How far have cryptocurrencies come? Is mass adoption achievable?
It has been around ten years since the launch of Bitcoin, so how far have cryptocurrencies come? Although people in the finance sector like traders and businessmen are well-versed about cryptocurrencies, how much does the general public know?
Cryptocurrencies, including Bitcoin, aim to replace the global financial system through mass adoption. It seems that cryptocurrencies are growing rapidly. A few years ago, the tech was being called a Ponzi scheme. Now central banks, as well as social media giants like Facebook and Telegram, are diving into it.
Regardless of what institutional adoption it has, the market has had little success in gaining support from everyday people. Not only that many ordinary people do not even know about the technology or how it works.
Here is an overview of how much people in various countries know about Bitcoin.
Spain had had a very positive outlook on cryptocurrencies as was seen in July when the Barcelona Trading Conference was held. The meeting involved many exchanges, market makers, and other related people as well. The conference discussed the future of blockchain technology while also touching on the subject of Bitcoin’s price.
Despite such high profile events crypto awareness in Barcelona was very low as it seemed that only the elite had access to it. Many people had not even heard the words Bitcoin and cryptocurrency.
Portugal has had a very welcoming response to crypto investors and businesses alike. The country supervises cryptocurrency transaction with zero taxation. All crypto payments and trades are totally tax-free in the country.
Regardless of such an encouraging regulation, crypto awareness was limited to people of the upper classes while the everyday folk had no knowledge about it. Cryptocurrency in Portugal is still miles from mass adoption.
Will cryptocurrencies gain mass adoption?
These two seemed to be some of the most pro-crypto countries yet had a low crypto awareness rate. So what about the countries that are anti-crypto or third-world countries. Well, crypto awareness can be considered a precise zero in those areas, and it is difficult to see it rising anytime soon.
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