Which countries use cryptocurrency most?

As a medium of exchange, crypto currencies are being adopted and used by so many countries.

Global financial system seems more prone to collapse due to lack of trust and faith in the fiat system of money, which is causing intense pressure.

Different countries evaluate the use of money differently, as a result of these differences, countries are now looking towards blockchain technology and crypto currency to help salvage their financial woes.

The majority of government institutions are more open to central bank digital currencies (CBDC) than decentralized crypto currencies. To date, this has presented a challenge as the new types of currencies have to compete against government backed currencies. Crypto currencies have been outlawed by some governments recently because they are attributed to criminals, terrorists, and drug peddlers, who hide their activities from the eyes of governments.

There is also the case of the government financial institutions accusing the users of crypto currencies to facilitate money laundering activities. In all, these tend to create unnecessary fear, doubt and uncertainties around the use of crypto currencies by individuals and institutions who have over the period of time reviewed the trajectory of the possibility of the use of crypto currencies to be a means of global payment in the next decade.

Why would people accept the use of crypto currencies?

  1. Freedom to be your own bank: 

    With the influx of big corporate institutions gradually accepting cryptocurrencies as means of payment, it would give so much freedom to crypto owners as they would be able to use the digital coins to pay for purchases and services, rendered to them in a faster way than having your fiat transactions confirmed.

  2. Global transactions:

    We are presently living in a global community where trade and commerce is virtually executed from the comfort of our homes. As such, people can actually execute transactions worldwide by the use of their mobile phones with very low remittances fees.

  3. Speed of Transactions: 

    Due to the trade barriers associated with fiat currencies globally, transactions become hindered as the various settlement companies associated with financial institutions may tend to delay their confirmation, which eventually obstructs the required speed of transactions for settlement. 

These are just some of the reasons why people are turning to crypto currencies as a medium of exchange and for storage. 

It has become more obvious that the more aware the people of a nation become the greater the tendency for the people to embrace the use of the crypto currencies.

Statistically speaking there are some major countries who have been massively involved in the spread of awareness of the use of crypto currencies, notably the USA, Russia, Ukraine, Estonia, Nigeria, Kenya, Philippines, Turkey, Australia, Brasil, China.

There are other countries who have evolved by taking this agenda to a different level like the nation of El-Salvador who have made the use of Bitcoin as a legal tender and also has created more awareness on a global level.

The point is not to determine which country is the most crypto-friendly, but rather the essence of using crypto-currencies as stated above. 

By creating educational content to increase awareness on a global scale, Klever will continue to keep its users and prospective users ahead of the curve.

Therefore, we would encourage everyone who has not created an account to do so and to get all the necessary information, as we would continue to share our content across all our social media platforms.

It is indeed a Klever thing to do.

James Enajite

Klever Writer

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