Monday, May 6, 2019

Almost One-Third of Bitcoin Exchange Users Come from the US: Report

Almost One-Third of Bitcoin Exchange Users Come from the US: Report

DataLight, a company focused on analyzing crypto data and providing unique information on digital currencies, has carried out interesting research to examine the geographical distribution of crypto traders across the world. As the results show, the most active crypto trading country is the USA, with over 22 million visits a month.

For the research, DataLight used website traffic data from the 100 most popular Bitcoin exchanges, including Coinbase and Bithumb. By the way, the latter reports massive volume, but this volume is likely to be almost entirely fake.

DataLight has found out that some exchanges also take part in so-called ‘transaction mining,’ where users are rewarded for conducting trades, which means pumped-up volume. As for Coinbase, the leading American crypto exchange serves more than 10 million users of the overall amount.

According to the report, Japan and South Korea take the second and the third places with 6 million and 5.7 million users accordingly. The report reads:

“In second and third, with similar traffic levels are Japan and South Korea. As both countries are famously enamored of cryptocurrencies and the crypto ecosystem, it’s again unsurprising that these two Asian nations are still heavily involved in crypto trading. Last year the ‘kimchi premium’ surged to 50% in the grips of the bull market meaning that South Koreans were paying 50% more for their bitcoin than the US markets!”

The UK is the fourth in the list, with 3.8 million monthly visits, which is a quite impressive amount. The DataLight researchers believe that this number is likely to grow within a couple of years. It is notable that the next 6 countries in the list do not reach collectively the same number of traders as the US, where legislators are planning to exclude digital tokens from securities laws. These countries include Russia, Brazil, Germany, Vietnam, Turkey, and Canada.

According to DataLight, Turkey, Ukraine, and Mexico, with huge fluctuations in the value of their currencies, could have much higher positions in the rating. Citizens of these countries are unsure about the stability of their fiat currencies, which makes them look for alternative means of storing their value.

Cryptos Take Over the World

Further, DataLight stated that almost every country in the world trades in crypto assets, which lets us expect growth of trust in cryptos and their adoption:

“Perhaps the most obvious and remarkable feature from the infographic is simply how much of the world is actually trading in cryptoassets: nearly every country on the globe is seeing some trading traffic, with the exception of Greenland and parts of central Africa. However, efforts from Binance may introduce cryptocurrencies to central Africa as they launched Binance Uganda in October 2018.”

Binance CEO Changpeng Zhao has the same opinion.

The growth of cryptos is inevitable, The governments just need to react swiftly to the changes that digital currencies have already started to bring.

Almost One-Third of Bitcoin Exchange Users Come from the US: Report

Almost One-Third of Bitcoin Exchange Users Come from the US: Report

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

Blockchain 101 · Crytpo Currency Market
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange