This article is from cointelegraph.com.br and the original article can be read here in Portuguese
A report prepared by the portal Cointrademonitor (CTM), on Bitcoin transactions (BTC) on national exchanges, revealed that Binance already dominates 49% of BTC trading in the country.
According to CTM, Brazilian exchanges declared to have moved 22,079.97 Bitcoins from April 1st to 30th, which is equivalent to approximately BRL 4,389,958,251.65 (4.4 Bi).
CTM also highlights that Binance was responsible for 49.70% of Bitcoin trading in Brazil during the month of April, having once again achieved the highest monthly share of an exchange ever recorded by Cointrader Monitor.
Binance had already broken the record for share of trading volume in the previous month and, according to CTM data, for 1 year, the exchange has been registering the highest trading volume with BTC in Brazil.
However, although Binance has increased its share of Bitcoin trading in the domestic market, compared to the month of March (23,181.44 Bitcoin), the volume of Bitcoins traded in April showed a slight decrease of 4.75%.
“In comparison with April of the previous year, the volume of BTC moved decreased 27.07% as the volume of that month was 30,276 Bitcoins. However, the volume of Reais needed to move the amount of Bitcoins in April 2022 was 54, 78% lower than April 2021”, highlights the CTM report.
Down, but up…
However, while the new CTM report reveals a drop in Bitcoin trading in Brazil, a study commissioned by Sherlock Communications entitled “Blockchain Report — Latam 2022”, reveals that in Brazil alone, more than 25% of people interviewed stated that they expect to acquire cryptocurrencies in the next 12 months.
However, despite being very accessible and present in everyday life, some myths still confuse potential investors.
For Gustavo Frachia, partner at Fidelis Fintech, digital assets have been present in the daily lives of Brazilians for a long time. However, integrated solutions offered by retail, for example, are making this universe even more accessible.
The specialist lists four still widespread myths that surround the sector:
Can I only buy cryptocurrencies with cash?
Myth. Although very common, there are cryptocurrencies on the market that are integrated into different systems. Sometimes, when purchasing products or services on some networks, the consumer is able to accumulate loyalty points and acquire digital assets through their rewards in these systems.
Are all the players working in this sector anonymous and does that make you insecure?
Myth. There have been options on the market for a long time that are not anonymous and are even renowned. Big financial brands already operate in this area, but it is always vital to carry out extensive research before any investment.
Are digital assets always valued?
Myth. Each asset has its particularities. You have to evaluate case by case, just like in the stock market. It is vital to choose reliable assets, which do not hide behind anonymity, and which include different benefits, interconnected with loyalty programs, digital banking and Exchange. Having the real dimension of how that asset can navigate in the long term is essential.
Can I only spend cryptocurrencies by purchasing other cryptocurrencies?
Myth. Although widely spread, it is still important to note that many establishments already accept cryptocurrencies. The universe of retailers and merchants is increasingly integrating with these systems in order to attract and retain customers.