With 67% of Canadians Wanting To Get Paid in Crypto, Is It the Next Crypto Hub?
Last year was a watershed moment for crypto, not only in terms of profits but also in terms of the maturing infrastructure and subsequent decorrelation of different crypto industries and coins. The infrastructure of cryptocurrency has grown dramatically, and there are now many more onramps allowing consumers to buy altcoins without having to buy and use bitcoin. As a result, many cryptocurrency prices were influenced more by the value and utility of their protocol and apps than by their link to Bitcoin. And even though the market is going through a serious correction now, it is only a matter of time before the bulls show up again. Canada has strong data to prove it. In Canada, receiving payments in cryptocurrency is becoming popular. According to a recent Capterra survey of 1,000 Canadian respondents, 67% want to be paid in cryptocurrency within the next five years. Researchers also discovered that one out of every four individuals holds cryptocurrency, with 58% beginning their crypto journey during pandemic shutdowns when they had more time to investigate and learn about digital assets. 37% of those polled said they intend to buy cryptocurrency shortly.
BTC and ETH among the Most-Used Coins
The study discovered that Bitcoin and Ether are still the most popular cryptocurrencies among those who use them. Dogecoin, Litecoin, and Cardano are among the most popular cryptocurrencies, in addition to BTC and ETH. Now, Canada is recognized for its chilly climate and plentiful clean energy subsidies, making it an ideal environment for crypto data centers. Furthermore, Canadian regulators have been quite lenient in their treatment of blockchain technology companies that also operate crypto mining operations. Cryptocurrencies are held in the inventory of more than eight Canadian exchange-listed companies. The majority of them also took part in the first Bitcoin Mining Council, where they vowed to run crypto-mining operations using renewable energy sources such as solar, wind, and biogas.
Green Button For Crypto Mining In Canada
DMG Blockchain Solutions Inc. based in Vancouver, last year partnered with Argo Blockchain Plc, a cryptocurrency mining startup based in the United Kingdom, to accelerate decarbonization in the crypto mining market through the Crypto Climate Accord (CCA). Both companies also agreed to provide "proof of procedure" to increase openness in their operations. Bitfarms Ltd, a new Canadian crypto mining company that recently debuted on the Nasdaq, mines roughly 1% of the total Bitcoin supply per day with environmentally friendly resources. The corporation reported holding roughly 1,006 BTC worth nearly $39 million in late May last year. Link Global Technologies Inc. and Neptune Digital Assets Corp. both based in Vancouver, announced their sustainable energy joint venture, Pure Digital Power Corp., in April of last year. This company intends to use environmentally friendly electricity to power its crypto mining operations. Existing blockchain technology companies have already begun to expand their operations by leveraging available resources. Canada could become a leader in crypto operations in the future, thanks to the increased acceptance of digital currencies and healthy mining infrastructure.
The Challenges Ahead
While many people are enthusiastic about cryptocurrency, others are more cautious. Non-crypto users are being prevented from using digital assets, according to the report. According to the survey, 64% are hampered by a lack of crypto expertise, 44 percent are concerned about crypto disappearing, and 40% are concerned about price swings. Tessa Anaya, a study analyst, stated that while interest is growing, the future is still unknown. "While concepts like as a blockchain-based economy and the implementation of Web3 are gaining traction, the fact is that the future of crypto in Canada remains uncertain," she said. Meanwhile, small and mid-size firms in nine markets, including the United States and Canada, are intending to accept cryptocurrency payments, according to data.
Canada has a unique opportunity to advance the space program. We're starting to see a push in the digital mining business around the world, which is a good indicator for adoption and the future if it's supported by a robust infrastructure. The first regulated, large exchange-listed Bitcoin fund in the world is based in Canada. This accomplishment is noteworthy since it legitimizes the technology and its use. In the not-too-distant future, all payments will be digital.
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