Ghana has the 9th highest rate for cryptocurrency ownership out of 27 countries
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Loading... - Diana Ankrah
- 27 Mar 2023
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Ghana has stood just behind countries like Australia, Indonesia, Nigeria, Malaysia, Russia, etc
According to the latest Cryptocurrency Adoption Index, conducted by Finder.com, Ghana stands 9th among 26 other countries in terms of adopting cryptocurrency!
The study was conducted among 27 countries, which says that Vietnam has the largest percentage of adults owning cryptocurrency – 29%.
In the same list stands Ghana, with a percentage of 17% of adults owning cryptocurrency. Ghana has stood just behind countries like Australia, Indonesia, Nigeria, Malaysia, Russia, etc.; but leads in front of countries like Hong Kong, Singapore, Brazil, Norway, Canada, United States of America, New Zealand, Germany, United Kingdom, Japan, etc!
Before digging a bit deeper, we should try to know about cryptocurrency in a bit more detail. A cryptocurrency, or simply crypto is a digital currency, tailored to work as a medium of exchange (like other assets) but through a computer network. Interestingly enough, cryptos aren’t reliant on any sort of central authority, such as any government or bank or whatever that is, to maintain it.
As mass people own these currencies as individual assets, the ownership records are kept in a digital ledger. The ledger is computerized and uses strong cryptography so that all the transactions are safe and secured. It’s important to understand that, cryptocurrencies don’t necessarily have to be ‘currencies’ in the traditional sense. These are completely digital, don’t have physical existence. Notably, such currencies are decentralized in terms of control, unlike CBDC.
We need to understand how this works. Usually, most cryptos use a blockchain system. The computer networks have two principal functions: the first one that processes all sorts of transactions, and the second one that maintains the database that stores all these data. Generally, the transactions are batched into ‘blocks’ which are afterward connected in an unbroken ‘chain’ in chronological order. When a cryptocurrency is minted or created before getting issued by anyone, it is considered to be centralized. After that, the decentralized control system is implemented, which allows each crypto to work through distributed ledger technology.
Now, you may wonder why so many people across the globe own such a thing that doesn’t even exist physically. Well, those who support cryptos see these as the currency of the future, and are in a race to buy them right away, in the hope they will become more valuable soon enough! Some of the supporters like the fact that there aren’t any governments or banks controlling it for management. More people are getting attracted towards it as the value of cryptos is going upwards. Read More…
