By David Deutsch | 11 October 2018 09:31:38The term “Bitcoin is not a scam,” has become synonymous with those who use the virtual currency to make transactions in the virtual world, but that’s not what’s happening in many countries.
According to a new report from a global credit monitoring firm, the vast majority of virtual currency users are using a virtual currency like Bitcoin to make purchases, with the largest numbers of transactions in India and China.
As of October 12, there were more than 16.6 million Bitcoin transactions across 21 countries, according to the report.
The report also showed that the largest amount of Bitcoin transactions in Europe were made in Germany, where there were 2.8 million transactions, followed by the UK with 1.6 billion and Spain with 1 billion.
In the United States, Bitcoin transactions were made by about 1.7 million people, followed closely by Western Europe with 1 million and Canada with 1,000.
In India, the largest number of Bitcoin users were in the United Kingdom with 4.8 billion Bitcoin transactions.
In Canada, Bitcoin users accounted for less than 0.5 percent of transactions, according the report, which also shows that Bitcoin accounts for less over 10 percent of all transactions in that country.
Bitcoin transactions in Russia, meanwhile, were less than 1 percent of the total, the report said.
While Bitcoin transactions are typically used to buy and sell goods and services in the Bitcoin economy, they can also be used to purchase illegal goods.
The report showed that in India, more than one in 10 Bitcoin transactions was for illegal goods, and that Bitcoin transactions accounted for only a little more than 3 percent of illegal goods in the country.
The U.S. is a country that has seen a spike in Bitcoin transactions over the past year, as companies have been buying up the virtual currencies and buying up businesses that deal in them.
Bitcoin has gained popularity as a payment method due to its fast and low transaction fees.
Bitcoin is an anonymous digital currency that is accepted in a variety of ways, including online transactions, by paying with credit cards and PayPal, and by exchanging Bitcoins for fiat currencies.
In the United State, Bitcoin is used to pay for many of the services that businesses offer.