50% of Latin Americans use Crypto

Mastercard’s most recent survey shows that 51% of Latin American customers have used crypto assets in at least one transaction, and more than 33% of them have used stablecoins for day-to-day transactions. If you are interested in Bitcoin investment, you may want to know the Positive Outcomes Of Investing In BTC.

The “New Payments Index 2022” research project looks at recent changes in the financial sector, such as cryptocurrencies, DeFi solutions, blockchain, and new financial technologies (NFTs). Its main purpose is to find out how people act and think about new ways to pay for things.

People in Latin America are very interested in cryptocurrencies

Most Latinos in Latin America are happy with how their investments in digital assets are doing, according to the poll. This is the same as 54 %.

Latinos have been more open to trying new ways to pay than either Europeans or Americans have been. This could be due to how they were raised. More than 75% of customers in Europe and the US prefer traditional payment methods, but in 2017, 86% of Latinos used at least one innovative payment method, such as biometrics, digital currencies, or QR codes.

“We are now fully in the age of doing business without cash. This trend is likely to keep going up since 95% of people plan to use a digital payment method in the next year and 29% say they have used less cash in the last year. Technology is being used by more and more Latin Americans to manage their money, and this trend is likely to keep growing.

The fact that the economy isn’t always clear has helped the growth of cryptocurrencies

Venezuela has a lot of rules put on it by the US government, and it can’t use major international payment services.

The country has one of the highest rates of cryptocurrency use in the world, according to our Global Crypto Adoption Index. “The country has one of the world’s highest rates of people using cryptocurrency,”

People in Latin America who use cryptocurrencies

Statista released a report in June about how many people use cryptocurrencies around the world. Some of the most “developed” countries, like the U.S., U.K. Australia, and France, we’re near the bottom of the list, which was a very interesting fact.

In fact, Latin America is where the most cryptographic currencies are used. Five of the top ten countries for making cryptocurrency were Brazil, Colombia, Argentina, Mexico, and Chile.

Even though 20% of the people who answered the survey in Turkey said they used cryptocurrency, Brazil and Colombia tied for second place with 18%. After Argentina, Mexico comes next with 16 percent, then Chile with 11 percent, and Mexico again with 12 percent.

A Morning Consult study also found that while only 8% of Caucasians agreed that they knew a lot about Bitcoin, 21% of Latinos said the same thing.

Why do you think Latin America has so many users?

People without a bank account

Only 113 million people can get credit cards. Statista, a company that does research, says that 387.2 million people can get on the internet.

So, it looks like using the internet would be better than opening a bank account. Since this is the case, it shouldn’t come as a surprise that people are more likely to use cryptocurrencies instead of opening a bank account.

Remittances

Without a doubt, cryptocurrencies are the fastest and safest way to make a transaction. Because of this, a lot of people use crypto, bitcoin, or blockchain technology to send money to family or friends in other countries.

People in the US, Chile, Peru, and Mexico can send and receive money through new companies like LaPlataforma, which is based in Chile. So, I could go to a convenience store and move up to 5,000 Mexican pesos to a U.S. bank account. The money would be put into an account in US dollars. This is possible because of how blockchain works.
But not everyone goes all the way through. Those who are able to escape almost always send money back to their families, sometimes using bitcoins. Most things are done this way.