The Most Popular Cryptocurrencies In Europe

What Is The Most Popular Cryptocurrency In Europe? Photo KnowInsiders

With over €870 billion in cryptocurrency coming into the continent in the last year, Europe has emerged as the global leader in the cryptocurrency market.

According to a recent analysis by blockchain data company Chainalysis, 25% of all cryptocurrency activity worldwide was concentrated in countries in central, northern, and western Europe (CNWE).

At about €145 billion, the United Kingdom saw the highest volume of cryptocurrency trading in the CNWE region. France, Germany, the Netherlands, and Spain came after the UK.

The previous global center of cryptocurrency transactions, East Asia, saw a sharp decline in volume of transactions at the same time that Europe started to see an increase in mid-2020.

Cryptocurrency's leading European countries

European countries that will be the leaders of the next cryptocurrency storm that is about to arrive:

• United Kingdom: Bitcoin and other cryptocurrencies have received strong support from the UK. In actuality, the UK government is seeking for new methods to control the country's adoption and usage of virtual currencies. The nation, which is currently ranked 11th among European nations with the strictest cryptocurrency regulations, also intends to meet with Japan, European Central Banks, and other financial organizations for this reason.

• Czech Republic: The country is witnessing a surge in interest in Bitcoin. The number of Bitcoin transactions in the nation has skyrocketed, and as more people begin to realize the potential of this new technology, the transactions are expanding to larger groups. The number of free Bitcoin-QT downloads has surged and is gradually surpassing US records.

• Netherlands: This country has been a magnet for cryptocurrency enthusiasts and openly supports cryptocurrencies. It permits its companies to transact in digital currencies, exchanging cryptocurrency for goods and services. The government is currently exploring its options and learning more about the potential applications and effects of blockchain technology.

• Turkey: Situated at the meeting point of Europe and Asia, this nation is home to a number of prosperous cryptocurrency enterprises. National football teams are now sponsored by these businesses, and the teams also sell fan tokens that are based on blockchain technology. Some Turkish investors have even gone so far as to publicly declare that their main investment choice is Bitcoin.

READ MORE: Top 10 Most Popular CryptoCurrencies in the World

What should be considered when buying cryptocurrencies in Europe?

Photo Bitcoin

REPUTATION AND TRUST

Examine the credentials of the cryptocurrency platform in question before you even consider transferring money from your EU bank account. Ideally, the platform will possess some kind of regulatory license.

Having said that, a large portion of the market is still unregulated, in part because Bitcoin is not centralized under a single authority. As a result, in order to assess the platform's credibility, you'll need to look at additional metrics, such as user reviews posted online.

In this regard, a small number of European cryptocurrency platforms have built up a stellar reputation over many years of trading. This covers companies like Coinbase and Kraken, which I will go into more detail about later.

TRADING FEES

You will have to pay a fee to enter the market, regardless of the cryptocurrency platform you choose to purchase Bitcoin from. This typically takes the shape of a trading "commission." Purchasing and selling stocks through a conventional share dealing platform is exactly the same as this.

It is probable that the platform of your choice levies an adjustable cost. For instance, if you purchase €1,000 worth of Bitcoin and the platform levies a 1% commission, you will be required to pay €10. Then, your 1% commission will come to €20 if you decide to sell your Bitcoin holdings when they are worth €2,000.

There are additional costs that you must consider. For instance, there are cryptocurrency platforms that charge fees for deposits and withdrawals. For instance, using a debit card to deposit money at Coinbase will cost you 3.99%.

Thankfully, fees for using SEPA to transfer money typically only amount to a few cents. In addition to allowing for larger purchases, this payment option is possibly safer than using a debit card.

PAYMENTS AND ACCOUNT MINIMUMS

In keeping with the previous section, you should also make sure that the cryptocurrency platform of your choice takes the payment method of your choice. As previously mentioned, the majority of Europeans will choose a SEPA transfer because it is affordable, secure, and typically arrives fairly quickly.

If you would rather have an instant deposit, you might want to think about using a debit or credit card instead. Certain platforms, like eToro, facilitate e-wallets as well. This covers Neteller, Skrill, and PayPal. In addition to any fees associated with a particular payment method, you should find out the platform's withdrawal policy.

What is the most popular cryptocurrency in Europe?

According to Chainalysis, wETH and Ethereum are the most widely used cryptocurrencies in practically every nation.

The English computer scientist Gavin Wood and the Russian-Canadian programmer Vitalik Buterin founded Ethereum in 2014. Buterin has since contributed to other cryptocurrency projects. The Ethereum blockchain, which powers smart contracts, serves as the foundation for the Ether cryptocurrency.

Photo Forkast

In contrast to Bitcoin, which is primarily seen by investors as a store of value, Ether's value comes from making decentralized applications' smart contracts possible. Ethereum is used in the majority of "DeFi" (decentralized finance) projects. Because there are no restrictions on the amount of Ether that can be produced, the Ethereum community will decide how much Ether can be produced in total. It is planned for the network to soon switch from a proof-of-work to a proof-of-stake mechanism.

What are the advantages of buying into Ethereum?

Ethereum is easily traded or exchanged for other cryptocurrencies, claims eToro.

The cryptocurrency can also be used at an increasing number of "bricks and mortar" and online retailers, according to the broker. In addition to offering access to several decentralized applications (dApps) that let developers create new online tools, transaction times are faster than with Bitcoin.

The acceptance of Ether as payment for a Beeple artwork by Christie's, the first auction house of its kind, in March 2021 highlighted advancements in the retail payments space. The book was named "Everydays: The First 5000 Days," and it cost $69.3 million to buy.

By the end of April 2021, the European Investment Bank had issued its first-ever €100 million two-year digital bond via the Ethereum blockchain, indicating the financial sector's growing interest in the cryptocurrency space.

In the meantime, the S&P Dow Jones introduced a number of cryptocurrency indexes, including one for Ethereum, at the start of May with the goal of gauging the performance of digital assets.

How do you buy Ethereum?

This can be done through a crypto exchange such as Coinbase or via online platforms such as Gemini , Kraken or eToro.

You create an account with the chosen provider confirming your place of residence and identity and then link to your bank account in order to buy the currency. Fees will vary from one provider to another and can depend on the amount you want to deposit, (eventually) withdraw and for the transactions you want to carry out.

Payment methods can include those via debit/credit cards to PayPal and wire transfers. New investors may need greater levels of customer assistance compared with seasoned traders.

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