At this very moment, there are countless digital financial markets running across the world, trading in a variety of currencies. Stats show that of the 180 national currencies recognized as legal tender, a quarter have their own digital market. It's been seven years since the start of the bitcoin revolution. While conquering a quarter of the world's national currencies has been an impressive achievement, one can't help but wonder, what opportunities lie in wait in the other three?
This is a question worth looking at in more depth. Bitcoin's market potential reaches far further afield than its current grasp. Yet, markets in some parts of the world struggle to take off. Smaller Bitcoin exchanges pop up here and there, however due to little-to-no media presence, they have difficulties in taking off.
The Chinese yuan is one of the most frequently traded currencies on these digital markets. Volume-wise, the US dollar and the euro comes next. Other currencies, rather surprisingly, make up such a nominal figure they're hardly worth mentioning. The lack of volume in other parts of the world is something of a conundrum. You could argue that the case for using digital currency outside of Western Europe, Asia and North America is compelling. Countries such as Zimbabwe, Belarus and Venezuela have been cripped by fiscal and political policies to the point where the most basic of financial services – ones we take for granted – are more or less out of reach for the average business or individual.