There are many indicators to determine the popularity of Bitcoin and cryptocurrencies in different parts of the world. One of them is the size of the transaction in different legal currencies, and this data shows some interesting results.
Asia is still keen on Bitcoin
According to Coinhills.com, the dollar is undoubtedly the legal currency with the largest volume of transactions. Of the nearly 710,000 BTC transactions, the US dollar accounted for 73.47%, which is clearly the winner. This does not mean that the United States must be the country with the largest amount of Bitcoin transactions, as many international exchanges offer dollar trading pairs. Dollar bank accounts are also popular around the world because the dollar is currently the dominant currency in the world.
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(Source: coinhills )
The second place in Bitcoin trading volume is the yen. Since the yen is unlikely to be traded outside Japan, it can be said that Japan accounts for more than 17.54% of Bitcoin trading volume. The cryptocurrency transaction and penetration rate have achieved a certain scale in Japan, and the government has actively participated in it and has developed a specific regulatory framework. In this regard, the United States is far behind because legislators continue to delay the approval of cryptocurrency investment products.
The third place is South Korea, and the trading volume of the won has accounted for about 5%. Similarly, the use of the won is likely to be limited to South Korea, not a global currency like the US dollar. Market movements have been driven by Asian trading hours again and again, and it is not surprising that Japanese and Korean currency accounts for 22% of bitcoin transactions.
Europe does not love bitcoin
The US dollar, the Japanese yen and the Korean won accounted for 95% of Bitcoin trading volume. Although the euro ranked fourth, it only accounted for 1.92% of bitcoin transactions. The euro is the official currency of 19 of the 28 member states of the European Union. In terms of cryptocurrency and bitcoin transactions, Europe seems to lag far behind Asia and the United States, but some countries have higher levels of bitcoin transactions than others.
(Source: coinhills )
Britain, which is struggling to get out of EU control, ranks fifth, with data showing that the pound is only 0.73% of total bitcoin transactions. In the UK, the penetration rate of Bitcoin is not high, and only a very small number of people participate in the transaction. Behind the UK is Poland, which accounts for less than 0.5%.
Statistics show that Asia is clearly dominant, especially Japan and South Korea. Since China's transactions are mainly over-the-counter transactions, it is difficult to estimate. India, including China, may have a higher dominance of bitcoin transactions in Asia.