Want to earn bitcoins? There are many ways to earn bitcoin; you can make by mining, receiving payments, exchanging, trading, and investing. Well, here you will know about the top five fiat currencies (like the USD) that are used for trading or exchanging bitcoins.
Most investors are interested in digital currencies, particularly in bitcoin, as its value is overgrowing. People who have adopted the blockchain technology and the modern financial system based on cryptocurrencies invest in bitcoin for the long-term.
The growing number of users, merchants, and investors are the reasons for bitcoin’s wide acceptance. People now compare which payment option is beneficial (whether fiat currencies or bitcoins) before purchasing anything.
With that in mind, let us know the top five fiat currencies used to trade bitcoins.
Top Fiat Currencies Used to Trade Bitcoins
It is difficult to say the top national currencies which are used for trading bitcoins. For that, we have collected data from different exchanges and currency markets. Here is the list of fiat currencies mostly used for trading bitcoins.
- Japanese Yen (JPY)
- U.S. Dollar (USD)
- Korean Won (KRW)
- Euro (EUR)
- British Pound (GBP)
You can purchase bitcoin with USD and Euro from https://cryptorevolt.app. Now let us see how much percentage each fiat currencies are traded with bitcoins.
Japanese Yen (JPY)
Japanese Yen (JPY) is the leading fiat currency used for trading bitcoins with a 60% market share. Further, Japan has been in the top position for the last couple of years. And the Chinese ban of cryptocurrencies is the most significant impact behind this.
After the ban of cryptocurrencies in China, all the major crypto exchanges and markets moved into Japan and Hong Kong. One of the largest crypto exchanges is also transferred to Japan. As a result, the Japanese Yen is among the top currencies, which holds a major percentage of bitcoin.
Japan is one of the early adopters of virtual currencies and has aggressively supporting trading bitcoins. The regulatory authorities of Japan also proactively support the trading and use of virtual currencies.
U.S. Dollar (USD)
With a 25% market share, the US Dollar ranks second among the top fiat currencies used for trading bitcoins. However, it was at the top position in the initial years, and then China came to the first position in 2014. But Japan moved ahead of both the countries in 2017 after the Chinese ban of cryptocurrencies.
The US Dollar consistently remained in the top rank list for trading bitcoin. Here is the following reason for which it is always among the top list.
- The US is among the early adopters of the new technology blockchain and digital currencies.
- Other countries also trade bitcoin by converting their currencies into US dollars.
Korean Won (KRW)
With a market share of 6.5%, Korean Won made the third position in 2018. However, the percentage of trading bitcoin using KRW had significantly decreased when Korea banned cryptocurrencies in January 2018. Again, it has given a clear sign of the trading of bitcoins.
With a 5.5% market share, the European currency Euro ranked fourth in the highest traded fiat currencies for bitcoins. The popularity of bitcoins and other crypto coins are gradually increasing in most of the European countries.
Some of the countries which are the most active in bitcoin and altcoin trading are listed below.
British Pound (GBP)
With less than 1% market share, the British pound (GBP is competing for the fifth position. In the list with some other fiat currencies such as Australian Dollar (AUD), Russian Ruble (RUB).
Hopefully, the above information has helped you know about the different fiat currencies used to trade bitcoins. Japan being in the top list for several years, Japan is far ahead of all other developed economies, including the US and the UK, in trading bitcoins. Lastly, share your opinion on this, and if you have any queries, then feel free to ask.