The use of cryptocurrency has increased manifold, especially since the COVID-19 pandemic struck. And though people are divided over the use, advantages, and disadvantages of digital currency, it is one phenomenon that undeniably, is gaining momentum worldwide.
Rise of Digital Currency, its advantages and disadvantages
Digital currencies have many advantages, like making transaction costs cheaper and easy transfer of value. They are also confidential and involve minimum fees with faster payments.
On the flip side, they are susceptible to hacks and can be volatile to trade since they are not attached to any tangible asset.
During the pandemic, due to a rise in inflation, many people were seen using digital assets as a hedge against the depreciating currency. Along with this, sending currencies beyond borders became difficult due to lockdowns and other circumstances. Digital currencies came to the rescue then, facilitating ease in cross-border payments.
Today, almost 10% of the world owns cryptocurrency in some form or the other. Typically, a higher percentage of men own cryptocurrency than women. And it is more popular in the younger age bracket, around 16-44 years of age.
The largest cryptocurrencies by market cap include Bitcoin, Ethereum, and Tether.
Countries with the highest cryptocurrency possession
The tiny country of Thailand has been crowned the world’s top country with the greatest number of people that own digital currencies. Almost 20.1% of Thai internet users own digital currencies.
The African country of Nigeria follows in on a close second with 19.4% and is in a tie with the island country of the Philippines. South Africa is the third country with the highest digital currency ownership.
18.6% of internet users in Turkey own cryptocurrency, making it the fourth largest digital currency owner in the world. Argentina comes next with 18.5%, followed by Indonesia at number 6th with 16.4 %.
Brazil has 16.1% of internet users owning the digital currency. The South American country is 7th on the list. Singapore with 15.6%, South Korea with 13.4%, and Malaysia with 13.2% are the next three countries, on the top ten list.
Rest of The World
India has 7.3% of the internet users population that owns digital currency.
A few economies haven’t shown a keen interest in using cryptocurrency. For example, considering it is the largest country in the world, Russia is one of the countries with the lowest use of digital currency, with just about 2% of internet users owning them.
Even Israel, Morocco, and Saudi Arabia have exhibited the lowest rates of cryptocurrency possession, with just a little over 3%.