The influence of cryptocurrencies is becoming more dominant in many countries; As investors seek to search for promising digital currencies to secure their future returns.
According to Arabiya.net, cryptocurrencies do not have a central issuance or regulation authority, but rather use a decentralized system to record transactions and issue new units of the currency.
With the arrival of cryptocurrencies all over the world, some countries have legislated on them. While many countries are adopting a more relaxed approach to cryptocurrency, others have imposed strict regulations on it.
Although cryptocurrencies are not regulated, the best cheap cryptocurrencies are safer and less prone to fraud due to blockchain technology. Currently, approximately 10% of the world's total population owns some form of cryptocurrency.
Adoption of Bitcoin and other cryptocurrencies is up over 800% compared to 2021.
Here are the top 10 countries whose people adopt cryptocurrencies as a percentage of the population:
Thailand
Thailand tops the list of countries that are exposed to the impact of cryptocurrencies. Approximately 20.1% of Thai internet users own cryptocurrency.
Bitkub is the leading cryptocurrency exchange in Thailand, with 72% of Thais using it.
Philippines
The Philippines ranks second in the list of countries that internationally adopt cryptocurrency trading, as it is used by 19.4% of the total cryptocurrency dealers, while PDAX is the local cryptocurrency exchange in the Philippines that enables Filipinos to trade cryptocurrencies.
It is estimated that approximately 7 million Filipinos, roughly 6.13% of the total population, own cryptocurrency, according to Analytics Insight.
Nigeria
The third country in the world to adopt cryptocurrencies is Nigeria, with 19.4% of the population owning cryptocurrencies.
Nigerians are the most open to trading and spending in cryptocurrencies, but the country is not alone in its rapid adoption of what was often a buzzword until very recently.
The most traded cryptocurrency is Bitcoin, and other popular cryptocurrencies in Nigeria include Dash, Ripple (XRP), and PayChatik. With a total transaction volume in the crypto market reaching $400 million, Nigeria ranks third in seeing the impact of volatility in cryptocurrencies.
South Africa
South Africa comes next in the list of countries that are exposed to the impact of cryptocurrencies.
In South Africa, more than 19% of internet users own cryptocurrency. So far, South Africa does not consider cryptocurrencies as legal tender - or as a currency that can be used in commercial exchanges like regular fiat currencies.
South Korea
South Korea has approximately 13.4% of the world's cryptocurrency owners.
South Korea has long been labeled as a cryptocurrency hotspot in Asia. Almost 30% of all cryptocurrency trading worldwide is run on the Korean market.
However, at present, it is not legal to own, sell and buy crypto assets in the country as per the crypto regulations issued by the South Korean government.
Argentina
Argentina has acted as a regional leader in the cryptocurrency space. Under Argentina's national constitution, the only authority capable of issuing legal currency is the central bank.
Argentina has a rich history of being an early adopter of cryptocurrencies, in part to protect against inflation and circumvent bans on transferring foreign currency outside its borders. Although cryptocurrencies are not prohibited, the Argentine government has issued cryptocurrency regulations regarding cryptocurrencies, particularly in the areas of taxation and anti-money laundering.
Malaysia
Malaysia is among the countries most affected by cryptocurrency with 13.2% of global cryptocurrency owners. Bank Negara - Malaysia's central bank - has approved specific cryptocurrencies that can be dealt with, namely: Bitcoin, Ether, Bitcoin Cash, Ripple, Litecoin, and some other currencies.
Interested persons can buy cryptocurrencies on any stock exchange registered in Malaysia.
Turkey
On average, Turkey accounts for 18.6% of cryptocurrency owners. With the economy waning and the national currency depreciating, it is not surprising that Turkey is taking the lead in cryptocurrency ownership.
The anonymous co-owner of Bitcoin.org tweeted about the massive increase in traffic from Turkish investors in mid-2022, saying that this is how Bitcoin is taking over the world. It is estimated that more than 2.4 million people, or 2.94% of Turkey's total population, currently own cryptocurrency.
Brazil
Brazil records 16.1% of cryptocurrency owners. Amidst the cryptocurrency boom in Brazil, many global exchanges, such as Binance, Coinbase, and Crypto.com see the country as the main market for Latin America in 2022.
It is estimated that 16 million people, or 7.8% of the total Brazilian population, currently own cryptocurrency.
Indonesia
Indonesia has 16.4% of cryptocurrency owners. Bitcoin, Ether, Cardano, and Polkadot are some of the legal digital assets in Indonesia.
Currently, Bitcoin is the most popular cryptocurrency in the country and remains the digital currency with the highest transaction values among Indonesian investors.
