Cryptocurrency in Colombia

Low Awareness of Cryptocurrency in Colombia

Cryptocurrency remains a topic of curiosity and skepticism in Colombia. While nearly a quarter of the population confidently recognizes names like Bitcoin and Ethereum, an even larger group, at 50.4%, admits to having no familiarity with digital currencies at all. Ownership patterns tell a similar story. Despite the growing conversation around digital assets, actual adoption remains limited, with just under 30% of Colombians having ever owned or used cryptocurrency. The majority has never ventured into crypto transactions. The gap between those who have dabbled in crypto and those who haven't raises the question: Is it a lack of interest or deeper concerns holding people back?

Interest in Crypto Exists, But Hesitation is High

Interest, as it turns out, is not the main issue. Nearly half of Colombians express a desire to learn more about cryptocurrency, even if they don’t own any yet. However, hesitation is evident. A significant group openly declares no interest in crypto, while others cite skepticism or concerns about its risks.

Lack of Knowledge and Trust Hold People Back

Many people avoid cryptocurrency because they don’t understand it or don’t trust it. A significant number attribute their hesitation to a lack of understanding, reinforcing the idea that education is key to broader adoption. Security concerns and regulatory uncertainty further contribute to skepticism, while trust in platforms remains a critical barrier. These concerns outweigh practical issues like volatility or high transaction fees, pointing to deeper structural and psychological hurdles rather than just economic factors.

Cash is Still Preferred Over Crypto Payments

While cryptocurrency presents an alternative to traditional payment methods, digital payments as a whole still have room to grow in Colombia. Cash remains dominant, with most people preferring physical money whenever possible. However, digital payment habits are gradually emerging—many users store credit card details on their phones, and some use payment apps like Venmo for transfers. Despite this shift, crypto transactions for purchases remain rare, with only 11.2% having ever used it as a payment method.

Binance Dominates Colombia’s Crypto Market

Among those who engage with crypto, Binance is the most widely used exchange, significantly outpacing competitors like Coinbase, PayPal, and Gemini. Niche platforms such as Hapi and Faucetpay see minimal adoption. Overall, when Colombians do engage with crypto, they gravitate toward globally recognized platforms offering comprehensive services.