Neethi V. Kannanth
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology - a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
Types of Cryptocurrency
The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch.
Some of the competing cryptocurrencies spawned by Bitcoin's success, known as "altcoins," include-
- Litecoin
- Peercoin
- Namecoin
- Ethereum
- Cardano
- EOS
- Dash
- Maker
- Dogecoin
As of March 2021, there were over 18.6 million bitcoins in circulation with a total market cap of around $927 billion. Today, the aggregate value of all the cryptocurrencies in existence is around $1.5 trillion - Bitcoin currently represents more than 60% of the total value.
Which Countries are using the Cryptocurrencies the most?
Statista conducted a global consumer survey to identify the countries in which the cryptocurrencies are most popular and it revealed that people from Africa, Asia and South America are more likely to own or use cryptocurrencies than those in Europe, North America or Australia.
Africa's largest economic system is the king of cryptocurrency. In Nigeria, 32% of respondents, almost 1 in 3, report having used or owned one kind of crypto or one other in 2020. By comparability, simply 6% of Americans reported the same.
According to Bitcoin.com, Nigeria's distinctive tradition and circumstances are fueling the development. One of the greatest influencers is poverty, a situation suffered by 87 million of Nigeria's 200 million folks, and crypto transactions are low-cost. Another purpose for the development is that Nigerians are more likely to make funds and ship cash utilizing their telephones. Finally, double-digit inflation is the rule, not the exception, in Nigeria, and cryptocurrencies like Bitcoin, that are capped to a finite variety of cash, function as a hedge towards inflation.
Let's have a look into the World's Top 10 Crypto Countries
With Nigerians being more open to buying, selling and spending Cryptocurrencies, it clearly ranks first when it comes to World's Top 10 Crypto Countries. But other countries are not lagging behind. Here is the World's Top 10 Crypto Countries-
- Nigeria: 32%
- Vietnam: 21%
- Philippines: 20%
- Turkey: 16%
- Peru: 16%
- Switzerland: 11%
- India: 9%
- China: 7%
- S.: 6%
- Germany: 5%
- Japan: 4%
Headquarters of Bitcoin
If there is any country which could be considered as the Headquarters of Bitcoin, then it has to be America. And, rightfully so, as more than $1.52 billion worth of Bitcoin was traded on U.S. crypto exchanges in 2020, according to Statista which is more than three times the No. 2 country, Russia, where the equivalent of $421.38 million in trading volume took place. Nigeria wasn't far behind with a little over $400 million. After that, is Europe with a little over $200 million.
300 Million Cryptocurrency Users and Counting
Cryptocurrency and blockchain technology company TripleA estimates that there are now more than 300 million cryptocurrency users across the world. The average crypto ownership rate by country is 3.9% and more than 18,000 businesses worldwide now accept some form of cryptocurrency as payment. About three in five crypto users are male, and no matter the country, users are more likely to be young and educated.
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