The cryptocurrency market in Colombia is booming. A survey conducted by the Paxul trading platform backed by consumer information firm Toluna Insights in Colombia showed that 86.5% of respondents are familiar with cryptocurrencies and most (79.7%) say Bitcoin is your favorite.
Of those who said they were aware and would invest in cryptocurrencies, the vast majority (almost 80 percent) would buy bitcoin, 3.26% would invest in ethereum, while a curious 4.7% would invest in bytecoin.
The investigation highlights the fact that 91% of respondents believe that "cryptocurrencies will mark the future of world trade".
Paxful / Toluna Insights surveyed more than 1,000 Internet users in Colombia who volunteered for a study published online in July. 62% of the respondents were women, while 59% were between 18 and 34, according to data provided to CriptoNoticias.
Although 80% of respondents are willing to invest, the report shows that there is some reluctance to use cryptocurrency as a financial alternative, as only slightly less than 20% of the sample supported this alternative. Regarding the reasons for not investing, about 40% said they would not invest initially because of the unfamiliarity with the transaction process, slightly more than 32% inhibited distrust, while 6.5% believed that there were risks in investing due to lack of regulations.
After analyzing the data, the study finds that acceptance is increasing in Colombiaespecially because 58.7% of respondents believed that the number of people adopting cryptocurrencies will continue to grow, and 11% believe that there are strong shifts in supporting this system.
It became clear from the answers the respondents had given that The Colombians' vision of cryptocurrencies is positive and hopeful. Most consider them to be a good form of investment (60.5%), a positive example of globalization (more than 13%) and great technological advances that will need to be adopted at some point (less than 20%).
On the other hand, less than 1.48% consider these to be suspicious transactions, and 4.55% fear fluctuations in the value of the currency.
Advance cryptocurrencies in Colombia
Because the Paxful / Toluna Insights report captures this many believe that Colombia is making positive progress Enhancing the cryptocurrency ecosystem, CriptoNoticias sought the opinion of experts in the cryptocurrency market in the country, such as Tyson Sánchez, CTO of the Panda exchange office.
"Colombians are willing to take new approaches in the economic field, since the financial system in the country is very expensive, where bank transfer has an average cost of $ 2, which allows Colombians to be more open to opportunities. However, they too are exposed to possible fraud as the lack of regulatory clarity allows Bitcoin to be placed in many scams and / or pyramid systems to trick them. "
Typson Sánchez, CTO from Panda.
As for the alleged popularity that Bytecoin cryptocurrency will gain, beyond Ethereum, Sánchez believes that among respondents there may be confusion in the name of Bitcoinand in this connection he added: "There is a lot of street power that other altcoins are known for, but the one that is actually traded is bitcoin."
The fact that the survey was conducted online could explain the fact that a high percentage of people get to know Colombians (86.5%), compared to a similar survey conducted just over a year ago in Australia, the United States and some countries in Europe through interviews that showed that 66% of the sample had heard of cryptocurrencies. In the case of Internet users, the sample used in Colombia is more exposed to cryptocurrency information than to a group that does not interact with the network of networks.
The report concludes that Colombia is experiencing a crucial moment in the cryptocurrency industry. The interest is so visible that the Bank of the Republic, the Central Bank of Colombia, is already part of the Distributed Accounting Technology (DLT) initiative to provide greater security to the growing rate of users who prefer to rely on crypto assets.
In this context, 58% of respondents believe the country is on the right track and undoubtedly regulatory regulation would provide more confidence and open space for more people to invest and transact using crypto assets, Congress recently rejected a bill to regulate cryptocurrency.