Most Crypto Traders are Concentrated in the US, Report Says

It seems that the good ol’ USA is the new center of the crypto-trading universe. According to a recent report from Estonian crypto research firm DataLight, most of the world’s cryptocurrency traders are located in the United States.

DataLight collected and analyzed data from the top 100 “most popular” cryptocurrency exchanges to find that 22 million monthly visits to these cryptocurrency exchanges were from US-based users, followed by Japan (6.14 million monthly visits) and South Korea (5.73 million monthly visits.)

The UK rang in at fourth place with 3.89 million monthly visits, a number that the report said was likely to grow.

The data also showed high numbers of users from countries whose fiat currencies are unstable, including Mexico, Ukraine, and Turkey. “Interestingly, on one day in August 2018, a 10% drop in the value of the Lira was accompanied by a marked spike in volumes on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange LocalBitcoins,” the report explains.

The Report Also Revealed Untapped Markets

DataLight’s report also revealed another interesting demographic: where cryptocurrency trading traffic is completely nonexistent. While most countries in the world saw at least some trading volume, Greenland, parts of Central Africa, and a couple of countries sprinkled throughout Asia saw no monthly visits to cryptocurrency exchanges at all.

At least one cryptocurrency exchange sees these untapped markets as an opportunity for growth: “efforts from Binance may introduce Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to the untapped countries in central and coastal Africa as they launched Binance Uganda in October 2018,” the report explained.

Despite the apparent popularity of cryptocurrency trading within the United States, the country’s regulations around cryptocurrency are still unclear. However, the lack of clarity doesn’t seem to correlate with a lack of enforcement activity--last month, the Financial Crimes Enforcement Network (FinCEN) issued a $35,000 fine to a peer-to-peer Bitcoin trader for failing to register as a money services business.

8/ Here, it looks like FinCEN wanted to settle two debates once and for all. It believes:

1) Mere two-party exchange is "money transmission" 2) Individuals can be money transmitters (2) should be obvious. (1) is deeply problematic. — Marco Santori (@msantoriESQ) April 19, 2019

In August, a LocalBitcoins trader was sentenced to 41 months in prison for money laundering after conducting in-person Bitcoin trades amounting to over $160,000.