Crypto Investments Among Brazilians
The use of cryptocurrencies is becoming more and more nowadays. Cryptos are being embraced into the world of finance at an alarming rate. The cryptos are being used as financial tools by both ordinary users and the tech-savvy people.
The use of cryptocurrencies has been efficient in doing away with the traditional financial systems. This can be connected to its evident advantages it has over the conventional financial systems.
According to a study by Cybersecurity Company Avast, about 30% of Brazilians are interested in owning cryptocurrencies. Others of those who don’t own cryptocurrencies are planning to invest in this lucrative platform of exchange. During this study, a total of 1900 Brazilians were interviewed randomly. 84.36% of them admitted that they were familiar with cryptocurrencies and how they operated. The study, however, involved randomly chosen subjects selected from different social strata.
Brazil is a heterogeneous country categorized as one of the world leading economies. With almost 90% of Brazilians having adequate knowledge about cryptocurrencies, there is a higher chance of these people fully adopting and using cryptocurrencies shortly.
Nevertheless, although a sizeable population of Brazil has the know-how about cryptocurrencies, the majority of this population have only heard of Bitcoins only. They don’t know much about any other cryptocurrency in the market. Some even don’t have any clue of what Blockchains are and how they work.
However, when the use of cryptocurrencies becomes mainstream in Brazil, then this could be insane as many people are willing to adopt it.
Security Of Cryptocurrency Is A Significant Concern.
However, of those people who participated, the majority of them admitted that security is a primary concern and challenge for the overall use of cryptocurrencies. Avast, the company that carried out the survey, focused more on issues related to security and how to tackle the issue.
Most of those surveyed prefer to view websites with adverts rather than allowing their processing power to be used in the mining of cryptocurrencies. A whopping 44% of the respondents agreed to use sites that use their computers to mine rather than websites that have adverts.
Another 86.6% of respondents expressed their deep concern about scandals related to illegal and nonconsensual mining techniques. It was noted that some miners have malware an extension that affects the mining process. The remaining 13.45 of those surveyed did not give much importance as they thought that owning cryptocurrencies does not affect them in any way whatsoever.
Brazil handles most of the G.D. P (Gross Domestic Product) within the South American Continent. This shows how the Brazilian market is of great importance in the region considering that most of the countries are developing countries.
Majority of crypto and blockchain related projects have no special support from the well-recognised financial institutions. They, therefore, operate independently without or with little funding from these financial institutions. However, with the financial setback in mind, these crypto and blockchain companies still consider Brazil as a valuable and viable market where they can expand their operations to a bigger scale worldwide.