The Wave of Cryptocurrency Adoption: A Small Storm That Might Turn Into a Tsunami
Right now, the majority of people know very little about cryptocurrencies. They are widely perceived as some sort of speculative instrument. But that will change once the wave of crypto adoption, which is the term for the real-world application of this type of money in many areas of our lives, encompasses the entire planet.
We, the crypto enthusiasts, know all too well that the mass adoption of cryptocurrencies is inevitable, regardless of the resistance from regulators and conservative politicians, as exemplified by the latest occurrences around Libra, the emerging cryptocurrency that is being developed by Facebook. The reason for such opposition lies in the universal belief that cryptocurrencies will eventually supersede fiat, as we are currently witnessing the increasing number of cases where companies give preference to crypto, and stablecoins in particular, over traditional currencies, which is a sure sign of the swelling wave of adoption of blockchain-enabled digital money.
How crypto adoption takes place around the world
It might seem rather weird, but the Western countries, and the developed Asian ones, are severely lagging behind the developing nations in terms of cryptocurrency adoption. According to the data provided by Statista, the Turks are the most eager adopters of cryptocurrencies, with 20% of the country’s population either holding or actively using Bitcoin and other cryptos. But Latin America has turned out to be the real haven for crypto: Brazil, Colombia, Argentina, Mexico, and Chile are the countries where 11% to 18% of the population deal with cryptocurrencies.
When it comes to developed countries such as the US, France, Germany, and Japan, the percentage of crypto adopters becomes drastically lower (no more than 6%), which is explained by the counteraction from the financial institutions.
The wave that keeps on rising
The first instance of the real-world use of cryptocurrencies dates back to the time of the inception of Bitcoin. It was May 18, 2010, when the infamous crypto enthusiast Laszlo Hanyecz paid 10,000 BTC for two large Domino pizzas. That’s how the anecdotal holiday called the Bitcoin Pizza Day emerged. Yet, the cryptocurrencies have been in a state of hibernation until 2017, when the hype, born out of an incredible price spike, turned into a wave of interest that went all over the world. Thanks to this, cases of crypto adoption began mushrooming all over the world.
For instance, in Argentina, people can buy transit tickets in public transport using Bitcoin; the government of this country had even carried out a deal with neighboring Paraguay that provided for the purchase of agricultural materials with BTC. In the United States, taxpayers in Ohio can make payments in BTC, and officials in Arizona, Indiana, California, and New Hampshire have issued proposals that provide for the acceptance of Bitcoin as a means for tax payments. Lieferando, a food delivery application that is popular in Germany and all over Europe, also allows payments in cryptocurrency.
Rest assured that the wave of cryptocurrency adoption will keep on gaining momentum as more and more people and companies come to realize the real benefits of this innovation.
1xBit at the spearhead of crypto adoption
While some people and countries are reluctant about using crypto, online iGaming platforms like 1xBit are adopting it in full swing. 1xBit is an innovative online sportsbook and gambling outlet that had already fully adopted crypto and its philosophy of total anonymity and negligible transaction fees.
The platform accepts deposits in more than 20 cryptocurrencies, guarantees a great playing experience and seamless withdrawal on winnings. Moreover, all newly registered members are entitled to a great welcome bonus of up to 7 BTC (and other interesting perks) for the initial deposit of no less than 5 mBTC. The wave of adoption of cryptocurrencies is getting bigger, and 1xBit is riding it like a surfer pro!
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