2021 year , yesAn extraordinary year for the industry . In this year , Thanks to cryptocurrency, point-to-point 、 Low transaction costs . The cryptocurrency market has experienced great growth , Cryptocurrency / The blockchain industry has also received extensive attention . The adoption of cryptocurrencies in some emerging market countries is also increasing significantly .
according to Chainalysis The global encryption index , We can objectively measure which countries （ citizens ） The adoption rate of cryptocurrency is the highest . Which countries have made good progress in introducing cryptocurrencies into mainstream economies ？ The result may be different from what you think , Because it is not necessarily the economic superpower that leads this process .
picture ： Global cryptocurrency adoption index
Global encryption uses the creation principle of index
The global encryption adoption index consists of three indicators , According to each of these three indicators, all 154 A country / Ranking by Region , Take each country / The average of the ranking of regions in all three indicators , Then standardize the final number to 0 To 1 The scope of the , For every country / Regions provide a score that determines the overall ranking . The closer the country's final score is 1, The higher the ranking .
Value of cryptocurrency received on the chain , Per capita purchasing power parity (PPP) weighting
The objective of this indicator is to provide a value for each country according to the overall cryptocurrency activity / Ranking by Region , But according to the wealth of ordinary people and the general monetary value of the country , The ranking is weighted to favor countries with more significant amounts / region .
By estimating the country / Calculate the indicator based on the total amount of cryptocurrency received by the region , The value on the chain is weighted according to the per capita purchasing power , Per capita purchasing power parity is an indicator of the wealth of each resident of the country . The higher the ratio of on chain value received to purchasing power parity per capita , The higher the ranking , This means that if two countries receive cryptocurrencies of equal value , Countries with lower PPPs per capita will rank high .
Transferred retail value in the chain , Weighted by PPPs per capita
The goal of this indicator is to measure the activities of non professional personal cryptocurrency users , Based on the ratio of the cryptocurrency they trade to the wealth of ordinary people . Personal cryptocurrency activity is estimated by measuring the amount of cryptocurrency moved in retail transactions , Designate it as less than 10,000 Any transaction of cryptocurrency in US dollars . Then rank each country according to this index , But they are weighted in favour of countries with lower PPPs per capita .
Point to point （P2P） Exchange trading volume , Weighted by PPPs per capita and number of Internet users
Different from the other two indicators ,P2P The transaction volume is not represented on the blockchain , But it still accounts for a large proportion of all cryptocurrency activities , Especially in emerging markets . according to P2P Trade volume ranks countries , They are weighted in favor of countries with lower per capita purchasing power parity and fewer Internet users , The goal is to highlight that more residents devote a greater share of their overall wealth to P2P Countries where cryptocurrencies are traded .
Chainalysis Your tool cannot capture P2P Trading volume , Because it is not recorded on the blockchain —— We can only see entering or leaving P2P The funds of the platform . contrary , They rely on the two biggest P2P platform ——LocalBitcoins and Paxful—— Provide data to calculate the cost of each country P2P Trading volume . Although this means not capturing all P2P value , But these two exchanges are popular enough , Their indicators can be used as an overall approximation . This part of the formula may need to be updated in the future , To consider other P2P The rise of platforms , For example, the platform provided by coin security , Its popularity is growing .
The methodology for this indicator is 2021 What changes have taken place in
The biggest change in the methodology of the indicator this year is the elimination of the for each country 2020 The fourth index contributing to the overall ranking in ： By country / The number of deposits by region is weighted by the number of Internet users .
It was initially used as a measure to determine which countries had the most cryptocurrency transactions by residents , Because this will capture the number of individuals using cryptocurrency and promote more transactions per user / region . However , Although cryptocurrencies are deposited in exchanges and other centralized services will appear on the chain , But any transaction in these services （ For example, trading in an exchange ） Will not catch on the chain , It will only appear in the order book of these services , We in some cases , Limited access , I can't even access .
However ,DeFi Is not the case, .DeFi Transactions made by protocol users are displayed on the chain , Because there is no centralized service that will keep users' assets . This puts our ranking towards DeFi Countries with relatively more users are inclined . therefore , The team decided to eliminate it .
2021 Before the global encryption adoption index 20 name
The following table shows 2021 Top of the global encryption adoption index in 20 A country , And their ranking in the three constituent indicators that make up the overall ranking .
The countries in the ranking are... From high to low ： Vietnam 、 India 、 Pakistan 、 Ukraine 、 Kenya 、 Nigeria 、 venezuela 、 The United States 、 Togo （ West African countries ）、 Argentina 、 Colombia 、 Thailand 、 China 、 Brazil 、 the Philippines 、 South Africa 、 Ghana 、 Russia 、 Tanzania 、 Afghanistan .
Global cryptocurrency adoption has soared
data display , Residents of more and more countries in the world began to get involved in cryptocurrency , Leading to an increase in the existing adoption rate of cryptocurrency . In the following illustration ,Chainalysis take 2019 All... For each quarter from the second quarter of 2014 to the present 154 A country / The index scores of the regions are added together , Thus, the global adoption rate of cryptocurrency is obtained .
It can be seen from the pictures , To 2020 At the end of the second quarter of , After a period of small growth , The total global adoption rate is 2.5. To 2021 At the end of the second quarter of , The total global adoption rate is 24, This shows that since 2019 Since the third quarter of , The global adoption rate has increased 2300% above , Last year's growth 881% above . Studies have shown that , The reasons for this increase in adoption vary around the world —— In emerging markets , Many people turn to cryptocurrencies to avoid currency devaluation 、 Save their savings when sending and receiving remittances and conducting business transactions , When cryptocurrency is used in North America , last year , Western Europe and East Asia are mainly driven by institutional investment . In a year when cryptocurrency prices have risen sharply , The reason why each region has its own cryptocurrency seems convincing .
stay P2P With the support of the platform , The adoption rate in emerging markets is increasing
Including Kenya 、 Nigeria 、 Several emerging market countries, including Vietnam and Venezuela, rank high in the index , This is largely because after adjusting for PPPs per capita and the population using the Internet , They're point-to-point (P2P) The trading volume on the platform is huge . Our interviews with experts from these countries show that , Many residents use P2P Cryptocurrency exchange is their main entrance to cryptocurrency , This is usually because they have no access to centralized exchanges .
Know that , Regions with many emerging markets are P2P It is not surprising that service websites account for a large part of network traffic .
Central and South Asia 、 Latin America and Africa are in P2P Usage traffic of the platform （ Times of use ） There are more regions with larger economies than Western Europe and East Asia .
Many emerging markets face a sharp devaluation , Encourage residents to P2P Buy cryptocurrency on the platform to protect their savings . Others in these areas use cryptocurrencies for international transactions , For personal remittance or commercial purposes , For example, buy goods for import and sale . Many emerging markets here limit the amount of domestic currency residents can transfer out of the country . Cryptocurrency provides these residents with a way to circumvent these restrictions , So that they can meet their financial needs .
This contributes to an interesting dynamic , namely P2P The platform accounts for a larger share of the total trading volume , These transactions are valued by 10,000 Smaller below $ 、 Cryptocurrency composition of retail scale .
picture ： Remittance payments and personal or business transactions by emerging market merchants , Smaller than transactions conducted by professional traders or institutional investors
China and the United States fell in the rankings
last year , China ranks fourth in the global adoption index , And the United States ranks sixth . This year, , The United States ranks eighth , China ranks 13th . The biggest reason for the decline in the two countries is that they are in a population weighted Internet use P2P The ranking in trading volume has dropped sharply —— China is the first in this regard 53 Bit down to 155 position , And the United States from the 16 Bit down to 109 position .
Further analysis shows that , Compared with global trading volume , In these two countries P2P How much trading volume has fallen . This is shown in the index chart below , The chart shows the... Of the United States and China P2P The relative change of trading volume compared with the global total .
American and Chinese P2P The trading volume is roughly the same as the global total , until 2020 year 6 Differences began to appear around June . When the , As the rest of the world grows , American and Chinese P2P Trading volume is shrinking . Although from 2021 year 3 Month begins , These three indicators have fallen sharply , But the decline in the United States and China is even greater , And still below the global total . This activity may reflect the increasing specialization and institutionalization of cryptocurrency transactions in the United States , And in China , This may be related to the government's continued crackdown on cryptocurrency transactions .
What will drive the next adoption wave ？
data display , Centralized services, increasing transaction volume and DeFi The explosive growth of cryptocurrency is driving cryptocurrency in developed countries and countries that have been widely used / Use of the region , and P2P The platform is driving new adoption in emerging markets . The clear conclusion is ： in the past 12 Months , The adoption of cryptocurrency has soared , Countries that contribute to this / Regional differences indicate , Cryptocurrency is a truly global phenomenon .
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