Check the list of top fiat currencies for bitcoin traders. And the list includes USD, Korean Won, Great British Pound, Kuwaiti Dinar, and many more.
1. US dollar (USD)
With approximately 85.5 percent of the market share, the US dollar currently ranks first among fiat currencies trading Bitcoins.
Several factors contribute to the US dollar's consistent top ranking in Bitcoin transactions. The United States, a quick adopter of any new technology, discovered a large user base in blockchain-based Bitcoin, which quickly gained traction in the country. Meanwhile, many other countries and their regulators were slow to embrace Bitcoin's development. Individuals in populous countries such as India, for example, have purchased bitcoins directly or through intermediaries by first converting Indian rupees to US dollars and then using the dollars to purchase bitcoins.
2. Japanese Yen (JPY)
When it comes to Bitcoin transactions, the Japanese yen ranks second with a nearly 5% market share.
The Japanese were previously the leaders for many years, thanks to the Chinese government's multiple bans on China-based Bitcoin exchanges since September 2017.
All of China's Bitcoin trading activities quickly spread abroad, benefiting Japan the most.
Japanese regulators were also among the earliest adopters and most accepting of virtual currency. They have been very proactive in establishing the necessary regulations and have quickly streamlined Bitcoin trading, allowing it to capture the lion's share of the global market.
3. Euro (EUR)
The Euro, Europe's currency, ranks third on the list, with a 4.75 percent market share in Bitcoin trading.
Part of what limits the Euro's growth when it comes to purchasing Bitcoin is that it is still restricted to specific regions. Berlin, Germany, has been welcoming to Bitcoin, with the Netherlands and Belgium also serving as important cryptocurrency hubs.
4. Korean Won (KRW)
With 3.2 percent of the market, the South Korean won ranks fourth.
Because the country's regulators prohibited cryptocurrency traders in Korea from using anonymous bank accounts, the KRW's share of Bitcoin trading has declined significantly since 2018.
The country's finance minister at the time, stated that "there is no intention to ban or suppress the cryptocurrency (market)."
Korea became one of the first countries to enact comprehensive cryptocurrency legislation in 2020.
5. Great British pound [GBP]
The British pound, also known as the pound sterling or GBP, is the fifth most valuable currency in the world. Although the GBP is not the most powerful currency in the world, it is the oldest currency still in use. The pound sterling is widely regarded as the world's strongest currency, and it is the most widely used currency in the world. It is also the world's fourth most traded currency, accounting for approximately 12.8 percent of daily trades on the foreign exchange market.
When exchanging a single US dollar, you will receive approximately 0.75 Great British pounds. This currency pair (USD/GBP) is commonly referred to as "cable" and is the world's third most traded currency pair.
6. Kuwaiti dinar [KWD]
The Kuwaiti dinar, also known as the strongest currency in the world, was introduced in 1960 and was initially equivalent to one pound sterling. Kuwait is a small country nestled between Iraq and Saudi Arabia, and its wealth has been driven largely by large global oil exports.
The Kuwaiti dinar is the world's highest-valued currency unit per face value after exchanging one US dollar for 0.30 Kuwait dinar, or simply "the world's strongest currency."
7. Cayman Islands dollar (KYD)
The Cayman Islands dollar (KYD), the Cayman Islands' national currency, is the world's seventh most expensive currency. The Cayman Islands, an autonomous British territory in the Caribbean, are a major financial tax haven for wealthy individuals and corporations.
A US dollar is worth approximately 0.83 Cayman Islands dollars, making it the only and strongest Caribbean currency on the list.
8. Canadian dollar [CAD]
Because of Canada's legal and political stability, the Canadian dollar, or CAD, is one of the most popular currencies for central banks to hold as foreign exchange reserves.
Furthermore, CAD is a popular forex trading option, accounting for approximately 5% of daily trades in the global foreign exchange market.
A single US dollar will buy approximately 1.31 Canadian dollars, ranking it 11th among the world's strongest currencies, but its global popularity outweighs its value.
9. Hong Kong Dollar [HKD]
The Hong Kong dollar is the Hong Kong Special Administrative Region's official currency. It is divided into 100 cents or 1000 millimetres. Hong Kong's monetary authority and the Hong Kong dollar are administered by the Hong Kong Monetary Authority.
The Hong Kong Monetary Authority has granted licences to three commercial banks to issue their banknotes for general circulation in Hong Kong. These banks, HSBC, Bank of China, and Standard Chartered, each issue their designs of paper currency in denominations of HK$20, HK$50, HK$100, HK$500, and HK$1000, with all designs in the same denomination of banknote being similar to one another. The HK$10 banknote and all coins, on the other hand, are issued by the Hong Kong Government. The Hong Kong dollar is the world's ninth most traded currency as of April 2019.
10. Kuwaiti dinar [KWD]
The Kuwaiti dinar, also known as the strongest currency in the world, was introduced in 1960 and was initially equivalent to one pound sterling. Kuwait is a small country nestled between Iraq and Saudi Arabia, and its wealth has been driven largely by large global oil exports.
After exchanging one US dollar for 0.30 Kuwait dinar, the Kuwaiti dinar is the world's highest-valued currency unit per face value, or simply the world's strongest currency.