Bitcoin has been around for ten years and has become very popular. It has received acceptance by both large and small institutions in several countries. Some places right up to government level. According to new data, Bitcoin is now fully accepted in over 115 countries.
The success of Bitcoin becomes even more gratifying when you know that the fundamentals of cryptocurrency challenge the traditional and well-established centralized systems of all banks and governments. Competition usually sparks innovation. Bitcoin is therefore good, even for those who do not want to own Bitcoin themselves.
But why has Bitcoin gained such a widespread acceptance?
Bitcoin’s vision is the key
The biggest driver for Bitcoin is the vision and technology on which it is built. Satoshi focused on creating a free, state-independent economy and challenging the financial structure.
Democracy is rooted in the people’s power, but many also realize that monetary policy often seems to give a stronger vote than the ballot paper?
However, Satoshi thought about creating a decentralized network with the principles of cryptography. He discovered a new financial entity, but the tools used by him were there long before he got the idea and created Bitcoin. Giving people the opportunity to move money without the approval of the authorities and banks gives another type of power. For example, the power to not accept hyperinflation.
So, the origin and vision of Satoshi have contributed to a revolution that does not require violent protests or strikes. Around the world, the people have used Bitcoin as a tool. A tool that has given access to the financial markets for more people.
Bitcoin has paved the way for new ways of thinking in society, and has shown us how governments can handle the economy in the future.
Bitcoin is only illegal in 10 Countries
A survey by Coin Dance has highlighted which country Bitcoin is still illegal.
- Republic of Macedonia
- Saudi Arabia
The study states that there are nine countries where Bitcoin use is categorized as “Limited.” The two prominent names in this category are China and India.
China, which is a hub for some of the world’s largest mining facilities, has a very critical approach to the use of Bitcoin and cryptocurrency in general. It is not that difficult to understand with regard to the government in China, but India has been very cautious about using cryptocurrency, which has slowed the potential development of the country.
The sentiment in India is changing and in the last year the state has taken measures to build user-friendly crypto regulations. Recently, the Reserve Bank of India has finalized its draft regulation of cryptocurrency, so implementation of cryptocurrency in India might no longer impossible?