Sometimes dismissed as a trend in advanced economies, crypto is now appealing in countries with a history of financial instability. In the western world, cryptocurrencies are viewed by many in the financial sector with suspicions.
Regulators in Europe and the US have issued stark warnings about the dangers of trading cryptocurrencies. But data now shows Crypto has become more than an interest to regular everyday working- or middle-class societies in developing countries. In particularly countries with financial instability. Cryptocurrencies could supply people the ability to access financial services such as banks, closing the gap on the lack of social trust.
It has become a medium to support developing countries in increasing financial inclusion. Many are viewing investments to escape poverty, including governments. Cryptocurrency use is rapidly becoming a fact of daily life in developing countries. The nations with the biggest interest in Cryptocurrency according to Statista data include:
- Nigeria: 32%. 206.1 million
- Vietnam: 21%. 97.34 million
- Philippines: 20%. 109.6 million
- Turkey: 16% 84.34 million
- Peru: 16% 32.97 million
- Switzerland: 11% 8.637 million
- India: 9%. 1.38 billion
- China: 7%. 1.402 billion
- U.S.: 6% 329.5 million
- Germany: 5% 83.24 million
- Japan: 4% 125.8 million
Nigeria has managed to implement Cryptocurrency into their daily lives. In 2021 almost one-third of the population has used or owned a Cryptocurrency in 2021. Due to the mass amount of ownership. Many Cryptocurrency transactions have made fees much higher in Nigeria including fees for Western Union and other methods of money transferring, this has resulted in locals using Cryptocurrency to send money abroad.
Residents now prefer to have cryptocurrency on several crypto exchanges in Nigeria, not only that, but most Nigerians also make payment transactions and send money using smartphones. Recent Bitcoin news reveals that various businesses in the country have added Bitcoin as a mobile payment option. Vietnam and the Philippines have around 1 in 5 people investing and using crypto daily. Again, remittance payments play a role in widespread use.
Crypto Gambling:
People have questioned whether cryptocurrency trading is like gambling and the short answer is yes, and as such, cryptocurrency casinos like Coincasinos have taken off. It has made gambling much more comfortable and offers privacy. This does not remove the risk factor of gambling or fraud. However, the Blockchain feature records information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Gambling can be led with materials that have a worth yet are not genuine cash whereas the trades can send digital money to a client’s very own digital currency wallet. Cryptocurrency should be seen as long-term investments, if you’re investing with the hope to make a huge profit overnight, then it falls into gambling territory.
But if you really believe cryptocurrency is the future and will be around for years to come, then buying now can be considered more of an investment. Despite this, many people will continue to claim there is no such thing as “investing” in crypto, that we are still speculating and take chances like a gamble.