Since the introduction of the first blockchain system more than 10 years ago, there is a constant increase in popularity, which is especially high in recent years. The most popular cryptocurrency is Bitcoin, which is a leader in this market with a current value of around $40,000. There are many other popular units, like Litecoin, Dogecoin, Ethereum, Ripple, and more. Also, developers are constantly introducing new tokens and coins on this market, and you can choose over 2,000 types of them.
The main reason why people are interested in buying crypto is related to high volatility, a huge increase in the values of certain units, and an even bigger potential for continual growth in the future. For example, some predictions are stating that the price of BTC might reach $100,000 by the end of 2025. On the other side, many cheaper alternatives could become more valuable.
However, you should learn more about the system and the developers behind the tokens and cons before you choose to invest in these alternatives. The main reason for that is to avoid scams, and you should check out bmmagazine.co.uk to read more about the best ways to avoid scams related to this market.
Furthermore, the great thing is that many countries are now interested in finding a way to integrate cryptocurrencies into the standard monetary system. Some of them already have laws where you will have to pay taxes for profit made on this market. Also, we can notice the expansion of ATMs with blockchain support. Online stores and online casinos are also starting to accept this type of payment. Here are the countries with the highest usage of cryptocurrencies.
1. Japan
This country is known for being one of the most progressive in the world. Therefore, it is not a surprise that people who live there quickly accepted and started using cryptocurrencies as a standard payment method. Also, they have special regulations for digital currencies where people will have to pay taxes on capital gains acquired from mining or trading with cryptocurrencies. On the other side, some of the less popular units like Z Cash, Monero, and Dash are banned in this country.
2. United States
It is not a surprise that this market is widely accepted in this country. Lots of people there are interested in investing in cryptocurrencies. even some financial institutions and services like MasterCard already accepted some cryptocurrencies. The most popular figure from this country who is active on this market is Elon Musk, who always manages to surprise people with his actions.
For example, huge investments and praise of Bitcoin at the start of 2023, and sudden sell-out and banning it from being accepted in Tesla, which is one of his companies. When it comes to official regulations, some laws are targeting all profits made on crypto as capital gains, and you will have to pay 25% in taxes.
3. Nigeria
This is one of the fastest developing countries in Africa. Still, there is a lot of work related to their infrastructure and integration of modern technologies. One of the main reasons why people are interested in BTC and other crypto so much is related to the fact that you don’t need to pay extra fees for transactions, while their current financial system requires a lot of money to transfer or deliver money from abroad. Moreover, the electricity is quite cheap there, which makes it a perfect place for mining.
4. Russia
Russia is the biggest country where digital currencies are widely accepted. Also, it is interesting that electricity in this country is quite cheap when compared to other countries around it. Another interesting fact is that there are many big mining centers, some of the largest in Europe. The main advantage for people from Russia is that they could avoid restrictions introduced by many western countries, and they can keep making transactions with the clients there.
5. Vietnam
We can notice that many developing countries are interested in the complete acceptance of digital currencies since they see that as a chance to improve their economies even more. That is the case with Vietnam and some other Asian countries like the Philippines and Singapore. The Philippines went even a step further since their official bank started accepting Bitcoin and some other cryptocurrencies.
Main Benefits of Cryptocurrencies
The first cryptocurrency, Bitcoin, was created in 2008, and the goal of developers was to find a way to avoid the economic crisis that was occurring at that moment. The great feature of decentralized cryptocurrencies is that they can help investors to avoid issues with inflation and recession, and keep their funds with at least save value over time.
Besides that, using an e-wallet is much safer than standard bank accounts. Also, you don’t need to worry about your privacy since the only thing that is visible in the system is the code of your wallet, while your name and address will remain anonymous. Moreover, transactions made with this system are much faster and cheaper when compared to standard processes.
Aside from technical features, we have to mention the great potential to earn profit by trading with cryptocurrencies. The main feature of this market is high volatility, which means that there are frequent changes in value every day. For example, the difference in the price of Bitcoin can be measured in thousands of dollars during the same day, which is perfect for those interested in day trading.
The Bottom Line
While most countries are planning to integrate cryptocurrencies, there are still some of them that consider them illegal, such as Pakistan, China, Nepal, Algeria, Iran, and more. Also, there are countries where people are investing and mining cryptocurrencies, but there are no official regulations that will ban or allow their use, such as Russia.
Bitcoin is illegal in China, but there are some indications that they will change their approach as well. That was the case with India, who then decided to allow their citizens to mine, trade, and invest in the market of cryptocurrencies.
