The Secret History of Bitcoin: In which regions is Bitcoin more popular?

Source: Hash Pie

Author: LucyCheng

"Where is bitcoin more popular?" Is an interesting question; because the answer is different from different perspectives.

Bitcoin transactions in fiat currencies by country (data from Coinhills)

Judging from the transaction volume data of national currencies against bitcoin, bitcoin is more popular in the United States and Japan. These two countries have now monopolized over 90% of the transaction share of the BTC legal currency market. But everyone who knows cryptocurrencies knows that the development of stablecoins in recent years has hidden China's main force under the shadow of the market. Because according to a research report released by DIAR last June, nearly 70% of the newly issued USDT in 2019 will go to Chinese exchanges, and USDT has long occupied over 60% of the global bitcoin transaction volume in recent years.

Regional distribution ratio of USDT chain transfer to various exchanges (data from: DIAR; black represents China, gray represents the rest of the world, and red represents the United States)

Not used for financial investment needs in countries such as China, the United States, and Japan, Bitcoin has truly played the role of "substitute currency" and safe-haven assets in some Third World countries. Therefore, if we consider from the purpose and urgency of use, in a small country suffering from hyperinflation and economic sanctions, Bitcoin seems to have a higher popularity and nationality, and there are even ways to gradually replace the official government of the relevant country. Monetary momentum.

Zimbabwe's 100 trillion dollar bill

Among them, the most typical countries are Venezuela with an inflation rate of 10 million% in 2019, and Zimbabwe, which has issued the world's largest face value of 100 trillion yuan. According to Coindance's description, since 2018, Venezuela's bitcoin trading volume on the well-known OTC trading platform Localbitcoins is second only to Russia and is comparable to that of the United States. In the words of the country ’s economist Carlos Hernández in "Bitcoin Has Saved My Family", Bitcoin is their weapon against inflation, and it is even more closely related to their survival, because "this is a real life need, Not speculation. "

Image from: Twitter posted by Rhythm on September 4, 2019

From the stuff in the hands of tech geeks at the beginning, to the financial investment channels of mainstream countries today, to the fiat currency alternatives of third world countries … different people can get what they need from Bitcoin. Maybe it's the charm.