I recently came across a news report on my Cox cable about cryptocurrency advancement. The presenter said cryptocurrencies are becoming more prevalent with each passing day. She further stated that retailers have begun to change their views regarding cryptocurrencies.
Moreover, there’s no denying that the pandemic has contributed to the demand for virtual currencies. The world has started jumping on the cryptocurrency bandwagon. Several countries are already making preparations for widespread cryptocurrency adoption.
Last month, El Salvador officially adopted bitcoin as a legal tender. President Nayib Bukele announced his government’s plans to establish multiple cryptocurrency mining compounds.
How Many Countries Are Prepared for Crypto Adoption?
Small Business Prices recently revealed a list of countries that have made preparations for cryptocurrency adoption. The United States is leading the list, which consists of over two dozen countries. Researchers gathered data from 66 countries between January 2018 and March 2021.
They attributed their findings to several factors like crypto ATMs, internet speed, and the popularity of cryptocurrencies. The most popular virtual currencies in the countries surveyed are Bitcoin, Litecoin, Dogecoin, and Ripple.
How the U.S. is Prepared to Adopt Cryptocurrencies?
The U.S. tops the list of the countries prepared to adopt virtual currencies. According to the study, the country has the highest number of crypto ATMs in the world.
Moreover, it found crypto uptake per person to be above average. The U.S. has also launched multiple initiatives for virtual currencies. In all, the country is the top scorer when it comes to who’s the most prepared to integrate digital currencies.
What Are the Names of Other Countries on the List?
Twenty-four other countries have joined the United States on the list compiled by Small Business Prices. They are:
- Hong Kong
- South Korea
- Saudi Arabia
Hong Kong has claimed the second spot due to its excellent IT infrastructure and a big appetite for cryptocurrencies. However, Hong Kong may not be able to retain the position for long due to China’s apprehensions towards bitcoin miners.
The Netherlands is in third place due to it showcasing a great potential for virtual currency adoption. Countries including El Salvador, Cambodia, and Lebanon are listed at the bottom of the rankings. This is because these countries lack the number of crypto ATMs.
Moreover, the IT infrastructure is not fully developed with low-internet speeds being a common occurrence.
What Factors Contribute to Cryptocurrency Adoption?
Demand for cryptocurrencies has increased in the aftermath of the pandemic. Online merchants and large enterprises are showing a willingness to accept virtual currencies. Moreover, the rate of cryptocurrency uptake contributes to the adoption of digital currencies around the world.
Cryptocurrencies are starting to become mainstream. This means that both businesses and consumers are willing to trade in cryptocurrencies.
Number of Crypto ATMs
The Small Business Prices Study highlights the number of cryptocurrency ATMs as another contributing factor. The demand for digital currency in a country can be determined by the number of crypto ATMs. These machines provide multiple benefits.
The greater the volume of cryptocurrency ATMs, the more readily available the digital currencies will be in a country. Furthermore, users can easily access digital currencies through crypto ATMs.
Crypto mining requires advanced IT infrastructure with super-fast internet speeds. The speed of the internet determines the time it takes for a transaction to complete. Since all crypto transactions are online, countries will need a developed IT and tech infrastructure.
Poor connectivity, slow internet speeds, and underdeveloped IT infrastructure will prevent a country from integrating virtual currencies.
Cryptocurrencies are getting mainstream attention. Consumers and retailers around the world are becoming aware of their tremendous benefits. Their benefits include security, transparency, stability, and convenience. The general trust in virtual currencies is growing. It is only a matter of time before cryptocurrencies become the preferred medium of transactions between businesses and consumers.
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