The chain analysis showed that bitcoin use is on the rise in developing countries as citizens seek refuge from the depreciation of the currency.
Global adoption of bitcoin and cryptocurrency has increased by more than 880% over the year, new chain analysis data shows. Dec July 2020 to June 2021 the company’s global crypto entry index was released yesterday to show how active countries around the world are in bitcoin.
The index weighs data to prevent professional and corporate players from slipping in favor of developed countries with high trading volumes. Instead, the goal is to highlight” the countries where cryptocurrency is most adopted by ordinary people ” and focus on use cases related to transactions and individual savings rather than trade and speculation.& quot;
Chainalysis found that Vietnam had the most cryptocurrency distributions, resulting in 154 countries analyzed and rated on a scale of 0 to 1 Dec. The second was scored by India with a score of 0.37, followed by Pakistan with a score of 0.36.
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The data analysis company uses three statistics to determine the country’s ranking. The value generated by the chain, weighted by purchasing power parity per capita (PPP), seeks to determine how significant total cryptocurrency activity in the country is compared to wealth per capita.
The second metric, the retail value transmitted in a network also weighted by PPP per capita, is designed to measure the activities of non-professional individual users relative to the average person’s well-being.
The second metric measures the volume of peer-to-peer (P2P) stock trading, decidedly based on PPP per capita and the number of Internet users in the country. The purpose of the third measure is to try to separate countries where more residents invest most of their capital in P2P transactions.
Only global bitcoin adoption has risen sharply, the study found, with 2019 expected to be the 3rd year in a row.it showed not that it has risen 2300% since the quarter, but how emerging markets have turned to bitcoin to protect their savings in the face of tough countries.
