Bitcoin in its decade worth of life has been able
Bitcoin in its decade worth of life has been able to climb the ladders of popularity and acceptance beyond the expectation of any crypto enthusiast or even the creator Satoshi Nakamoto. According to a recent survey conducted by Coin Dance, the pioneer cryptocurrency is now completely legal in at least 111 countries.
The achievement of Bitcoin becomes even more rejoicing when you know that the fundamentals of the cryptocurrency challenge the traditional and well established centralized systems of banks and governments.
So, what has driven the acceptance of Bitcoin to such an extent when most of the other cryptocurrencies are facing a hard time to replace its security tag?
Bitcoin’s Vision is the Key to its Acceptance
The biggest driving factor in making Bitcoin what it is today is the vision behind it and the technology that aids it. Every new coin launching today solely focuses on the financial side, on the contrary, Satoshi never thought about the financial aspect and focused on creating a tool to liberate the economy and the financial structure.
We all at some point in our lives have thought about our taxing system, which makes us pay on our earnings and apart from that we also pay taxes on things we buy. As a layman the farthest one could think about taking any action against the monopoly of the government or banks is to protest against them. However, Satoshi thought of creating a decentralized network, using the principles of cryptography. He did invent a new financial entity, but the tools used by him were there well before the idea might have cropped up.
So, the originality and vision of one man (or woman or a group) have led to a revolution which did not require any violent protest or shutdown, and when the idea became popular enough, people realized what they were missing out on. They clung on the idea and the acceptance lead to the financial market rise as well.
Bitcoin is not doing anything illegal, it’s simply a mode of payment just like fiats but promises a ton more than the government issued fiat currencies. It’s fast, secure and doesn’t burn a hole in your pocket for even transferring your own money to someone else.
Bitcoin acted as the mirror to society and showed them how governments should have handled your finances in the first place. It pointed out the monopoly and how the government with all the resources at their behest decided to make you feel inferior instead of using it to help you.
Bitcoin is Outright Illegal in Only 10 Countries out of 251
The survey conducted by Coin Dance also mentions the name of countries where the Bitcoin is outright illegal, and those ten regions are,
- Afghanistan
- Algeria
- Bangladesh
- Bolivia
- Pakistan
- Qatar
- Republic of Macedonia
- Saudi Arabia
- Vanuatu
- Vietnam.
The survey also suggests that there are nine countries where Bitcoin use is categorized as “Restricted.” The two prominent names in this category are China and India.
China which is a hub for some of the major mining farms around the globe has a very critical approach towards the use of Bitcoin and cryptocurrencies in general. It’s not hard to understand given how streamlined the governance is, while India has been over-cautious regarding the crypto use.
However, the sentiments are changing quite fast in India and in the last year, the central government has taken many initiatives to build user-friendly crypto regulations. Recently, the Reserve Bank Of India has finalized its draft for regulating cryptocurrencies and looking at the sentiments, the implementation does not look a far-fetched dream.