Mexicans are actively involved in cryptocurrencies and are considered to be the largest buyer of cryptocurrencies in Latin America right behind Brazil. The results of the first-ever study on cryptocurrencies in Mexico, the third largest country in Latin America, revealed that Bitcoin Cash (BCH) is the second most popular cryptocurrency in the country.
The study, called MX10 Cryptometer, was conducted between May 22 and June 5 on 1,416 mobile phone users in Mexico. It was an initiative between Mexico’s largest crypto exchange Bitso with crypto-based firms like Psyma, Fiinlab, Gentera and Wisum. With a population of 64.7 million smartphone users in Mexico, the population sample of 1,416 smartphone users may be quite small, but the researchers said the aim was to gain knowledge about the people’s interaction with cryptocurrencies.
Hoy se lanzó el #CriptómetroMx18 en los HQ de Fiinlab. Un estudio profundo sobre penetración y conocimiento de #Criptomonedas, en colaboración con @Bitso, Psyma y @WisumAPP . Interesantes insights, avances, pero mucha tarea por delante. ¡Conoce los insights más relevantes! pic.twitter.com/krgCQfRzmP
— Fiinlab (@Fiinlab) August 7, 2018
Bitcoin BCH among Mexico’s crypto market leaders
The study revealed that Bitcoin BCH was at second top spot among the most recognized cryptocurrencies in the country with 38.8%, right behind BTC which has 61.2%.
Litecoin came in third with 16%, followed by ETH with 15.5%. Ripple took the fifth spot among the most popular cryptocurrencies with 12.8%. The study also revealed that about 26.5% of the participant had purchased or used cryptocurrencies at one time or the other.
Online payments rank top in crypto usage
Online transactions are facilitated with ease using cryptocurrencies, and about 35.2% of the study respondents are using their cryptos mainly for online purchases and payments. On the other hand 32.5% are utilising theirs for long term gains, while 20.5% buy and sale their digital assets for short term gains.
Meanwhile, about 40.7% of the participants are hodlers of Bitcoin Cash, and 46.1% have indicated that although currently they do not own and have never owned any cryptocurrency, they would like to own one within the next six months.
On the other hand, while most of the participants are either owners of cryptos or likely to own some in the nearest future, about 47.4% indicated their fear of fraud, while 39% do not understand digital currencies and 29.9% are afraid of the volatility of cryptos.
The MX18 Cryptometer study was conducted to increase cryptocurrency adoption across Mexico, and from the figures it is visible that crypto adoption is already moving people from a position of mere interest to the action of owning and utilising cryptocurrencies.
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