Read About The Top Fiat Currencies Used To Trade Bitcoin
This post throws light on the currencies used to trade bitcoin. It gives you all the necessary details. Make sure you know all of them.
Fiat Currencies Vs. Bitcoin
The fact to be noticed is that bitcoins can be earned either by mining them or by receiving them as payment for providing goods or services or by exchanging them against those fiat currencies or other cryptocurrencies. Here we examine the top fiat currencies that are used to trade in bitcoins.
Thereafter the rapidly changing bitcoin valuations have fuelled a high volume of speculative trading activity around the globe. Thereby many people who trust the blockchain technology, as well as the monetary ecosystem based on bitcoin, are purchasing the virtual currency as a long-term investment. It is observed here that increasing acceptance by all genres of business from local coffee shops to large corporations like Dell and Microsoft may ultimately help fuel the adoption of the virtual currency.
Therefore, before making a purchase, some people compare whether they are better off paying for an item in fiat currencies or Bitcoins,
Here Are The Fiat Currencies That Top Bitcoin Trades
A list of the most traded national currencies as provided by Coinhills for trading bitcoins based on information from currencies, markets, and exchanges registered at Coinhills. Therefore, the data available on the portal comes to be based on more than 120 exchanges and more than 11,500 markets registered on Coinhills.
1. Japanese Yen (JPY)
Here come the Japanese Yen with 60% market share leading the pack of fiat currencies used for dealing in bitcoins. As Japan has been a leader for the last few years and its lead has thereby even extended as of the multiple bans imposed by the Chinese government on China-based Bitcoin exchanges. Thereafter all those bitcoin trading activities from China swiftly moved to Japan and Hong Kong with Japan being the biggest beneficiary of the Chinese ban.
Therefore the Japanese regulators come to be among the earliest adopters and the most accommodating of the virtual currency as they have been very proactive in putting up the necessary regulations as it has promptly streamlined bitcoin trading enabling it to gain the lion’s share of the global market.
2. U.S. Dollar (USD)
Currently, it is found that the American dollar ranks second on the list of fiat currencies trading bitcoins as around 25% of the market share. Hence the greenback was the top-ranked but was pushed to second place by the Chinese Yuan as Chinese participation in cryptocurrency dealing increased. It was here that though Japan surged ahead of both China and the United State, the USD maintains a consistent rank among the top fiat currencies for trading bitcoins.
3. Korean won (KRW)
Moving on the South Korean won ranks a distant third on the list as with a market share of only around 6.5% as the share of KRW in the trading of bitcoin has declined significantly as the country’s regulators announced a ban on cryptocurrency traders in Korea from using anonymous bank accounts.
Thereafter the country’s finance minister Mr. Kim Dong-yeon has recently mentioned that there is no intention to ban or suppress cryptocurrency indicating that the national currency will continue to see more transactions legitimate and regulated bitcoin deals. Hence the market expects better regulation in the coming times in Korea around bitcoin trading and investments.
4. Euro (EUR)
Eventually, the common currency of Europe comes to be ranked fourth on the list with a 5.5% market share in trading bitcoins. Hereby the European Central Bank has mentioned that it has no plans to regulate cryptocurrencies like Bitcoin leading to a surge intis value.
Even though the common currency circulating in the vast European region is itself facing survival questions with the popularity of using it for trading bitcoins has remained confined to certain regions. Hereby the German city of Berlin remains the Bitcoin capital of Europe with Netherlands and Belgium eyeing a surge in installation of Bitcoin ATMs in the last one year. On the other hand, it was France that announced plans to regulate the cryptocurrency making it an uncertain road for bitcoin adoption in the overall EU region.
The list includes other currencies like the British pound (GBP), the Russian ruble (RUB), the Polish zloty (PLN), the Australian dollar (AUD) and the Turkish lira (TRY) in the given order even if they all have under 1% market share in trading bitcoins.
Altogether the Japanese yen, the USD, and the Korean won comprise almost around 90% of the fiat currencies used to trade bitcoins on cryptocurrency exchanges around the world.
And Finally, Surprise! No Yuan?
The Chinese yuan interestingly no longer figures in the list of top fiat currencies used to trade bitcoins as the Chinese yuan was devalued as it surged to the top rank beating both the Japanese yen as well as the USD. After that, it has maintained its lead whereas, amid increasing state-imposed regulations and crackdown on illegal bitcoin trade, the dealings have rapidly moved other venues thereby including Japan and Hongkong leaving the yuan out of the top list.