Encrybit Survey implies US Citizens are most active in Cryptocurrency Trading
Cryptocurrency has received assorted acknowledgments from the world nations so far. The decentralized nature of the virtual currency is in conviction. Seems like a threat to some, an emerging technology to a few and leaving the rest in turmoil.
There are cases where certain countries are fine with cryptocurrency in the initial stage but banned them outright concerning the security (or maybe they have sensed the threat to their dominating governance). Another condition like crypto is fine but no ICO is prevalent in a few countries. In addition, a few have banned it completely.
If you check out the list, you’ll come to know the pattern of ban and acceptance. Some underdeveloped nations with uncontrolled inflation find crypto as a boon. They also have their own cryptocurrencies to use for everyday trade. For example, Petro developed by the government of Venezuela.
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The developing nations are still checking the authenticity of this new technology. Regulations forced in specific countries to have a control and some are under the process of regulation. Cryptocurrency may not seem interesting but blockchain sure has a positive impact. You can see India does not consider cryptocurrency as a legal tender and has stopped the banks from crypto to fiat conversions. However, the state government of Telangana implements blockchain in the administration process.
Moving over to the developed nations, Singapore and Thailand are emerging as blockchain hubs. Even some of the European nations are not behind in the race. There are instances where a nation has to adopt it because a majority of its citizens are involved in the deed. Such nations have no option but to give a green flag (as the citizens are going to do it even with the red flag!).
People buy cryptocurrency just out of curiosity or even accept it as an online payment. However, the hottest trend right now is “Cryptocurrency Trading”. It helps to make good money (only if you know the right moves!) as compared to stocks and forex. So, in this survey by Encrybit, which saw participation from traders of 161 different countries, it disclosed that people in the US are most active in trading crypto.
Why US citizens are prominent to trade cryptocurrency?
If you think of buying crypto for the first time, the first thing that comes to your mind is an “Exchange”. Until last year, “Coinbase” was the top performing exchange. Reasons are the ability to buy using US dollars and back up by the US government. There are coins pegged to US dollars — USDT and Tether to give a name.
Bitcoin and Altcoins’ pairing with USDT on several other exchanges make it easy to trade with US dollars. As you can see, there is an easy way for US citizens to buy, sell and trade cryptocurrencies in comparison with other countries. You may see “Trade bitcoin” preaching in some parts of the US. Bitcoin ATMs add up to the facilities.
Thus, there are so many positive ways to grab cryptocurrency. This is not it. US government is quite liberal in terms of cryptocurrency. In the month of July 2018, the Financial Services Committee gathered to discuss the future impacts of cryptocurrency. The debate has equal of both positive and negative sides and hence could not lead to a final decision.
Therefore, things go smoothly until any forbidding announcement from the central authority.
What is the stake of other countries?
The survey has numbers too. From over 10,000 participants, the highest 23% are from US. Followed by UK — 12% and Canada — 7%. Russian Federation and China stand at the equal stake of 6%. South Korea registers its entry at 5%. This partly indicates that the developed nations are ahead in the league of cryptocurrency.
The least input received from countries like Mauritius, Costa Rica, Bhutan, Oman, Cambodia, Jordan, New Zealand, Afghanistan, etc. There were hardly one to five participants from these countries.
Final Words
From this survey insight, we can determine that the popularity and acceptance of cryptocurrency trading depend on the countries’ policies and of course the encouragement shown by the central authority. It will take a decade or even more than that for all the countries to take a stance on cryptocurrency. This will also be responsible for the future of these virtual currencies.
“We hope the sun of crypto never sets.”
