If Crypto is the Wave of the Future, Who are the Surfers?

If crypto is the wave of the future, where do we stand now? Is a mass crypto adoption inevitable – and if so, how do we gauge if we are moving in that one direction of the proverbial “crypto in every wallet” scenario?

These questions are directing us towards exploring how individual countries and jurisdictions approach digital currencies; are they embracing them? Or perhaps, are they putting up a fight and erecting barriers to protect fiat currency dominance?

And the crypto adoption award goes to … Switzerland?

If we were to award medals for exemplary crypto adoption, the Japanese are far ahead in this regard. All the way back in 2017, the Japanese government recognized the legal existence and greenlit the operations of numerous cryptocurrency exchanges after classifying Bitcoin as a legal tender. As a result, Japan enjoys the status as one of the most crypto-friendly nations in the world.

Next on the list of crypto leaders is Switzerland, which continues to set the standard for financial innovation. It boasts very high rates of cryptocurrency adoption and is home to some of the world's most advanced crypto exchanges.

Surprisingly, El Salvador has emerged as a global pioneer in adopting blockchain technology. It became the first country to recognize Bitcoin as a legal tender for goods and services alongside the U.S. dollar, the nation’s fiat currency. Through this effort, the government aimed to push financial inclusion in the country, where 70% of adults do not have a bank account.

But, how does it look at the level of the average Joe’s crypto wallet?

To gain insight about the current state of cryptocurrency investing, GOBankingRates conducted a survey of 1,037 adults in early April 2022. Among the survey’s most startling results was that over 83% of crypto investors indicated they had only been investing in crypto for two years or less.

When it comes to crypto adoption, it is worthy to note that the crypto ecosystems across the globe are made up of communities, and it is safe to say that the crypto communities themselves are alive and well. There are different types of blockchain communities, each with a different motivation behind adopting and/or accelerating the feasibility and utility blockchain-based technology:

- Developer communities: These groups of blockchain developers work together to create protocols, programs, smart contracts and other blockchain-based projects.

- Industry communities: Communities developed around specific industries or sectors, such as banking, healthcare and supply chain management, are known as industry communities. Members of these communities work together to create blockchain solutions that can handle the particular problems faced by their respective sectors.

- User communities: Individuals that use blockchain-based goods or services make up these communities. They exchange information and offer feedback to enhance the usability and functionality of blockchain goods.

- Investment communities: These groups have grown around blockchain-based ventures like cryptocurrency or startups that use the technology. Members of these communities engage in due diligence projects, exchanging knowledge and views about potential investment opportunities.

- Social impact communities: These groups are focused on leveraging blockchain technology to solve problems in the social and environmental spheres. Members of these communities work together to develop blockchain solutions that could create a more just and sustainable world.

The BITmarkets way towards mass adoption

When BITmarkets was launched, it did not particularly matter much which countries had the highest crypto adoption rates before deciding to open up shop there. We simply knew that we wanted to cover as many countries as we physically and virtually could.

Crypto and the underlying blockchain technology serve as the harbingers of the future of transactions, and crypto made simple is all about fostering this technology and sharing it with the entire world, for a better future.

As our mission dictates, we deliver live support to all crypto traders in their native tongue, which aims to simplify the crypto trading process and grow the knowledgeability of our traders. Knowledge is indeed power, and such knowledge will not be bestowed with a chatbot, as while even though the world of crypto is dominantly digital, establishing trust is best done through genuine human interaction.