Bitcoin continues to break barriers as this cryptocurrency constantly rises in popularity. Research shows that there are as many as 5 million Bitcoin users in the world. The best part about it is that the trend is likely to continue in the next couple of years as the number of Bitcoin is likely to double soon.
Thanks to the fact that Bitcoin is superior to regular payment methods, people are extremely fond of using it. But, as we are about to see, countries around the world have mixed feelings towards this cryptocurrency. We are going to see where is Bitcoin a legal tender and where it’s considered an outlaw. But, before we do that, let’s see why are people so fond of it.
Why Are People so Fond of Bitcoin?
There are two reasons why millions of people are willing to invest in Bitcoin. First, as we mentioned earlier, it is superior to regular payment methods. Thanks to Bitcoin, people can enjoy instant online transactions, void all unnecessary fees, and be far more secure online. After all, Bitcoin provides users with a certain level of online anonymity.
The second reason why people are fond of this cryptocurrency is that it allows them to make a profit. Studies show that there may be as many as 100,000 Bitcoin millionaires in the world. Here’s how making a profit with Bitcoin works. After traders earn Bitcoin via mining or buying, they register at trading sites.
Reputable platforms such as the Bitcoin Digital trading app have a high profitability rate and they can connect you with buyers from every part of the world. Not only that, but the aforementioned trading site even uses advanced AI systems that analyze the market and are able to make accurate predictions on its future price. In doing so, you will be provided with intel on when is the best time to sell your assets.
Now, let’s see how is Bitcoin regulated globally.
Is Bitcoin Illegal in Any Countries?
The answer to this question is yes. Even though Bitcoin has tons of advantages (as we just saw), some governments are just not fond of it as they cannot cope with the fact that Bitcoin cannot be controlled. With that being said, the list of countries that oppose Bitcoin and deem it as an outlaw are China, Russia, Bolivia, Columbia, and Ecuador.
How Do a Majority of the Countries Regulate Bitcoin?
Elsewhere in the world, Bitcoin is regulated in various ways. In most counties in the European Union, Bitcoin does not have any specific regulations, which means that it is not illegal and the residents are free to use it. The case is the same with Canada. In the USA, Bitcoin is not recognized as a currency, but it is recognized as an MSB. That is the reason why many global brands that have HQ in America accept Bitcoin payments.
The only country in the world where Bitcoin is regulated well is surprisingly El Salvador. Recently, this nation became the world’s first country to completely legalize this digital asset. After the president sent the notion to El Salvador’s Congress, 62 out of 84 members voted in favour of legalizing it. The main reason why they decided for this course of action is that El Salvador does not have an official currency.
Many of its residents also work abroad and send money to their loved ones back home via international transfers. But, these transfers are subject to massive fees. The president of El Salvador, Nayib Bukele, stated that by legalizing Bitcoin, Salvadorans will void all unnecessary fees and thus, send money back home hassle-free. El Salvador’s recent legalization helped Bitcoin rise in value, as well.