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Cryptocurrency is one of the most unique technological concepts of our time; partially because it is so diverse in its use cases. It can function as an investment tool, a currency, a gateway into blockchain-powered systems, a hedge against inflation, and much more. This means that crypto is not used in the same way across the globe.
If any country in East Asia has taken very well to cryptocurrency, it is South Korea. The country’s adoption rate sits between 10% and 15% and its transaction volume competes with even the likes of the United States. A big use case of crypto in the country has been investments, partially as a response to restrictions in the traditional market. Then there has been the rise of crypto-based gambling. Casino games and sports betting are big business in South Korea and thus, crypto has found a home in that sector. From classic options like poker to modern games like Plinko, there is no shortage of options. Like Nora Kim writes for media platforms like CryptoNews KR, the number of crypto casinos serving this market only grows with time.
El Salvador made history as the first place to recognize crypto as legal tender, so it comes as no surprise that crypto’s primary use there has been as a medium of exchange alongside fiat currency. Businesses in the country accept crypto as payment for their goods and services, and while adoption rates have not skyrocketed as some would expect, they are nevertheless consistent. Outside of the domestic use of crypto for everyday expenses, many save using digital assets to combat inflation problems and others trade cryptos speculatively hoping to make a profit off the market.
The US is one of the biggest markets for crypto and sees these assets used in many different ways. On the investment end, you have some of the biggest crypto exchanges in operation, as well as spot ETFs and other avenues to invest. On the domestic spending front, you see multinationals like Microsoft accepting crypto from consumers, as well as a wealth of local establishments doing the same. There is also a lot of diversity in terms of non-crypto blockchain projects such as DeFi platforms, NFT, and much more.
Malta is not called blockchain island for nothing; the country has some very beneficial laws on crypto taxation and, as such, it comes as no surprise that so many crypto companies set up shop there. With these companies come many different avenues for consumers to use crypto. Crypto gambling is very popular on the island, with both online and land-based establishments offering these services. Then, you have crypto being used for everyday purchases thanks to the popular payment infrastructures. Finally, crypto investments have skyrocketed in the country thanks to the introduction of a proper framework for the industry that protects users while still allowing the sector to thrive.
Crypto use in China is a bit of a mixed bag. On the one hand, cryptocurrencies are banned in the country and there has been deliberate action to crack down on their use, with mining equipment being used. Still, Chinese investors are known to use VPNs and other tools to trade crypto, ignoring the current regulations. On the other hand, the Chinese government has released its own Central Bank Digital Currency (CBDC) that can be used legally like the Yuan. This is used to make everyday payments via e-wallets and offers an alternative for those interested in crypto.
Brazil is fast becoming a leader in crypto use, with its percentage of crypto ownership surging in the last few years. While, like many countries, Brazil has a healthy number of businesses that will take crypto for their goods and services, much of its crypto use is in speculative trading. Major exchanges like Bybit have opened up shop alongside local options Nanu Exchange, and these help to feed the growing local appetite for crypto. With the country’s high population and growing adoption rate, we can expect to see it influence the global crypto scene even more.
The United Kingdom declared its intention to establish itself as a hub for blockchain activity years ago, and while it is still eclipsed by other countries like the United States, it has seen a lot of progress in this regard. Crypto trading in the UK has been steadily on the rise for years, as has domestic use of these tokens. Gambling, for example, is seeing a bigger presence of cryptocurrency as given how big the sports betting sector in the UK is, this alone will keep cryptos in healthy use for years to come.
Disclaimer
The information on Coinsniper is user-generated and not verified. Coinsniper does not provide financial advice or facilitate transactions.
Also note that the cryptocurrencies listed on this website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments.
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