Several companies all around the globe are starting to acknowledge different varieties of cryptocurrencies as valid methods of payment for products and services. Because of the recent surge in popularity of cryptocurrencies, we have decided to provide you with some of the most important data on cryptocurrencies to slake your thirst for knowledge. Read more crypto buying and selling
Statistics Regarding the Use of Cryptocurrencies
According to the data kept track of by cryptocurrency users, the network of cryptocurrencies welcomes brand new members daily. Additionally, the number of transactions involving cryptocurrencies that take place each day is on the increase. We have put in the effort to track down some of the most important information about bitcoin users for 2022. Also read about proof of stake
Let’s have a look at what they are, shall we!
By February of 2021, there were 68 million users of various wallets.
Wallets are where users keep their private information stored. It performs the same functions as a traditional wallet or bank account, just in digital form. By the fourth quarter of 2020, there were 63 million wallet owners, but by the first quarter of 2020, that number had climbed by 3 million.
In 2020, Blockfi and Bitpay together provided customers with decentralized finance for a total of $232 million.
It is very difficult to turn a blind eye to the decentralized fundraising that has been taking place in the blockchain sector over the last several years. According to the data on cryptocurrencies, Bitpay accepted Bitcoin payments totalling $72 million, while Blockfi made loans using bitcoin as a collateral.
By 2022, Europe will have contributed $300 billion worth of capital to blockchain projects.
There will be an increase in financing over the course of the next several years after talking with more than 200 B2B blockchain start-ups. The data on blockchain predicts that their funding will reach 350 million euros, which is equivalent to $425 million, between the years 2022 and 2023. When it comes to blockchain, the area has been making tremendous strides toward development, and it is expected that the adoption rate will continue to rise over the next several years.
Using blockchain technology, financial institutions will have saved $27 billion by the year 2030.
Financial institutions like banks often suffer significant losses from procedures like money-laundering checks, payment processing, reconciliations, compliance, and treasury operations. By the year 2030, financial institutions will have saved over $25 billion thanks to the use of blockchain technology. That will lower the cost of running the groups in half.
In the first three months of 2021, the number of daily Bitcoin transactions came very close to passing the 400,000 milestone.
(Data obtained from Statista)
The expansion of the Bitcoin user base has caused it to achieve an all-time high number of transactions. Its entries as of January 2021 were higher than those as of January 2018, with a difference of 78,722 transactions per day between the two time periods.
Keep in mind that the first quarter of 2021 was a period when most economies were only starting to climb out of the ashes left by Covid 19. As a result, its performance was remarkable, having regard to the conditions. More and more people are becoming interested in Bitcoin than ever before. When compared to other cryptocurrencies, it is gaining traction at a faster rate.
As of the fourth quarter of the year 2020, Coinbase has 43 million users.
(From CNBC’s Reports)
You may have known Coinbase is one of the most influential cryptocurrency exchanges in the world. It submitted paperwork in 2021 to become a publicly traded company since it generated a significant amount of revenue the previous year.
The year 2020 was a very profitable one for the corporation, with revenues of $1.4 billion. When compared to 2019’s earnings of around $480 million, this represented growth of double digits. According to the data of the cryptocurrency exchange, the company had a net profit of 322 million in the same year.
By the end of the fourth quarter of the year 2020, the organization had over 43 million users, of whom roughly 3 million conducted transactions daily.
With an acceptance rate of 16 percent in 2020, Peru was the top nation in South America when it comes to the use of cryptocurrencies.
According to the data on the use of cryptocurrencies, Peru will lead the market by a percentage of 16 percent in 2020, making it the biggest in South America.
During the same time frame, the total value of the cryptocurrency owned by Latin American countries was $25 billion. The fact that the digital currency may be transferred internationally with very little fees has contributed to its rising appeal in the area.
Statistics Regarding Cryptocurrencies for Each Country
According to the data on cryptocurrencies broken down by country, several nations have implemented stringent limitations on the incoming, leaving, and internal transactions using cryptocurrencies. The goal is to stop anyone from using cryptocurrencies in fraudulent activities or to steal money from public coffers. On the other hand, certain nations, such as Turkey, are more permissive, and they actively promote activities such as mining cryptocurrencies and trading in them.
Most cryptocurrency owners in the UK, or 79 percent, have put their money into Bitcoin.
Bitcoin is the primary cryptocurrency, and all other cryptocurrencies are based on it. According to the data on the acceptance of cryptocurrencies, it is possible to use them to acquire any other coin on exchanges.
At the beginning of 2021, China conducted a second test run of its digital money.
(Image courtesy of WARC)
Statistics about cryptocurrencies indicate that the debut took place in Shenzhen and was accompanied by more than $3 million worth of digital currency. The number of people who took part was increased by around 50 percent compared to the first study, which included approximately 5000 individuals.
With the principal objective of achieving complete dominance over the US dollar, the People’s Bank of China intends to provide full support for this effort. Switzerland, Norway, Sweden, and Cambodia are among of the other nations who have the intention of following suit.
By the end of the year 2020, there were over a thousand blockchain projects being developed by corporations in the United States.
(Data obtained from Forbes)
According to the information gathered by blockchain, 14% of the projects were either in the process of being produced or were waiting to begin production. The remainder are now participating in trial programs, and industry professionals estimate that thirty percent will be available to consumers by the year 2021.
In the year 2020, the United States accounts for 48 percent of the total number of token sales.
(Image courtesy of Block Social)
In the wake of the significant price increase seen by Bitcoin in 2017, developers introduced dozens of additional cryptocurrencies. They did this by holding initial coin offerings, which are also known as token sales, to generate funds for each new virtual currency. According to the statistics on cryptocurrency volume broken down by nation, the United States contributed 48 percent of the total amount of token sales in 2020. The United Kingdom contributed 10.50 percent, followed by Singapore with 12.78 percent of the total. In 2017 alone, token sales generated $5.6 billion. Most were fraud scams.
In 2020, Nigeria was the nation with the highest percentage of people who owned or used cryptocurrencies, with 32 percent.
(Data obtained from Statista)
According to figures compiled from throughout the globe, the nation in West Africa came out on top in terms of both use and ownership of cryptocurrencies, with more than 30 percent of the total. In this area, Vietnam came in second place with a score of 21 percent, while the Philippines placed just behind it with a score of 20 percent.
The use of cryptocurrencies is popular among expatriate populations from Nigeria, the Philippines, and Vietnam. It is a more cost-effective way to send money to family and friends back home. The availability of cryptocurrency plugins on mobile phones in Nigeria is one factor that has led to the country’s growing interest in the digital asset.
An additional impetus for many people in the area to utilize it is the backing it received from the Central Bank of the Philippines.
China controls sixty percent of the world’s hash rate.
(Information obtained from BuyBitcoin Worldwide)
And the title of “Best Bitcoin Miner in the World” goes to………. China!
Even the United States, which comes in second on the list, is not even close.
The nation dominates the worldwide hash rate, accounting for more than half of it, while the United States only contributes 7 percent. China not only has enormous mining farms, but it also manufactures all the essential equipment.
The Bottom Line
The world of cryptocurrencies is quite extensive and is constantly evolving. According to the data on cryptocurrencies, the market for cryptocurrencies is anticipated to expand even more if there is widespread use of cryptocurrencies and more lax regulation from government authorities. Who knows what kind of unexpected things are going to happen right now?