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stompix

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Quote from: el kaka22 on August 24, 2022, 07:31:39 AM

I know another nation with 14 million users and 17% population, and yet the name is not there.

The least work I've ever done in my life as a detective as weirdly there is only one country with 14 million citizens and that is Zimbabwe, but if you're going to tell me that 1 in 5 down there is a crypto "user" I would say its daydreaming.

Quote from: el kaka22 on August 24, 2022, 07:31:39 AM

Like how the hell you do not put El Salvador which technically has 100% rate because ~~everyone has to use~~ it and it is a legal tender and it's illegal to not accept legal tender currency if someone wants to pay you with it.

And what makes you think that everybody "has " to use it and everybody wants to use it?
It's just like credit cards here, just because you as a chain store you're forced to offer people the method of payment it doesn't mean every single person in the country has a credit or a debit card.

The reality is that there was much hype and little actual success, of course I already know, for some reality is FUD but here it goes:

Quote

Data from the Central Reserve Bank shows that between September 2021 and June 2022, that is, 10 months after Bitcoin was implemented, $120.46 million entered through “cryptocurrency digital wallets”, which represents only 1.8% of the $6,406.67 million that entered in total remittances in the same period.

Rember how Salvador was going to save trillions of quadrillions in WU fees?

el kaka22

legendary

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I know another nation with 14 million users and 17% population, and yet the name is not there. It's fine, these lists are never really correct because we rarely get the "all" data pack when we are calculating this. We remove some nations because either bias, or lack of information or disputable data etc etc and that is why we get this stuff.

Like how the hell you do not put El Salvador which technically has 100% rate because everyone has to use it and it is a legal tender and it's illegal to not accept legal tender currency if someone wants to pay you with it. All in all, it is a good list, shows most of the amazing places and it means the world is very interested in it.

Lucius

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Quote from: stompix on August 23, 2022, 04:16:44 PM

Yeah, they went for the capital cities, which is really stupid:
---
Let's compare a city of 600k with one of 24 million and ignore that New York alone has more than anyone on that list.

Yes, that's what I suspected, because the US certainly has far more places where you can pay with crypto, but everything else doesn't have much logic and it seems that all these companies just want to promote themselves with this kind of amateurish, almost meaningless research. In addition to these two reports, there is another one that mentions some other countries in the sense that they are "crypto ready nations", and there we see some other countries that are not mentioned at all in these two reports. If someone were to take 10 different approaches, I'm sure they could get 10 different lists with quite different results.

Quote from: romero121 on July 30, 2022, 08:07:23 PM

Worldwide crypto readiness is defined based on the number of blockchain startups in each country, the digital asset legislations and taxation rules, the number of ATMs, and the interest in the industry per capita.

Hongkong - 8.6 points out of 10
USA - 7.7 points out of 10
Switzerland - 7.5 points out of 10
Georgia
UAE
Romania
Croatia
Ireland
Czech Republic
Slovakia, Greece, Panama & Bulgaria shared 10th position.

stompix

legendary

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Quote from: Jawhead999 on August 23, 2022, 08:35:54 AM

It's funny the prediction of owned and used crypto on UAE in 2025 and 2030 result in negative lol, they're using a same pattern on 2019, 2020 and 2021 do determine the next 5 years which aren't correct.
~
If Nigeria 100% people which own and use crypto in 2030, I think this is when Bitcoin already reach at least $1 Million since most are really want to buy and transact using Bitcoin.

Probably a dark joke of extrapolation?

So, something like you've had 1 miscarriage so you will get another 10 in ten years?

That thing is just ridiculous, UA going into negative, Nigeria getting 100% and Brazil getting stuck at 14% for a decade.

But! Since Nigeria is already at 32% which means it can grow only 3 times, so we're blocked at 60k and a bit. Grin

Quote from: Lucius on August 23, 2022, 08:16:21 AM

These data from the table do not look credible to me, especially this part about the number of businesses that accept crypto payments, of which there are only 6 in the entire US, which is completely wrong without any doubt, although the second column lists the capitals of those countries, so that number refers to that and not to the whole country?

Yeah, they went for the capital cities, which is really stupid:

Let's compare a city of 600k with one of 24 million and ignore that New York alone has more than anyone on that list.

iv4n

legendary

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Quote from: m2017 on August 23, 2022, 01:37:00 PM

What surprises and amuses me the most in this spreadsheet is the exact number of owners of cryptocurrencie in each country. Where are these numbers taken from? The US has 27,491,810 crypto owners and Colombia has 3,122,449. How can a Merchant Machine know the specific number of owners and where does this data come from?

I also doubt some of these stats... I am anonymous since the beginning, and I am still managing to stay anonymous! I wonder how many people think as I do and if I can guess many of us from here skip doing KYC whenever we can! It's interesting to see some numbers, but we can't trust in every statistic presented by "I don't know whom", in this case, some "merchant machine site"!

Anyway, there's no sign of my county, as I assumed! Some of us are behind the world, for a decade or two, minimum...

Fivestar4everMVP

legendary

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Quote from: davis196 on August 23, 2022, 05:52:39 AM

However, I don't believe that this data is accurate.

Totally agree with you, it is obvious that the data is not accurate, makes me wonder how this guys even manage to gather this data, is it through online survey or do they walk on the street asking people if they hold crypto or not.
In whatever way they get the data, there is no way it can ever be accurate, if they get the data through online survey, not everybody fills online survey, I for sure do not.
And if they ask people on the street, how many people can they ask and how many cities can they cover? ~ so there is practically no way this type of datas can ever be accurate.

Fortify

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Quote from: Symmetrick on August 23, 2022, 05:24:47 AM

Merchant Machine analysts conducted a study among 50 countries and identified the top 10 among them, leading in the use of cryptocurrencies.

Ukraine was in second place, the United States naturally in first place:

The study included 6 items, including the number of crypto owners, the percentage of the total population of the country, the DeFi index, the number of cryptomats, how many different enterprises have added bitcoin as a means of payment, and the volume of search queries on the Internet.

Also in the same study is a table with an increase in the number of people owning cryptocurrency. The top 10 includes mainly countries in Africa and South America.

That's definitely some interesting data and nice to see this sort of detail occasionally. It generally trends with the most digitally advanced countries, it's surprising to see Russia in there because I think it is somewhat of a grey area defined by their government, notably absent is also China who probably has a lot of wallet holders who keep everything super quiet because the repercussions can be very serious. Lots of representation from Asian and African countries, another surprising standout is Columbia - I guess their internet infrastructure is well enough advanced and people are choosing to hold this currency instead of money in the local banking system.

livingfree

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No El Salvador.

Not surprising, despite the good news that came to it as the first country to adopt bitcoin as a legal tender. Many of its citizens were forced to know what it is all about. And the stats talks about those who have "used".

So that speaks well for that country.

Quote from: m2017 on August 23, 2022, 01:37:00 PM

How can a Merchant Machine know the specific number of owners and where does this data come from?

They got it from different sources below the article. Here they are;

Quote from: https://merchantmachine.co.uk/global-adoption-of-crypto-payments/

Sources and methodology

https://triple-a.io/crypto-ownership/

https://www.investopedia.com/what-can-you-buy-with-bitcoin-5179592

https://go.chainalysis.com/rs/503-FAP-074/images/Geography-of-Cryptocurrency-2021.pdf

Bitcoin ATMs per country: https://coinatmradar.com/countries/

Number of businesses accepting crypto by city: https://coinmap.org/

Accommodations accepting crypto by city: https://www.travala.com/payment/bitcoin-btc

Percentage of people who owned or used crypto: https://www.statista.com/statistics/1202468/global-cryptocurrency-ownership/

m2017

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What surprises and amuses me the most in this spreadsheet is the exact number of owners of cryptocurrencie in each country. Where are these numbers taken from? The US has 27,491,810 crypto owners and Colombia has 3,122,449. How can a Merchant Machine know the specific number of owners and where does this data come from?

fiulpro

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Quote from: hyudien on August 23, 2022, 10:12:51 AM

Credible or not the data displayed, maybe to balance also need data too. Because so far I have not taken the time to search and research, of course, not too much against. However statistically the data per country and everything shown is not entirely correct. India, Vietnam, and Russia could have had more dominance. If counted with anonymous users who are not exposed by the statistical media.

I would beg to differ, the data does seem preety adequate, being a long term ukranian resident and an Indian national I can affirm that you will find more people willing to use and trade in cryptocurrencies in Ukraine, ofcourse after the war the Russians are trying to switch to cryptocurrencies to evade the financial problems but even then the scope is limited and thus they might be dominant but Ukraine have been doing it for ages, therefore I do think that the data might be relevant when applied practically, India is diverse in the market but people are not that willing to use cryptocurrencies since government is so against it every now and then it's even hard to find a restaurant in cp which will accept cryptocurrencies.

hyudien

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Credible or not the data displayed, maybe to balance also need data too. Because so far I have not taken the time to search and research, of course, not too much against. However statistically the data per country and everything shown is not entirely correct. India, Vietnam, and Russia could have had more dominance. If counted with anonymous users who are not exposed by the statistical media.

Rikafip

legendary

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Quote from: BIT-BENDER on August 23, 2022, 09:46:57 AM

I don't know how accurate most of this Data is and why the segregation of Africa and South America into a set and then having the main set list, I am not Data analyst but I definitely know many of such list can be from individual thoughts.

Africa and South America are not segregated. That first table is based on overall score, while 2nd one is about the percentage of crypto owners, and that's where Nigeria and South America dominates. Well, at least according to them.

Quote from: BIT-BENDER on August 23, 2022, 09:46:57 AM

I think some African countries really should have made it to the top ten on the main list. Countries like Nigerian.

I wouldn't take this study too seriously as some other countries with high crypto adoption rate are also missing. By the way, since you are from Nigeria, do you have a feeling that 40% of all people in your country owns crypto?

BIT-BENDER

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I don't know how accurate most of this Data is and why the segregation of Africa and South America into a set and then having the main set list, I am not Data analyst but I definitely know many of such list can be from individual thoughts, I think some African countries really should have made it to the top ten on the main list. Countries like Nigerian.
Nigeria has a population of over 200, million of which a good percentage of them a youth, it's no news the the value of the Nigerian currency is great this has lead many Nigerians to source crypto-currency mean. Just a local data many youth has now started to save funds in stable coins like USDT and so on just to escape the fall of the naira this alone should put Nigeria in the list. Not just that many Nigerian names can be attributed to the creation of some reputable Cryptos today.

Coyster

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Quote from: Lucius on August 23, 2022, 08:16:21 AM

although the second column lists the capitals of those countries, so that number refers to that and not to the whole country?

Whilst that might be it, i'm surprised at the number of businesses that accept crypto payment in Bogotá, the capital of Columbia, ~86 according to the data, whereas just 6 in the capital of the U.S., i don't live in the U.S. but shouldn't the number of businesses that accept crypto in its capital be higher than 6? And as for Bogotá, 86 sounds a bit over the top, that was why i asked in my earlier reply if they are that much of a crypto-friendly country as i've not heard or read too much about them. Having said that, it is difficult to know which of all these sort of data is accurate, if they prolly had more similarities than difference in them, or maybe just a slight difference, then we might consider its credibility, but when it's completely different, it is hard to tell.

d5000

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Quote from: davis196 on August 23, 2022, 05:52:39 AM

The guys at Merchant Machine will have to reveal their information sources.

They did reveal the sources, and here's where the problem of the whole "study" (in big quotation marks) seems to be:

Quote from: Merchant Machine

Sources and methodology

https://triple-a.io/crypto-ownership/

https://www.investopedia.com/what-can-you-buy-with-bitcoin-5179592

https://go.chainalysis.com/rs/503-FAP-074/images/Geography-of-Cryptocurrency-2021.pdf

Bitcoin ATMs per country: https://coinatmradar.com/countries/

Number of businesses accepting crypto by city: https://coinmap.org/

Accommodations accepting crypto by city: https://www.travala.com/payment/bitcoin-btc

Percentage of people who owned or used crypto: https://www.statista.com/statistics/1202468/global-cryptocurrency-ownership/

Source: Global Adoption of Crypto Payments

So basically this is a "study" conducted by consulting only one source per item. IMO Coinmap, for example, isn't really accurate and often outdated. Brick and mortar merchants aren't also, in my opinion, the best metric to research "adoption", as BTC is much more prominent in e-commerce. And they considered only the capitals of the countries ... they really were lazy

It's a pity, because the topic is important - we really need better studies in this area.

Rikafip

legendary

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Absolutely all data on this study looks completely off; some numbers are heavily inflated like percentage of crypto owners, while some like number of businesses that accepts crypto and number of BATM look lower than they should be. Looks to me like that Merchant Machine pulled those number out of their ass and not by conducting a serious study.

Quote from: ?? on ??

There are a lot of crypto users in Russia.

Its one thing to have " a lot of crypto users", but according to that data one in eight Russians owns crypto. From your experience, do you really think that's the case? I have the same question for other members whose countries are on their list, like Nigeria where according to that list incredibly high 42% of total population own crypto, meaning 80 million people.

If those numbers were true, BTC would be at six figure number years ago.

Jawhead999

legendary

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It's funny the prediction of owned and used crypto on UAE in 2025 and 2030 result in negative lol, they're using a same pattern on 2019, 2020 and 2021 do determine the next 5 years which aren't correct.

If Nigeria 100% people which own and use crypto in 2030, I think this is when Bitcoin already reach at least $1 Million since most are really want to buy and transact using Bitcoin. Back in the 10 years before, we're only use Iphone 5 with iOS 6 now we're already have Iphone 13 pro max with iOS 15. With just 10 years we're already having quick technology innovation.

jackg

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Not sure if it's the same for t the other countries on that list but I think the figure for accepting bitcoin in businesses is out by a bit (I've seen quite a few places advertise at their tills that they accept bitcoin - they probably don't have a website/promote it online though).

Perhaps if most countries have skewed data on that then it's still a good way to compare them though as ones with high crypto acceptance that's known, might have higher unrecorded acceptance too.

Lucius

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These data from the table do not look credible to me, especially this part about the number of businesses that accept crypto payments, of which there are only 6 in the entire US, which is completely wrong without any doubt, although the second column lists the capitals of those countries, so that number refers to that and not to the whole country?

We recently had a similar topic that was also posted by the same member, and if we look at the top 10 countries such as Germany, Australia, Switzerland or Portugal on that list, we can notice that they are not here at all - no matter what methodology the authors of the research used, it is strange that we get so different results.

Most crypto-friendly economies in the world

I think that the authors of this and similar research are very limited in terms of the number of countries they take into account, because if that number were 100 or 150, I believe that the results would be completely different.

Coyster

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On the table Columbia have the highest number of businesses that accept crypto as payment, that is interesting, that prolly means that Columbia is a crypto-friendly nation right, i don't know if we actually have Columbians here on Bitcointalk forum to give us an idea of what their government thinks about crypto. Having said that, when businesses around the world start accepting crypto for payment, it will be very pivotal to crypto adoption globally.

Quote from: NdaMk on August 23, 2022, 06:18:19 AM

This is great for we Nigerians. Although the government isn't totally in support of cryptocurrency I love the way Nigerian are beginning to have more interest in cryptocurrency. If you look into the age of those investors the highest percentage of users are the youths which make the future brighter. I believe Nigeria can lead the entire African continent towards cryptocurrency acceptance.

You don't have to quote all of the OP mate, especially when it is a big one. Having said that, Nigeria has always been one of the leading countries in Africa that is involved in crypto, and mind you that government reluctance to embrace crypto isn't peculiar to Nigeria, it is somewhat the same way globally, though whatever they come up with is usually ineffective on decentralized crypto like Bitcoin, especially when we are considering long term effects.

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