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Author Topic: Crypto adoption index 2022 - Chainanalysis  (Read 239 times)
Falconer
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September 17, 2022, 08:52:42 PM
 #21

I don't know what adoption the analysis is talking about, but I wonder why China is on the list there after banning trading and mining?

I don't know if it's adoption in the case of its use as a currency or just a case of trading. Trade should not be the expected adoption because the average country does not prohibit trade but prohibits its use as legal tender. I may be wrong here regarding the analysis, and I have to understand it properly.

But now it's clear.

What is grassroots adoption of cryptocurrency?
Think of it this way: We could easily rank countries by raw cryptocurrency transaction volume, which would give you a straightforward view of where the most cryptocurrency activity is happening. But that’s not what we’re interested in. The goal of our index is to measure where the most people are putting the biggest share of their money into cryptocurrency. While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most.

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September 18, 2022, 10:13:27 AM
 #22

While the sub-index categories are questionable (I am not sure they're all equally important and that it's also enough to look at these 5 things to determine adoption), I am happy to see my country so high up the list. It sounds about right because cryptos are indeed quite popular here, but then again, maybe it's not on the level of being #3 in the world.
I was, however, surprised by the low ranking of El Salvador. I know Chainanalysis is assessing the grassroots adoption, so governmental initiatives don't really count, but it's sad that such a friendly approach to cryptos from the state didn't motivate people to boost adoption.

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September 18, 2022, 10:34:39 AM
 #23

But now it's clear.
What is grassroots adoption of cryptocurrency?
The goal of our index is to measure where the most people are putting the biggest share of their money into cryptocurrency.

Well, if that is their main criterion, then they are very bad at collecting data on how many people in a particular country invest in cryptocurrencies. For example, some time ago in my country, information was published that only on local crypto exchanges the annual turnover was equal to stock trading, which of course disturbed some centralist institutions to start their FUD campaigns.

Even if we take into account what they take as the main criterion, China, where crypto trading is prohibited, according to that criterion, it should not be on the list at all - because where does the US company get the data on private investments of the Chinese? Maybe they call random numbers in China and ask people "have you invested in Bitcoin"?

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September 18, 2022, 08:52:32 PM
 #24

Even if we take into account what they take as the main criterion, China, where crypto trading is prohibited, according to that criterion, it should not be on the list at all - because where does the US company get the data on private investments of the Chinese? Maybe they call random numbers in China and ask people "have you invested in Bitcoin"?

Recipients should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipient’s use of this material.

I quote additional information from the same article source, at the end it is clearly stated that the crypto ban in China has not been effective and there is leeway because it may not be a permanent ban. without the implementation of strict crypto bans then there are still ways to gain access to data from various sources regarding the total population that has invested in Bitcoin.

So for the list of countries where the status of the ban on the use of cryptocurrencies cannot be guaranteed the accuracy of the data because there are more other crypto users who allow themselves to be anonymous so they are not included in the data collection held by local exchanges or the government.


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September 20, 2022, 07:29:51 AM
 #25

I quote additional information from the same article source, at the end it is clearly stated that the crypto ban in China has not been effective and there is leeway because it may not be a permanent ban. without the implementation of strict crypto bans then there are still ways to gain access to data from various sources regarding the total population that has invested in Bitcoin.

So for the list of countries where the status of the ban on the use of cryptocurrencies cannot be guaranteed the accuracy of the data because there are more other crypto users who allow themselves to be anonymous so they are not included in the data collection held by local exchanges or the government.
Even, crypto possession is legal in China. Only its business use, use as currencies and crypto mining are banned.

You can read this news: Possession of Bitcoin still legal in China despite the ban, lawyer says

Quote
Despite enforcing a major cryptocurrency ban one year ago, the Chinese government still protects local crypto investors as crypto is recognized as virtual property protected by the law.

One of the world’s most hostile countries toward Bitcoin (BTC), China has not yet banned the possession of cryptocurrencies, according to David Lesperance, founder of Lesperance & Associates law firm.

Crypto holders in China are protected by the law in case of theft, misappropriation or breach of a loan agreement, Lesperance told Cointelegraph. He emphasized that crypto exchanges are still banned in China.

Aside that, even China is the second country with miners that have highest generated mining hashrates now.

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