Topic: 2.4% People from Bangladesh Hold Cryptocurrency (Read 407 times)

Of course, it is difficult to get really accurate data about the number of crypto users especially when the users are very concerned about privacy. I can still consider that the data in the OP doesn't include users who aren't on a centralized exchange at all, so anyone who isn't risking their personal data on a centralized exchange or such definitely won't be tracked.

I could probably tell you that Indonesia has had millions of crypto users so far or at least bought and traded them. But I believe that any analysis made will not really be able to calculate the exact number of users until now.

Finding accurate data on the number of individuals holding cryptocurrency in your country is likely to be challenging. Many people use non-custodial wallets that obscure jurisdictional information, making it difficult to track. However, if the news and estimates are reliable, it is evident that a substantial number of people in your country are involved in cryptocurrencies. Nevertheless, I believe that there may be even more individuals utilizing crypto who remain silent due to government-imposed restrictions. Conversely, the increasing media coverage about Bitcoin and similar currencies is raising awareness among the general public, which I perceive as a positive development overall.

From countries like Bangladesh and Nigeria, it's not a surprise because people there are somewhat computer literates and they know how to find ways to bypass a restriction given online. Both of them are also not that wealthy so people were force to strive and return to cryptos even though it's risky only to have something to get.

In most countries I think the situation is also the same when it comes to banks. They won't also support crypto even though crypto on their country is already declared as legal. Banks still think that crypto is a threat to their business. They are not that open minded and think of opportunities it can bring to them once they adopt crypto.

This is because of the fact that there are too many freelancers in Bangladesh and PayPal is banned there.

Well its no suprise to me seeing that people in Bangladesh are continually using bitcoin despite its ban and restrictions in the nation, I that this is exactly the same feat that is occurring in my own nation NIGERIA, she is one of the most populous countries in world and the most in Africa I guess and it strength for the use of bitcoin has grown so fast and rapidly that bitcoin ATM are being install in some private business in some of the cities where its consumption is at its peak and despite this massive adoption and consumption of bitcoin, it is still declared illegal to transact bitcoin directly with your fiat bank but with all this recent development the government are seeing to it that they have a different perspective and are looking for way to actually understand the technology that behind bitcoin and crypto at large.

Whether stats are true or not can not be confirmed with the references given online. The article itself was written after assessing few of the other news channels and posts around the internet. There is no way stats can be made accurately for the bitcoin. I mean there are hundreds and thousands of addresses are generated from a second to minute and there is no limit on the same.

How one could be sure that there are 2.4% of the population holding the bitcoin? There could be single person holding hundreds of addresses. Some may be newly generated, some may be unused, some may be forgotten and etc etc.

So that is first concern here. Secondly, though government bans it, it won't affect the operation of Bitcoin. All you need is an internet connection and way to go around it. You are all set use it from anywhere. Thats the beauty of it.

As far as I know, Bitcoin and cryptocurrency are completely illegal in Bangladesh. And there are various news broadcasts from time to time in many media where it is seen that many people are caught by RAB due to Bitcoin transactions or other currency transactions. 
Despite all these risks, 4% of the total population of Bangladesh is involved in cryptocurrencies, which is a very good news. 

The population of Bangladesh is relatively high and 4% of the population is involved in Bitcoin, which is a huge number in the context of Bangladesh. In the current context maybe four percent people are involved in crazy currency but a year from now if a proper calculation is done it will be seen that the number has increased.

It's necessary to look at the statistics up to the previous years whether this figure is a significant or reasonable growth every year. If the government doesn't see this as a threat, then I don't think legality will materialize so quickly.
Besides that, the local government is still trying hard to find an alternative to crypto (CBDC) since 2020^[1] even though they are in turn implementing blockchain technology which has been trialled by local banks. It seems they will be selective towards some "controllable" cryptocurrencies at some point if they legalize crypto.

1. https://www.thedailystar.net/bangladesh-first-blockchain-based-remittance-service-launched-1958453

More people will hold Bitcoin when it is legalized because the fact that lots of people are already holding Bitcoin despite no assurance of its future legalization indicates that these individuals recognize the importance of Bitcoin as an asset and as a payment system for transactions. Government intervention is likely when it comes to legalization, but since Bitcoin is decentralized, it will outperform all centralized payment systems that are expensive in transaction fees and may be unreliable in the future. This will create a demand that will benefit the holders.

Although Bangladesh is currently known as a developing country but without any hesitation it has greatly advanced in technology. Even a decade ago Bangladesh was very backward but from that place the present government has been able to bring about a great change. The use of cryptocurrency in Bangladesh has been going on since its inception. But one of the biggest problems of this country is the corruption. The government was not prohibiting to legitimize Bitcoin because people were trying to abuse it by getting its permission. Bangladesh is the number 1 country in the world where money is laundered greatly in the world's bank. A major part of the total income in this country comes from the garments industry. With Bitcoin being allowed, those garments traders will be able to launder money very easily. However, the freelancing profession has developed greatly in Bangladesh. The government has a vision to take this situation to a better level. There is a high possibility that they will legitimize Bitcoin in that direction. Because PayPal is not yet launched in Bangladesh. Moreover, freelancers are also considering the use of Bitcoin for payment complexity. I am more optimistic because if the neighboring country India has allowed it so surely it will be done in Bangladesh.

Well, seeing as that Bangladesh has already explicitly banned Bitcoin and other cryptocurrencies, I cannot see how anyone could accurately estimate the amount of Bangladesh people who own any kind of crypto. So the question is not only how did they figure out 2.4% as an estimate of holders but also could this number not be completely wrong due to the fact that many remain in the shadows and would rather keep their holdings a secret?

I think the number is grossly underestimated. A lot more people in Bangladesh are probably holding crypto...

I am not sure about the accuracy of the news but I do believe that many of them are holding cryptocurrency assets especially from developing countries to fight the inflation rate in their own economy. When its completely declared illegal then users may face legal consequences and that is why we can't find exact numbers whereas Bangladesh is Islamic country so we need some Islamic scholar to do about what is bitcoin that can convince it doesn't go against the Muslim laws so country can legalize it atleast as an asset so they can generate revenue instead of pushing people towards black money concept.

Not to mention that Bitcoin is illegal in Bangladesh they run the risk of getting charged in court and prosecuted and ending up in jail, this is the power of the internet these holders know the potential of Bitcoin because they can follow what's happening around the world and how Bitcoin create an impact so they prefer to take the risk and hope that when there's a shift in the government or there is a new administrator, that new administration is open for adoption of Bitcoin.

For high inflation countries like Turkey, and Venezuela, even bitcoin with greater volatility is better than holding fiat currency when inflation is up to 100%. Cryptocurrencies or bitcoins won't lift those poor countries out of poverty, but if people know how to capitalize on them and use them wisely, they can get out of financial trouble. That's why we see cryptocurrency widely used and popular in 3rd world countries and poor countries.
Not only Bangladesh, I hope the use and acceptance of cryptocurrencies will soon spread more in poor countries, and this is seen as an opportunity for everyone.

Good luck to them, Bangladesh isn’t a very wealthy country so I totally applaud anybody who is trying to make a better life for themselves. 1 Bangladeshi Taka is 0.0093 United States Dollar (I Googled) so these people who are buying & holding bitcoin have my absolute respect.

It's great that some individuals even understand cryptocurrency and use it. The number is extremely astounding considering that cryptocurrency use is prohibited in Bangladesh, where I even recently heard in the news that authorities there often detain locals who have cryptocurrency wallets.
Cryptocurrency will keep rising in value as long as more people learn about it and discover it to be a better or safer sanctuary than banks, where they can retain or invest their money without worrying about other people or government authorities probing.

2.4% of the total population in Bangladesh is involved in cryptocurrency and is using Bitcoin directly and indirectly this is really surprising news. As a Bangladeshi citizen I cannot use Bitcoin directly and for transactions I have to do transactions on Binance P2P under the guise of avoiding the eyes of the law. One thing to note is that four million users in our country are using Bitcoin and it will become moreIf the government of our country allows us to use Bitcoin. Our country's government and legal system prohibits the trading and use of Bitcoin in such a way that anyone who trades Bitcoin will be punished under the Money Laundering Act. That's why the people of our country cannot use bitcoins spontaneously and the privacy of bitcoin transactions has to be maintained.

so long some of them are into crypto, they will spread good word if they are satisfied with this market. that small number will turn into bigger ones later on. they need to start from something, right?
but i thought this country is treating crypto as illegal. so it means some of its people still find a way to hold and use crypto. maybe, if their country will not ban the use of it, the adoption will further increase.

According to Triple A list, here's the top 5 countries most crypto ownership (by individual holder).

USA (46 million)
India (27 million)
Pakistan (26 million)
Nigeria (22 million)
Vietnam (20 million)

I don't know how much accurate this data is, not having China in the top 5 list is a surprise. I know China has banned cryptocurrency but it's also true that they have a lot of crypto users. Anyway, having 4 million from Bangladesh seems a great figure regardless. I believe this is going to be twice in the upcoming bull market. That's what attracts noobs investors lol.

Maybe they are holding altcoins, maybe bitcoin but that doesn't matter. Trust me, I can guarantee that most of the investors from Bangladesh has been introduced with cryptocurrency because of memecoins like Dogecoin and Shiba Inu. I know a lot of people who was able to be rich by investing in Shiba Inu. But at the end of the day, they are cryptocurrency user/holder or whatever you tell them. Someday, they will turn into Bitcoiner maybe.

This sounds like A LOT. It's good to see that more and more people (especially in poor countries) are using crypto. I think crypto save lives of people who can't use their currency because of inflation.

But I don't know what crypto they are using. The problem is, it's probably not bitcoin. Because right now it's fluctuation pretty hard to for some people it's not really safe to hold their savings in BTC.