Cryptocurrency adoption across the world
For numerous reasons, the adoption of Bitcoin and other cryptocurrencies has varied dramatically from country to country. While this technology might be considered somewhat new, governments and their people are slowly coming to accept cryptocurrencies, making them more prevalent and ubiquitous throughout the world.
Moreover, Robinhood co-CEO Baiju Bhatt believes that sovereign nations will one day make cryptocurrencies their default currencies stating “I think it’s inevitable, whether that happens next year or in the next 15 years,” reports Yahoo.
To get a better idea of why the world’s adoption of cryptocurrencies has varied so dramatically, and what we can expect from the future of this technology, we spoke with Dung Huynh, co-founder of Remitano, a company that provides escrowed P2P Bitcoin marketplace where people buy and sell Bitcoin easily and safely.
According to a recent BBC article, a number of countries have seen investment skyrocket. Countries in which the exchange of local currency increased by bitcoins in 2017:
China More than 2,000%
Nigeria More than 1,500%
Colombia Around 1,200%
Venezuela More than 700%
Peru More than 500%
Do you see a unifying factor among these countries?
There is no unifying factor among these countries. For China and Nigeria, it would be the result of ICO activities. For Venezuela, it’s is the result of the hyperinflation and the government adoption of cryptocurrency as a tool to fight against the embargo. But that does show the crypto is bringing freedom of finance to this world.
Is there generally distinct characteristics which you notice among countries which have been quick to adopt Bitcoin and other cryptocurrencies?
Usually, countries with more relaxing financial regulations would leave the room for crypto to thrive.
Switzerland has been labeled the “crypto nation”. In your opinion which country do you believe will most effectively adopt and use this technology over the next 3 years?
Currently, it’s hard to tell. But obviously, government support for blockchain activities definitely helps. So far with UAE, Switzerland and Venezuela have all signalized positive support for crypto-related technology, I believe among these countries will be one that shows the most effective adoption in the next 3 years.
What are you really looking forward to seeing develop from cryptocurrency technology over the next 3 years?
Crypto itself is super useful now. But most of the wallets don’t feel right yet. I hope that over the next 3 years there will be a wallet that is secure, yet super easy for new people to use. It should be so easy that anyone who understands money can use it.
What advice do you have for readers looking to invest in cryptocurrencies in 2018?
As any kind of investor, it’s important to thoroughly learn about each cryptocurrency itself so you are not tricked into scam scheme. Be cautious with something like “a new cryptocurrency” as this will be very likely to perish over a few years. Don’t panic to sell the coin if the price is crashing. The market in short term can be very irrational. If you spot a good discount, go for it and hold it for long enough. In the long run, we believe cryptocurrencies are inevitable. The world needs them.