Cryptocurrencies have now been around for over a decade, and there is no end in sight when it comes to slowing down. Digital currencies are the future and everyone has realized it by now. It is only a matter of time before they completely take over all areas of business and push traditional (fiat) currencies to the side. Once Bitcoin (BTC) skyrocketed to the famed worth of nearly $20,000 towards the end of 2017, nothing was the same.
For the last three or four years, a record number of people have invested their savings in cryptocurrencies, mainly its most famous and widespread example that is Bitcoin. An increasing number of businesses are actively accepting BTC and its cousins as valid types of payment, opening the market, and making these currencies more viable and present by the day. Furthermore, purchasing and trading of the BTC has never been higher, and it all points to a cashless future without money as we know it.
In this article there shall be word about the leaders in the Bitcoin game, more precisely the countries and its cities that are have adopted BTC the most. If you are intrigued by all this and wish to find out more about the world of cryptocurrencies and Bitcoin, visit www.apppicker.com.
Countries with the Most Bitcoin Holders
It is hard to narrow down exactly how many people are Bitcoin users and holders per country. This is why we must consult different studies and researches carried out in the last few years. For example, in 2019 there was a poll that tried to determine what percentage of participants from each country used or owned cryptocurrencies, specifically bitcoin. It turned that Turkey and Latin American countries led the way, with 20% of Turkish participants being in contact with BTC. For Brazil and Colombia, the number was 18%, while 16% of both Argentinians and South Africans either use or own BTC. Mexico (12%), Chile (11%), China (11%), and Indonesia (11%) followed closely. This type of study is largely inaccurate however as there is no precise information about the number of participants per country.
One other way of determining the countries with the most cryptocurrency users is to use common sense and logic. Taking into account parameters like startup companies, exchanges, trading platforms, mining facilities, registered projects, and everything cryptocurrencies like Bitcoin require to operate, one could determine which country roughly has the most BTC holders. The list would look something like this:
- The United States
- South Korea
Countries with the Most Exchanges
Towards the end of 2019, another experiment tried to determine how many cryptocurrency exchanges existed in which country. These exchanges are crucial for digital currency business since they act as markets where users can buy, sell, and trade their virtual currencies. Since BTC is the most dominant one, the majority of exchanges include it. The study concluded with the following results:
- The European Union – 49
- The United Kingdom – 43
- The United States – 27
- Hong Kong – 22
- Singapore – 19
The European Union had a total of 49 exchanges among its many countries, while the UK was the absolute leader as a single country. Economy powerhouses of the USA, Hong Kong, and Singapore followed closely, while all other countries had less than 10 cryptocurrency exchanges. For example, Australia and China had 9, Brazil and South Korea had 7, while Japan and Canada had 6. Turkey had but 4, while Argentina, India, Mexico, and Russia only had 3 registered cryptocurrency exchanges. Indonesia came in last with a single one.
Since last year, there have probably been some changes with these numbers considering how impactful the year 2020 was. Towards 2021, the list could shake up again, and who knows what country might be the leader in this segment five years from now.
Number of Registered Bitcoin ATMs per Country
In July of 2020, there has been new research carried out that had a simple goal, to calculate which country currently has the most Bitcoin automated teller machines (ATMs), or BTMs as they are now popular. The results were somewhat surprising when total numbers are concerned, but that shocking when it comes to the leading countries. The list goes as follows:
- The United States – The absolute leader in the number of BTMs on the planet is the USA, with a total of 6,366 places where you can deposit, withdraw, or trade BTC. This is three and a half times more than all of the other surveyed countries combined. Considering the USA is basically the capital of the cryptocurrency world, it is not a surprise.
- Canada – The second country on the list has a long, long way to go to catch up to the USA, but it also has a nice margin over the third. There are not 747 Bitcoin ATMs in Canada, which would probably have less if it did not border the USA to the south.
- The United Kingdom – We are used to seeing the UK on these lists by now. As of July of 2020, it has a total of 256 BTMs across its many shires and cities.
- Austria – Austria was not yet mentioned in either of the previous few attempts to determine the country with the most Bitcoin users, but there must be a lot of them considering they have 153 BTMs.
- Switzerland – No list of countries can happen without Switzerland if it deals with business and finance in any way. The country famous for its high standard and price of living has made it possible for its citizens and tourists to access 78 Bitcoin ATMs.
- Spain – 72
- Czech Republic – 67
- Poland – 60
- Hong Kong and Germany – 59 each
- Netherlands – 54
Outside of the top 10 are Italy with 52, Greece with 51, Russia with 49, and Slovakia with 44 available Bitcoin ATMs within their borders.
Conclusion and Takeaways
As you can see, fellow Bitcoin and cryptocurrency enthusiasts, it is very hard to determine what country is the biggest Bitcoin user. There are various parameters one could consult to try and determine the absolute leader, but it is still a very rough estimation. If we had to point out a single country, it would be the United States of America, considering it has the most BTMs, second-most exchange as a single country, and the most overall people, companies, and infrastructure involved.