Crypto awareness and adoption is surging all over the world. From big institutions to small retailers, all are getting invested into this burgeoning market along with the individuals whose interest is also on the peak.
Crypto adoption is spilling everywhere
According to a recent study by Forbes, when it comes to the number of crypto businesses, Prague, Czech Republic holds the first position. This is followed by Bueno Aires in Argentina, San Francisco of the USA, and Madrid in Spain. Netherlands, Columbia, UK, and France are also part of this list.
An interesting aspect emerging lately is as the inflation rises, it shores up the use of Bitcoin and altcoins globally. The citizens of countries like Venezuela, Zimbabwe, Argentina, and Iran are using Bitcoin to hedge their wealth against inflation.
Crypto adoption is being propelled forward by big as well as small organizations. Through Coinbase Commerce integrations in WooCommerce, Shopify and Magento among others, Coinbase is enabling over 2.7 million stores to accept payments in cryptos.
2.7 million online stores can now accept BTC, BCH, LTC, and ETH with Coinbase Commerce integrations.
Entirely peer-to-peer too, no middlemen involved. Just the way internet payments should be. 👏 pic.twitter.com/xC5kUAOdDD
— Kevin Rooke (@kerooke) August 21, 2018
NYSE’s parent company introducing Bakkt is a major step that will bring big names into the market and drive the adoption at the merchant level.
Also, Revolut introduced its metal card allowing 2.5 million of its customers to receive cash back in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.
Not long ago, Antigua and Barbuda announced that one can get their citizenship in just over 12 bitcoins. Gaston Browne, Prime Minister of the country shared, “If you do not accept the cryptocurrency then you would be literally locked out of that market.”
A few other real-life adoptions of cryptocurrencies are:
Mass adoption in #Portugal 😍
🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹🇵🇹#cryptonews #bitcoin #bitcoins #bitcoinmining #bitcoinnews #bitcoinprice #altcoin #ethereum #litecoin #blockchain #Crypto #VMAs #EidMubarak #Gamescom2018 #InsideXbox #AmericanVandal #followback #like pic.twitter.com/8z7R6eCGM4
— CryptoNews【฿】 (@CryptoNewsPlus) August 21, 2018
— BitMoin (@LzumEzumO) August 21, 2018
Crypto awareness on a continuous rise
Cryptocurrency adoption is all it comes down to. The key to having crypto go mainstream is more and more people using it and for day-to-day tasks. For crypto adoption, crypto awareness is the driving as well as the resultant factor. In the recent times, it has continued to rise.
According to a report by Red Flag and Amarach Research, approximately 120,000 Irish people are the crypto owners. Irish citizens seem to have developed a liking to cryptocurrencies as four years back, a small number of people only knew about cryptocurrencies.
There has been a 300% increase over this time period in the ownership of cryptocurrencies. The age group invested in this sector is between 25 and 34. Slowly but surely, the perception toward cryptocurrencies is changing from suspicion to curiosity.
When it comes to the most popular cryptocurrency among these people, Bitcoin holds that place. Given the fact that Central Bank has yet to take any step towards the crypto regulation, businesses don’t accept them as payment for now.
Another such study “ING International Survey Mobile Banking – Cryptocurrency” by Mediafax reveals about 75 percent of Romanians have heard about cryptos like Bitcoin and Ethereum. As for Australians and the Poles, about 79 percent and 77 percent respectively have heard about them.
Furthermore, it states, 38% Belgians, 50% Frenchmen, 57% Americans and 71% Germans have heard about cryptos. However, the study conducted online has a relatively small sample space comprising of about 1,000 people.
As Andreas Antonopoulos has said, the success of crypto is measured by adoption and not by price. The high volatility present in the market makes it hard for cryptocurrencies to become a payment method. As the speculation keeps on decreasing and institutions keep on introducing mediums to take it to the public, adoption will rise.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.