A growing number of retailers across the globe now accept a range of cryptocurrencies; crypto ATMs are starting to appear and become more accessible to the less technologically and financially minded.
As cryptocurrencies are being slowly integrated into day-to-day lives, and El Salvador makes bitcoin legal tender, which other countries are the most prepared to use digital currencies in their daily lives?
A recent study by London, UK-based business information website Small Business Prices looked at the top 25 countries that are most prepared for digital currency adoption.
The study looked at the top 66 countries based on population. It analysed a series of factors from January 2018 to March 2021 that relate to the adoption of cryptocurrencies in a number of countries, including uptake, crypto ATMs, internet speeds, and search volume of popular cryptocurrencies.
Cryptocurrencies searches included Bitcoin, BTC, Lightning BTC, LBTC, Bitcoin Cash, BCH, Ether, ETH, Dash, Litecoin, LTC, Zcash, ZEC, Monero, XMR, Dogecoin, DOGE, Tether, USDT, Ripple, and XRP.
The study showed that the US is the most prepared country for integrating cryptocurrency across the country.
It has the most crypto ATMs per person worldwide, and crypto uptake by the population is above average. The US has already made headway in making digital currency part of its financial offerings by launching pilot programs for digital currencies.
Hong Kong is second on the list. With good internet speeds, technology adoption and a predicted search volume for cryptocurrencies makes the country well placed on this list.
However, with the Chinese government threatening to crack down on bitcoin miners, Hong Kong’s position is far from certain.
Third on the list is the Netherlands, which has demonstrated significant potential for cryptocurrency adoption across the country.
Search volumes reached over 50,000 per month, suggesting demand for cryptocurrencies and broadband speeds in the country will be a key facilitator.
Interestingly, at the bottom of the list are countries like Cambodia, Lebanon, and El Salvador. The study showed that there is minimal interest in crypto low ratings in these countries in these countries in terms of adoption. Internet speeds are low, as are the numbers of crypto ATMs.
So what factors will make a country prepared for the adoption of digital cryptocurrencies?
Cryptocurrencies are currently experiencing huge spikes in demand around the world. The willingness of individuals to convert to cryptocurrency and the rate of cryptocurrency uptake is important to the successful growth of cryptocurrencies in each country.
As cryptocurrencies become more mainstream, consumers will begin to accept digital currency as one of their assets more freely.
The volume of cryptocurrency ATMs in a country is another key characteristic for the successful growth of the currency. ATMs provide an easily accessible option for less tech-savvy people who want to invest in cryptocurrencies, making these currencies more widely available to all.
Internet speeds are a key facilitator of cryptocurrencies as all transactions occur online. Any country that has poor internet infrastructure will have a significant barrier to the successful adoption of the currency.
Greater internet speeds and fast, scalable technology will encourager faster mass-market adoption.
As these digital currencies trickle into our consciousness, its slow adoption will herald broader acceptance and adoption over time.
As people begin to realise the use cases for the currency and the stability, transparency, and security of on-chain blockchain money movements, trust will grow.
In ten years’ time, peer to peer money movements will be normalised — and as the bitcoin landscape rationalises to focus on fewer trusted digital currencies, payments moving around on the blockchain will become the de facto way we pay.