We break down the top 5 countries to live in during the Bitcoin revolution
Bitcoin has exploded into a worldwide phenomenon over the past few years. Everybody is either investing or wishing they had invested. Now that millions of people own Bitcoin, what can they do with it in the real world, and will any countries adopt it as an official currency? We look at the countries who are leading the way in accepting and using Bitcoins:
The US has the highest number of Bitcoin users, traders, and Bitcoin ATMs (BTMs) in the world. They have been at the forefront of bitcoin and Blockchain technology from the beginning and were one of the first countries to embrace it as an investment. This is why in the tech startup rich area of Silicon Valley, many new companies are exploring the practical applications of cryptocurrency and blockchains. Since many countries look to the USA in relation to financial regulation, they will also look to them for guidance on the cryptocurrency’s legal status and regulatory clarity. Due to this, the USA will serve as the testing ground for crypto-regulation
The UK is often regarded as one of the world’s leading financial hubs and as centre of innovation. hey already have a number of Bitcoin and blockchain related startups and it’s an incredibly Bitcoin-friendly environment.The UK government sees new payment systems as inevitable, and they are preparing for mass-scale digital adoption in the near future. Even the Bank of England is looking closely at Bitcoin technology and its possibilities, asking the British public to look into ways they can improve their financial system.
The people of the Netherlands are so confident in Bitcoin that the city of Arnhem has over 100 merchants who accept it. It’s now known as the Bitcoin city where a Bitcoin user could buy everything from petrol to medication. Bitcoin is not currently regulated in the Netherlands and this has led to many Bitcoin-related startups popping up. They have a vibrant cryptocurrency community across the country who host regular meetups and events. In the same vein as the UK, the banking sector is looking into Bitcoin technology as a way to improve their financial system and cut down costs.
Known for their vibrant tech industry, they have some of the highest Smartphone and data penetration in the world, meaning that almost everyone could gain access to Bitcoin. Due to this, South Koreans have embraced Bitcoin, both as an investment and a means of exchange. Like many of the other countries on this list, they have no laws regulating the use of Bitcoin which has facilitated the rise of Bitcoin startups. If you’re ever in South Korea, you can purchase Bitcoins at a 7-Eleven. They also routinely host international Bitcoin conferences creating an incredibly amenable environment for Bitcoin users.
As one of the most developed countries in the world in terms of living standard and technology, they are at the forefront of the digital currency revolution. A wide-scale adoption of digital currency is not a hypothetical, it is only a matter of time. The Danish Central Bank declared that Bitcoin is not a currency, so it’s not regulated. This lack of regulation makes it easier for Bitcoin and blockchain related startups and exchanges to operate without government interference.