The cryptocurrency market is growing in Colombia. A survey of the Colombian population of the Paxul trading platform, supported by information firm Toluna Insights, showed that 86.5% of respondents are familiar with cryptocurrencies and most (79.7%) said that Bitcoin is your favorite.
From 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 research emphasizes the fact that 91% of respondents think that "cryptocurrencies will mark the future of world trade".
The company Paxful / Toluna Insights surveyed more than 1,000 Internet users in Colombia, who voluntarily participated in a survey published online in July. 62% of respondents were women, while 59% were between the ages of 18 and 34, according to data provided by CriptoNoticias.
Although 80% of respondents are willing to invest, the report shows that there is some reluctance to use cryptocurrencies as a financial alternative, as this alternative was supported by only less than 20% of the sample. Regarding the reasons for not investing, about 40% indicate that initially they would not invest due to ignorance of the process of carrying out the transactions, something over 32% is prevented by distrust, while 6.5% consider that there are risks in the investment . due to lack of regulation.
After analyzing the figures, the study determines that in Colombia acceptance is growing, especially since 58.7% of respondents expressed their belief that the number of people adopting cryptocurrencies will continue to grow, and 11% believe that there are strong movements in support of this system.
It was evident from the responses that the respondents gave Colombians' view of cryptocurrencies is positive and encouraging. Most consider them a good form of investment (60.5%), a positive example of globalization (over 13%) and a great technological breakthrough that will have to be adopted at some point (less than 20%).
On the other hand, less than 1.48% consider these to be dubious transactions and 4.45% fear fluctuations in the value of the currency.
The advance of cryptocurrencies in Colombia
As the Paxful / Toluna Insights report points out many believe that Colombia is making positive progress Strengthening the cryptocurrency ecosystem, CryptoNoticias sought the opinion of an acquaintance of the cryptocurrency market in that country, such as Typson Sanchez, CTO of the Panda exchange house.
"Colombians are ready for new approaches in the economic area because the financial system in the country is very expensive, where a bank transfer costs an average of $ 2, which allows Colombians to be more open to options. However, they are also exposed to potential fraud, because of the lack. of regulatory clarity allows Bitcoin to be put into many of the scales and / or pyramid systems to trick them. "
Typson Sanchez, Panda CTO.
In terms of the alleged popularity that the Bytecoin cryptocurrency would gain, above Ethereum, Sanchez thinks that among respondents there could be confusion with the name BitcoinAnd in this regard he added: "There is a lot of street power to share other heights, but the one that is really traded is bitcoin."
The fact that the survey was conducted over the internet could explain the fact of the high percentage of Colombians' familiarization (86.5%), compared to a similar survey, done just over a year ago in Australia, the United States and some countries in Europe. through interviews that showed that 66% of the sample heard about 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.
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 cryptocurrencies. assets. .
In this context, 58% of respondents believe that the country is on the right track and, without a doubt, having regulatory rules would give more confidence and open the space for more people to invest and carry out transactions through crypto-securities, however, Congress recently rejected a bill to regulate cryptocurrencies,