or China. Which explains its index within the Bitcoin adoption ranking.