Why Countries Need to Adapt to Bitcoin

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Bitcoin is a peer-to-peer digital currency that enables transactions through digital units. It has been in operation since 2009.

Bitcoin is destined to be the first cryptocurrency space before altcoin coins launched, and is used, for example, as an alternative to government fiat currency such as US dollars and euros. In addition, real money such as gold and silver.

The global use of cryptocurrencies has increased by 880% in the past year, especially in Vietnam, India, Pakistan and other developing countries.

The 2021 Global Crypto Acceptance Index is called “The Geography of Digital Currency.”

Experts from different countries say that many people use peer-to-peer cryptocurrency exchange because they do not have access to centralized systems. Also, the significant devaluation of the currency in developing countries makes people buy cryptocurrency on peer-to-peer platforms in order not to lose their purchasing power.

International transactions are also very popular in these countries whether it is a personal money transfer or a business use case such as buying, importing/exporting, and selling a product.

How is Bitcoin used?

Since its introduction in 2009, Bitcoin and other cryptocurrencies that followed have been marked by controversy and heated debate. Bitcoin is widely under fire for price volatility, use in illegal activities, and the volume of energy needed in mining. Yet in developing countries, people look to it with great hope amid the raging economic storm.

However, as more and more people are starting to use bitcoin as an investment, various problems keep arising such as limitations over its usage. This makes bitcoin different from country to country.

Nevertheless, most governments have not made the use of Bitcoin illegal, but want to regulate Bitcoin. Some countries have imposed restrictions on the use of Bitcoin, such as banks prohibiting their customers from transacting with cryptocurrencies.

While other countries have clearly tried to pass laws banning the use of Bitcoin and cryptocurrencies. Severe penalties are imposed on anyone who conducts transactions with cryptocurrencies.

However, as Bitcoin adoption increases in many countries, the pressure on countries that do not accept Bitcoin increases. Governments want to resist disruptive technologies for fear of losing their power, but the past has taught us that new technologies become dominant as adoption increases.

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