What Does “Crypto Ready” Mean?
Aug 29, 2021
The journey towards global crypto adoption is well underway. Crypto adoption includes:
Acceptance: When a particular cryptocurrency or technology becomes accepted as a viable financial instrument.
Utility: When a particular cryptocurrency is used to exchange value. Many people understand this as being able to use crypto to pay for goods and services, but it is not limited to payments. Cryptocurrency offers a wide range of opportunities to create value-based exchanges and agreements.
Validation: Validating cryptocurrency as a legitimate form of currency, for buying, selling, or an exchange of value. This could include legislation, contractual agreements, or other types of endorsement.
What Does “Crypto Ready” Mean?
Being “crypto ready” means a business, person, company, or country, is ready to use cryptocurrency for general day-to-day activities.
Crypto readiness exists in many different ways, depending on the circumstances:
Personal crypto readiness: You’re personally prepared to use crypto in some way. That may be for trading, investing, or exchanging crypto for goods and services, in your daily life.
Company crypto readiness: Companies that become crypto ready are ready to invest in cryptocurrency, use cryptocurrency in their business, and accept cryptocurrency as payment for their products and services.
Legislative crypto readiness: The financial sector and the world of regulation exist side by side. This type of crypto readiness exists when government legislation updates or changes to usher in the use of cryptocurrency.
What are the Indicators for Crypto Readiness?
In terms of being crypto ready, numerous definitions can apply. Whether it means adopting cryptocurrency as legal tender, or being able to use cryptocurrency within a certain region, Crypto Head can offer some insight into varying degrees of crypto readiness. Crypto Head conducts intensive research into the adoption and use of cryptocurrency across the world. Crypto Head defines a crypto ready country by:
The number of crypto ATMs that exist within the country: The evolution of crypto ATMs has meant that people can deposit or withdraw cryptocurrency through machines that are installed in convenient geographical areas. They work similarly to your usual ATMs, although their verification processes can be substantially different to your typical ATM as operated by a traditional financial institution.
How easily accessible those crypto ATMs are for the general population: Of course, one crypto ATM located across a country may be useful for some, but having to travel far to access one would be a hindrance to cryptocurrency users. Easily accessible crypto ATMs are commonly found across the country, and crypto users don’t need to travel far from home to access one.
The government’s legal stance in relation to cryptocurrency ownership: Regulatory controls around financial transactions are an important part of crypto adoption. A country’s governmental perspective on cryptocurrency forms a fundamental part of that country’s crypto readiness.
Whether financial institutions in that country have accepted, or support, the use of cryptocurrencies: Banks, investment companies, and other financial institutions, are taking notice of cryptocurrency demand and interest. How they respond to their clients’ desires to invest or trade in cryptocurrency helps to define their crypto readiness.
How much online activity there is surrounding cryptocurrency within a particular region: People’s interest in cryptocurrency continues to grow exponentially. By monitoring and analysing online searches related to cryptocurrency, Crypto Head better understands public interest in crypto adoption.
Why is the US Considered to be Crypto Ready?
Crypto Head’s 2021 research revealed that the USA is considered to be the most crypto ready country. Through their Crypto Ready Index, Crypto Head found that the US has more than 17,000 crypto ATM’s spread across the nation.
Notably, US law allows and supports cryptocurrency ownership, alongside its use in financial institutions. When it comes to public interest, Crypto Head noted that there was a 140% increase in online searches in the US related to cryptocurrency, over the past year.
Crypto as Legal Tender
Interestingly, however, the USA has yet to formally adopt cryptocurrency as legal tender. Instead, other countries have forged ahead in this journey. El Salvador was the first to announce it would be adopting cryptocurrency as legal tender, and other countries have forged ahead in the same way.
Pundits predict it won’t be long until the USA, and other countries and regions also seek to formalise the adoption of cryptocurrency as legal tender.
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