Most users in Azerbaijan use cryptocurrency as means of earning - expert

ICT Materials 30 October 2019 12:11 (UTC +04:00)

BAKU, Azerbaijan, Oct. 30

By Kamala Mammadli - Trend:

There isn’t high interest in cryptocurrencies in Azerbaijan, Huseyn Ibadov, an independent cryptocurrency market analyst, told Trend.

Ibadov said that interest in cryptocurrencies in Azerbaijan, compared to other countries, is insignificant.

This is due to the low awareness of the population about the positive features of cryptocurrencies and the convenience in using them as currency, the expert noted.

“Most people cannot understand the mechanism of cryptocurrencies themselves as a means of payment,” Ibadov added. “Along with this, problems arise in understanding the blockchain technology, which is the basis of cryptocurrencies.”

The analyst noted that users in Azerbaijan mainly use this currency as a means of earning.

“Most users use cryptocurrency for earning, that is, they benefit from change prices in short-term trading,” Ibadov said.

The analyst added that the number of cryptocurrency users in Azerbaijan is unknown.

“About 2,000 users are in the blockchain group in Azerbaijan, and this can serve as a minimum indicator,” Ibadov said.