Top Fiat Currencies Used To Trade Bitcoin in 2018
We can earn Bitcoin by means of mining or as a payment for the goods or services or by exchanging Bitcoin against Fiat currencies like the U.S. dollar or for the other or for the cryptocurrencies. Here we will examine the top Fiat currencies involved in the Bitcoin trading.
Due to rapid change in the Bitcoin prices, it resulted in the increased trading activity around the globe. Those traders who believe in the Blockchain technology are involved in investing their money for long-term investments in bitcoin.
By accepting Bitcoin by all the business people can help to fuel the growth of the digital currency. People can compare with the Fiat currency and Bitcoin for the better payment before their purchase.
List of top Fiat currencies for Bitcoin traders
Based on the information available from the currencies, markets and exchanges which are registered at Coinhills the top fiat currencies are listed. About 120 exchanges and more than 11,500 markets are registered in Coinhills of mid-February 2018.
1) Japanese Yen (JPY)
JPY leads the market of fiat currencies by having 60% market share. As the bitcoin exchange has been banned in China, trading from China has moved to Japan and therefore Japan became the leader.Japanese made some regulations and streamlined the trading of bitcoin and became the share of the Global market
2) U.S.Dollar (USD).
The U.S.Dollar placed in the second place of Fiat currencies and it holds about 25%of the market share. Even though Japan is found to be ahead of the U.S.Dollar, the U.S.Dollar remains the consistent top. This is because of the several factors as the Americans adopt new technology and blockchain technology, while other countries are unaware of the development of the cryptocurrency or the Crypto VIP Club software.
3) Korean Won (KRW)
South Korean ranked the third place in February 2018 and they have the 6.5% share. Since January 2018 there was a slight decline in trading as there was a ban on cryptocurrency. But now as the finance minister, Mr. Kim Don-Yeon have recently announced there is no limitation for cryptocurrency trading, the market expects more development in the investment of bitcoin trading.
4) Euro (EUR)
The European currency ranked fourth place with 5.5% market shares. By the last week, the European Central Bank has announced that there is no plan to ban the bitcoin which leads to a surge in its value.
British pound, Russian ruble, Australian dollar and Turkish lira are the other currencies in the top list of fiat currencies and they have 1% market shares.