Cryptocurrency in Portugal

Varying Levels of Cryptocurrency Familiarity and Engagement

When it comes to cryptocurrency, it’s clear that while interest is widespread, the level of familiarity and engagement varies significantly. In Portugal, for example, about 35% of people are familiar with cryptocurrencies like Bitcoin and Ethereum. Despite this somewhat varied level of familiarity, a larger percentage of Portuguese individuals, 47.75%, have actively owned or used cryptocurrency at some point. However, it’s important to note that larger group have never engaged with cryptocurrencies, which likely due to a lack of confidence or a preference for more traditional forms of finance.

Many Want to Learn About Crypto, But Skepticism Remains

One key point is that more than 35% of people in Portugal want to learn more about cryptocurrency, even if they haven't bought any yet. On the other hand, a siginificanty number simply have no interest in cryptocurrency or skeptical or concerned about the risks. Interestingly, only a very small group, just 4.14%, once owned cryptocurrency but no longer do.

Security and Understanding Are Major Barriers to Adoption

Security concerns appear to be a huge barrier, with 50.15% of people identifying this as the primary challenge preventing wider cryptocurrency adoption. Similarly, an equivalent group cited a lack of understanding as a key reason. These two factors seem to be at the heart of people’s hesitation—without the right knowledge or trust, it’s hard to make the leap into a market as volatile as cryptocurrency. Other barriers, like regulatory uncertainty and a lack of trust in platforms, also weigh heavily.

Mobile Wallets Are the Preferred Choice for Crypto Management

In terms of how people manage their cryptocurrencies, mobile wallets and apps are the most popular choice for nearly 41% of users in Portugal. It’s likely that the convenience of having crypto on your phone, coupled with the rise of mobile-centric financial apps, plays a big role in this preference.

Binance Holds a Strong Lead Among Crypto Exchanges

As for which exchanges people are using, Binance dominates the market. Other platforms, like Coinbase, also play significant roles, but the gap between Binance and its competitors is quite pronounced. Smaller platforms, like Kraken or Crypto.com, have seen much less adoption in Portugal.