It's still early days as far as Bitcoin and other cryptocurrencies are concerned here in Canada. The technology is relatively new, and although the interest in it seems to be growing at a rapid rate, there are a vast number of people who haven't jumped on board yet.
According to an article written by Bitcoin.com in September 2020. The top 10 Countries with the highest Crypto adoption are the Ukraine, Russia, Venezuela, China, Kenya, USA, South Africa, Nigeria, Colombia and Vietnam. Regardless of what the actual percentage of cryptocurrency users were in each Country, the fact remains that many people still do not know enough about it to make a decision, one way or another. Countries where cryptocurrency has been adopted early by people, may have a higher percentage of crypto users, but there is still massive expansion happening.
Bitcoin was the first successful cryptocurrency, and it's only been in use since 2009. In 2013 it was worth just hundreds of dollars, and now it's worth thousands.
There is so much innovation happening around cryptocurrencies and the blockchain they run on, that the use for them is only increasing at an exponential rate.
Some countries are making them much easier to use, by having ATMs and kiosks that have the option to pay with cryptocurrency, and many companies now receive it as a method of payment.
Like any investment, it isn't risk free. Crypto can be volatile, going up and down depending on different factors, so anyone looking at buying it should only invest what they can afford to lose, but with the rapid expansion of this type of currency gaining momentum and acceptance around the world, it's an important thing for savvy investors to look into.
Everyone should educate themselves about cryptocurrencies so they can make informed choices regarding which ones they should invest in, and how they should go about it in the safest way. Lack of knowledge and understanding can lead to making fear-based decisions, something the West has done regarding cryptocurrencies, considering them just a fad, or even a fraud, so we've been slower to adopt them.
On the other hand, countries like Japan, who saw the power of it early on, and have declared it a legal method of payment, are seeing many benefits that could cause other countries to sit up and take notice. The trends around crypto are driving a marked increase in their trade and tech development.
Many of the individuals surveyed about Bitcoin and cryptocurrencies, who had not bought them, stated that fear and lack of knowledge were two factors preventing them from investing. It is never a good idea to leap without looking, but it is wise to remain informed, especially where new trends are concerned, so that you don't miss out on a valuable opportunity because you didn't understand it.
This blog is for informational purposes only.
This does not imply or suggest investment in cryptocurrencies.