Norway has one of the most vibrant and thriving blockchain communities in the world. While it is named as one of the most cashless countries, it also holds the title of the most crypto-friendly country as well. This is determined by the rapid technological progress in the country and the desire to invest in modern tendencies and technologies.
Norway is one of those countries, which is very welcoming towards the new tendencies and especially cryptos. The reason for that is the easiness, safety, and privacy of the cryptocurrency. According to research and statistics from the last year, the number of crypto users in the country increased by 2%, which is a large number for a small country.
It’s no secret that Norway has a burgeoning startup ecosystem with a big focus on distributed ledger technology and the numbers do not lie about it. A recent survey has once again proved the tech tendency and direction of the country, with 5% of the population over 18 years old in Norway own some form of cryptocurrency.
The crypto direction
With the very first introduction of the cryptocurrency, many people found it very legit, yet others remained skeptical for quite a long period of time. Even now, many people are skeptical about the cryptos and are reluctant to make any sudden moves. Though the 2020 year has been a surprise and a challenge for all of us, and including for crypto, and Bitcoin especially.
2020 was a rollercoaster for Bitcoin and by the end of the year, it showed the biggest peak reached throughout the whole period of the distance of the cryptocurrency. This was quite surprising, especially since the major fall down of the Bitcoin from its recorded highest peak to the lowest point.
The tendency was observed in Norway as well, as many people bought crypto. According to the survey, over 200,000 people in Norway have any kind of cryptocurrency. In the first place, there is obviously Bitcoin, followed by the Ethereum and Bitcoin Cash, leading to the Ripple and finally EOS. The majority of people holding crypto-asset are from 30 to 39 years old, and the masculine pattern has shown here as well.
The increased popularity of crypto can be explained by several factors. More and more industries become crypto-friendly and accept crypto payments. There is a big variety of crypto assets, and you can choose the most acceptable for you. The crypto payment is handy and safe and it seems like a lucrative business for the future.
The crypto industries
In researching more information about the current usage of cryptocurrency for our users in Norway we stumbled upon a treasure trove of data. The highest intensity of crypto usage is in the online gambling industry in Norway. While the industry is overall, very restricted and extremely regulated, crypto seems to be the best solution for escaping the paws of the limitations and is safe to invest in. You can follow the link and read some more information about the online casinos and the crypto payment options, though before that let us explain it is the bypass for the local gambling restrictions.
Overall, the Norwegian government is not outstanding with the tolerance for the gambling industry. It is extremely regulated and limited. There are only two official regulated legal online gambling operators in the whole country. So, basically, the whole online gambling sector is monopolized. Though there are some other online casino operators in the local market, which are unregulated, and thus people who make deposits there, are basically acting against the law.
This is the best window for using crypto. Most advanced online casinos support the crypto payment methods, which means that the online casinos unregulated by the Norwegian government accept crypto payment, which allows players to stay anonymous and unnoticed by the local authorities. This way, people gamble online without limits and with a great variety of games and options to bet.
The poplar crypto uses
As mentioned before, Norway is the most cashless country and everything has moved online during the pandemic period especially. While the cryptos are mostly used to pay online, the e-wallets and cryptos are also the best way to save money. As there is no specific taxation policy for crypto transfers and payments, any transactions made by cryptocurrencies remain untaxed. This is the perfect way to save money and to store your money privately, without anyone interfering in it, including the government.
Some industries and companies decided to become even more crypto-friendly by making certain cryptocurrency campaigns. For example, Norwegian airlines decided to grant a solid discount for everyone willing to pay with the cryptos for their flight tickets and for overall holiday. This way, crypto is popularized even more, and more people should see the benefits of using digital money.
Moreover, by the end of the last year, it became official that Norwegian Bank is transferring to the crypto exchange, meaning that it will provide the same services as the traditional bank, yet for the cryptocurrency users. The crypto loans might soon become a thing in Norway and it is not even a joke.
The popularization of crypto in Norway is moving at the speed of digital. More and more people aged from 18 to 26 and from 40 to 46 find mining Bitcoin a very lucrative activity and think that it should become even more beneficial within the next 10 year period. While no one really knows what to expect in 10 years, the tendency of “cryptonization” of Norway is vivid, and that’s the tea.