The cryptocurrency market is booming in Colombia. A survey conducted by the Colombian population on the Paxul trading platform, backed by consumer information company Toluna Insights, found that 86.5% of those surveyed were familiar with cryptocurrencies and most (79.7%) said that your Bitcoin is love.
From those who said they were aware and would invest in cryptocurrencies, the vast majority (almost 80 percent) would buy bitcoins, 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 "cryptocurrencies will mark the future of world trade",
Paxful / Toluna Insights surveyed over 1,000 Internet users in Colombia who volunteered for a study published online in July. 62% of the respondents are women, while 59% are between 18 and 34 years old, according to data provided to CriptoNoticias.
Although 80% of respondents are willing to invest, the report shows that there is some reluctance to use cryptocurrencies as a financial alternative, ie. as this alternative was supported by just under 20% of the sampleIn terms of reasons for not investing, about 40% say they would not invest initially because of ignorance of the transaction procedure, just over 32% are prevented from mistrust, while 6.5% think there is a risk in the investment due to lack of regulation.
After analyzing the numbers, the study finds that acceptance in Colombia is increasing, especially as 58.7% of those surveyed expressed their belief that the number of people taking cryptocurrencies will continue to grow, and 11% believe that there are strong movements to support this system.
From the answers the respondents gave, it became clear that this The vision of Colombians regarding cryptocurrencies is positive and hopeful. Most consider them a good form of investment (60.5%), a positive example of globalization (more than 13%) and great technological advances that will have to be adopted at some point (less than 20%).
On the other hand, less than 1.48% believe that these are suspicious transactions, and 4.45% fear currency fluctuations.
The Advance of Cryptocurrencies in Colombia
As the Paxful / Toluna Insights report notes this many believe that Colombia is making positive progress In strengthening the cryptocurrency ecosystem, CriptoNoticias sought the advice of a crypto market expert in the country, such as Tyson Sanchez, Panda's technical director.
"Colombians are inclined to take new approaches in the economic field, because 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 options. However, they are also exposed to possible fraud as the lack of regulatory clarity allows Bitcoin to be placed in many frauds and / or pyramid systems to scam them. "
Tyson Sanchez, Panda's technical director.
Regarding the alleged popularity that Bytecoin cryptocurrency will gain over Ethereum, Sanchez believes that among the respondents there may be confusion with the name Bitcoinand in this regard he added: "There is a lot of street power to make other alcoins known, but the one that is actually traded is bitcoin."
The fact that the survey was conducted via the Internet may explain the fact that Colombians have a high rate of familiarity (86.5%) compared to a similar study conducted just over a year ago in Australia, the US and some countries in Europe, through interviews , which show that 66% of the sample has heard of cryptocurrencies. In the case of Internet users, the sample used in Colombia is more exposed to cryptocurrency information than a group that does not interact with the network of networks.
The report concludes that Colombia is experiencing a pivotal 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 Initiative (DLT) to give greater assurance to the growing percentage of users who prefer to rely on crypto assets,
In this context, 58% of respondents believe that the country is on the right track and that without a doubt, having regulatory provisions would provide more confidence and open space for more people to invest and transact using cryptocurrencies, Congress recently rejected a bill to regulate cryptocurrencies,