Cryptocurrency adoption is on the rise! In 2020, the average percentage of people who possess cryptocurrency in Europe and North America was 7.2 percent, which is higher than the worldwide average of 3.1 percent. It is possible that growing cryptocurrency knowledge is responsible for closing the gap between long-time crypto enthusiasts and those who are just getting started in the realm of cryptocurrency. The public’s understanding of cryptocurrency is expanding at a rapid pace. Furthermore, according to additional research, 34.8 percent of cryptocurrency owners in these regions are younger adults under the age of 30. Because they are highly educated and affluent, these individuals have a higher proclivity to make purchases using cryptocurrency than the general population in these regions.
Understanding The Crypto Space
Cryptocurrency, such as Bitcoin, may be used to make purchases of products and services around the world. It secures online transactions by using an online ledger that is protected by sophisticated encryption. This transactional data is validated, and the records are kept by a decentralized system that uses complex cryptography, which is known as a Blockchain. Different cryptocurrencies will have Blockchains that are somewhat different from one another. A Blockchain is a decentralised ledger that records all transactions that take place over a peer-to-peer network of computers. Businesses may use this technology to authenticate transactions without the requirement for a central clearing body to be involved. Cross-border money transfers, settlement of deals, voting, and a variety of other activities are all possible uses for Blockchain technology.
Popularity Among Young People
In 2020, Bitcoin was the most popular cryptocurrency, and it continued to gain pace as it became more widely accepted as a normalized asset rather than a speculated one. According to expert analysts, the total value of Bitcoin financial transactions reached around US $4 billion in the year 2019. More importantly, by 2020, 90% of cryptocurrency payment providers will accept Bitcoin as a form of payment. Furthermore, according to a Deutsche Bank study performed in 2020 in the United States, the United Kingdom, Germany, France, and Italy, proved that a vast majority of millennials feel that cryptocurrency would be beneficial to the economy. Furthermore, they have previously purchased and sent cryptocurrencies on reputable licensed sites like Altalix. Over a third of them think that cryptocurrencies such as Bitcoin are already substituting fiat currencies such as the dollar. This is also happening because most millennials do not use cash. Even though they may use banks and fiat currency, most of the transactions are online and not in hard cash, where they can see and use the number, they are not touching it. You see it every day with Ubers and food delivery.
Adoption in the United Kingdom
It is estimated that 2.3 million individuals in the United Kingdom, or 4.4 percent of the country’s total population, currently own cryptocurrencies. According to the results of an ING poll, 61 percent of people in the United Kingdom have heard of cryptocurrencies. When comparing this to the findings of the IE Centre for Governance and Change (CGC) poll conducted in 2019, more Britons (71 percent) had heard of cryptocurrency. This implies that since 2018, there has been an increase in interest among British people in acquiring cryptocurrencies. When Bitcoin ownership is broken down by income, the rich have a larger proportion of their assets in cryptocurrency. The poll found that 40% of the British population who hold cryptocurrency have an annual income of more than £200,000, with another 18% having an annual income ranging from £100,000 to £200,000.
The majority of Bitcoin owners in the United Kingdom are between the ages of 18 and 34. 33.3% Four percent of them are beyond the age of 55, which means that the young, tech-savvy, and wealthy are the primary owners of cryptocurrencies, as shown by this statistic. The most educated Britons are more likely to possess cryptocurrencies, with 21% of crypto holders having a PhD or comparable degree, compared to just 7% with a high school diploma or equivalent. According to the latest data, a greater proportion of British males (10 percent) than women possess cryptocurrency, according to the latest data (6 percent). In the United Kingdom, 24%of bitcoin owners have already used their cryptocurrency to make purchases, with the remaining 76% holding cryptocurrencies solely for investment purposes.
Adoption in France
Cryptocurrency is now owned by 2.1 million people in France, or 3.3% of the entire population. According to the IE CGC survey findings from 2021, 51% of French citizens know about cryptocurrencies. This indicates an increasing interest in cryptocurrencies among the French since 2018 when they had not remotely breached half the population knowing about crypto. When comparing cryptocurrency ownership by income, the affluent possess a disproportionate amount. More than 67 percent of French cryptocurrency owners earn more than €300,000 per year, more than any other income category. The majority of French cryptocurrency owners (30%) are between the ages of 18 and 34.4% are above 55. Cryptocurrencies are mostly held by rich, young French people. The highly educated French are more likely to possess cryptocurrencies, with 21% having a PhD or equivalent, and 5% having a secondary degree. Moreover, more French men (9%) than women (6%) possess cryptocurrency. 59 percent of French cryptocurrency users use their coins to make purchases, with the remainder holding them solely for investment purposes.
Adoption in Germany
2.1 million Germans, or 2.6 percent of the total population, now own cryptocurrency.In 2019, 71% of Germans have heard of Bitcoin. Compared to recent study data from 2021, more than 80% of Germans have heard of cryptocurrency. When comparing cryptocurrency ownership by income, the affluent hold much more. 67 percent of Germans polled earn more than €800,000 per year, with 44 percent earning between €200,000 and €800,000.The majority of German Bitcoin owners (33 percent) are between the ages of 18 and 34.5% are over 55. Cryptocurrencies are mostly held by wealthy, young Germans. In Germany, 10% of people do not have a university degree, whereas 10% do. Moreover, more German men (9%) than women (6%) possess cryptocurrency. 48% of German Bitcoin owners use cryptocurrencies to make purchases, while the remainder just possess cryptocurrencies to invest in.
Adoption In Italy
With one of the world’s most active cryptocurrency communities, Italy is fully integrated into the Blockchain ecosystem. Italy is a prominent factor in Blockchain adoption and one of Europe’s biggest economies. The government of Italy, which is the EU’s third-biggest economy, is open to Blockchain. September 2018 marked the month where Italy joins EBP (Evidence Based Practice) Its Ministry of Economic Development has created a team of 30 experts to help discover application cases for Blockchain. But the same Italian government caused some of the issues that prompted crypto. With a debt of EUR 2.3 trillion, it is one of the most indebted countries in Europe. With the economy in shambles and the Italian government unstable, the populace is eager for fresh possibilities. Prices have risen in response to political and economic changes in Italy. Tokens rose in May 2018 on worries of an Italian EU exit and a selloff of Italian assets. In this sense, Italians have employed Blockchain technology to create an economy aided by crypto. Naples explored introducing its own cryptocurrency in September 2018, blaming “unfair debt” from the national government. Meanwhile, Bari provides surety insurance using smart contracts and Blockchain.
Businesses, entrepreneurs, and even sports teams are fans of Blockchain and cryptocurrencies. De facto Bitcoin mining rigs are created in shipping containers, for example. Juventus, an Italian football team, said late last year that its own cryptocurrency will be available to fans in early 2019. Italian Serie C club Rimini decided to sell its Bitcoin-backed stock. Despite Italy’s excitement for cryptocurrencies, the country’s possibilities for purchasing Bitcoin and other tokens are limited. Buying Bitcoin has never been simpler thanks to trustworthy firms like Altalix.
Blockchain technology has come a long way in recent years, and it shows no signs of slowing down. So, get ready for a financial and societal revolution that will revolutionize how we handle transactions, manage data, and provide services. The only drawback is that Blockchain is still not generally or consistently understood. We’re getting closer to a decentralized, trustless internet, transaction transparency, and more with Blockchain technology.
Soon, buying houses will be easier with cryptocurrency. Identity proofing has become a major concern in real estate. Currently, a bank’s Know Your Customer (KYC) process can take up to 45 days to complete. Smart contracts could avoid the laborious verification procedure by tracing data on the Blockchain. These self-executing contracts could be used to handle loan requests and verify IDs. You may also see Blockchain technology being used in the real estate market to manage property records and smart home devices that connect to your lease terms.
The Blockchain will change the medical industry. Blockchain technology can store and manage digital identities as well as health records. Healthcare providers might use Blockchain technology to securely trade data. This would decrease redundancy and enhance diagnosis speed while maintaining patient privacy. The options are endless. Blockchain might be used to track the supply chain, improve medical safety, reduce health insurance prices, and more. Furthermore, the global Blockchain healthcare market is expected to reach USD 231.0 million by 2022, growing at a compound annual growth rate of 63 percent over the next six years.