Trending
Crypto
  • BTC
    19206.44 0.44%
  • ETH
    1295.58 0.96%
  • SOL
    32.35 0.66%
  • ADA
    0.42 0.62%
  • AVAX
    16.72 0.73%
  • DOT
    6.26 1.19%
  • LTC
    52.86 1.7%
  • BCH
    114.36 0.03%
  • CRO
    0.11 0.27%
  • MATIC
    0.77 0.85%
  • LINK
    7.15 0.07%
  • XLM
    0.12 -2.71%
  • UNI
    6.42 2.67%
  • SHIB
    0 1.01%

Crypto adoption increases – investors need to stay vigilant

We can assess the overall development of the cryptocurrency market positively. However, many fraudsters continue to hunt the users.

Cryptocurrencies currently have about the same number of users as the Internet did in 1998. Of course, these are difficult industries to compare, but it gives us a pretty decent insight into the possible future development of the entire cryptocurrency sector.

Similarly, the number of people who have managed to earn money from cryptocurrencies is also growing, often at incredible pace. However, experts and authorities are constantly warning – the industry is full of scammers who exploit people’s ignorance, and extreme caution should still be present when investing in cryptocurrencies.

The global adoption rate of cryptocurrencies is at 4.2%

A recent study by TripleA shows that the global adoption rate of cryptocurrencies is at 4.2% in 2022. This may not seem like a lot, but it is more than 320 million users in absolute numbers. The survey also brings us an interesting breakdown by continent and country.

Regarding continents, Asia is the clear winner, with more than 130 million users of digital assets. It is followed by Africa (53 million), North America (51 million), Europe (43 million), South America (27 million) and Australia (1 million). Asia, with its technological background, is probably no surprise. Africa’s second place, on the other hand, is perhaps less expected. This continent has been known for poor access to banking services for a long time, and cryptocurrencies offer the residents a practically full-fledged alternative.

We observe a very similar situation when looking at individual countries. Of course, it depends on whether we look at the total number of users or the adoption percentage. The US (46 million), India (27 million), Pakistan (26 million), Nigeria (22 million) and Vietnam (20 million) lead the way in terms of total users. However, if we consider the total population of India, for example, this is only 2% adoption. In this expression, the leader is Vietnam with up to 20% adoption, Ukraine (16%), USA (14%), Pakistan (12%), Nigeria (10%) and Russia (10%).

The number of crypto billionaires is also growing

Yes, of course, there is still money to be made from cryptocurrencies. However, this is not a guarantee, and like any investment or business, this also carries a certain amount of risk. However, we already have 19 people worldwide whose assets we, thanks to cryptocurrencies, count in the billions of dollars. The term “crypto-billionaire” describes an entity that has gained its wealth by investing directly in cryptocurrencies or companies related to cryptocurrencies. Most of them got into this category by combining both options.

In the mentioned 19, you can  find, for example, Alex Atallah and Devin Finzer from OpenSea, Chris Larsen and Jed McCaleb from Ripple and Brian Armstrong from Coinbase. Interestingly, as many as 16 of these wealthy crypto investors have an American passport. The leader space of this ranking has been occupied by the well-known Changpeng Zhao (CZ), who is the founder of the Binance exchange, and the value of his assets is estimated to be up to 20 billion dollars. He thus belongs among the wealthiest people in the world.

Experts and authorities constantly warn users

Similar stories about getting rich are also the most used tactics of various fraudsters from all over the world. Inexperienced investors are easily swayed by sweet talk and high returns without effort. The US SEC recently published a warning titled “Social Media and Investment Fraud”, and in this document, they claim that social media is the primary medium where scammers reach their victims.

According to coinmarketcap.com, there are currently up to 20,000 different cryptocurrencies. However, the vast majority of them have absolutely no relevant use and, therefore, no value. By buying them, you can only contribute to the luxurious life of a fraudster, and you will only be left with worthless cryptocurrency in your hands. We say it all the time, and we’ll repeat it – if someone promises you very high returns and doesn’t talk about the risks at all, they’re probably trying to scam you. We could list literally hundreds of examples of different platforms that worked in a similar way.

Always try to understand the asset you want to invest in thoroughly. Identify its added value and also check the people behind the given cryptocurrency. The whitepaper of the project should also provide you with valuable information. If you underestimate this phase, it can quite easily happen that you lose your funds. For inexperienced investors, the easiest way is to buy one of the top 10 cryptocurrencies, where you probably don’t have to worry about possible scam.

Slavomír is working in the field of cryptocurrencies since 2018. As a Co-Founder and Chief Marketing Officer of Dollero Technology, which is currently developing a crypto exchange ...

Comments

Post has no comment yet.

Want add your comment? Sign up or Sign in