Developing Countries are making use of Cryptocurrencies to grow rich

Cryptocurrencies are entirely decentralized blockchain-based platforms maintained by a peer-to-peer community instead of being governed by the central authority. These digital currencies are most secure because the process of mining verifies them.Being so crucial in the development of countries, cryptocurrencies are growing across the world. In this report, we shall shed light on the Global adoption Index of cryptocurrencies and try to understand why digital currencies are crucial in building a better future.The adoption of digital currencies is growing across the world. Global crypto adoption index is the measure of adoption of cryptos during the time of the survey. Its measurement is intended to know the countries where most people have moved their share of cryptocurrencies. It is measured by calculating the On-Chain cryptocurrency value received, the number of on-chain cryptocurrency deposits, on-chain retail value transferred, and peer-to-peer exchange trade volume. The top six countries in the Global crypto Adoption Index are Ukraine, Russia, Venezuela, China, Kenya, and the United States of America.One important thing that we can analyze from the global crypto adoption index is that cryptocurrency activity is higher in developing countries. An excellent example of this is Venezuela. It represents that cryptocurrencies can be a perfect way to mitigate economic instability. According to the data, cryptocurrencies help Venezuelans preserve their savings because they use cryptos when their fiat currency loses value to inflation.Venezuela was suffering through the worst economic crises with its national currency the previous year. The hyperinflation rates hit nearly 10,000,000%, making the Bolivar, the National currency of Venezuela, practically worthless. Although it used to be the wealthiest country of Latin America, inflation made it the most impoverished country with water shortages and blackouts.Now, it seems practically impossible to recover from such a bad condition. But, the country is recovering by making use of cryptocurrencies.…