One decade down the road, Bitcoin, the flagship cryptocurrency, has managed to jump to fame and adoption beyond borders, surpassed the expectation of any cryptocurrency maniac or even its real inventor Satoshi Nakamoto. Coin Dance, a crypto pioneer, recently carried out a survey and found out that BTC is currently entirely legal in more than 111 great countries globally.
The Coin Dance survey indicates that only 10 out of 251 countries regard BTC as outright illegal. The ten countries that prohibit Bitcoin include: Afghanistan; Vietnam; Algeria; Vanuatu; Bangladesh; Saudi Arabia; Bolivia; Republic of Macedonia; Pakistan and Qatar.
The survey further alludes that there are 9 nations including China and India, where the use of BTC is regarded as “Restricted.” Some of the countries where Bitcoin is legal include Japan, United States, South Korea, Italy, De Netherlands, United Kingdom, Sweden, Russia, Brazil, South Africa and many others. The Bitcoin market in Italy increases day by day and the country is now ranked in the fourth position to use BTC globally.
In several countries where Bitcoin isn’t being listed as legal, is due to the fact that BTC’s legal status is yet to be ascertained, putting into consideration that the BTC’s first transaction ever happened in 2009.
The fruits of Bitcoin become more visible when the basics of the digital currency challenge the centralized systems of financial institutions and the governments at large.
The major trigger that has made BTC to be what it is today is the significant vision behind it and the blockchain technology which helps it operate. Now, each new cryptocurrency starting generally aims at the financial side, on the contrary, Nakamoto never at any point think about the financial part of it but rather aimed at designing a tool to set free the current economy and financial system.
Bitcoin is not committing any sin or illegality, it’s merely a simple model of payment just like traditional fiat currencies but halsens a mountain over and above the government issued fiats. BTC is simple, fast, secure, instant and intangible (therefore portable unlike fiat currencies).
Moreover, Bitcoin worked as a financial mirror to the community and helped to expose how the governments should be handling our funds. It disclosed the monopoly and the resources that the government will have at their command intended to make people feel not up to snuff rather than using it to help them in one or another.
China is a haven and a hub of several mining companies and has an extremely important approach towards the use of cryptocurrencies such as Ethereum, BTC, Ripple, EOS, Litecoin, Dash, Maker, Stellar, Bitcoin Cash, Bitcoin SV, TRON and many others. India has been vigilant as far as the use of cryptocurrency is concerned.
Lately, the Reserve Bank of India (RBI) completed drafting cryptocurrency regulations. Basing at the feelings and public sentiments, the development doesn’t look as an unlikely dream.
BTC is currently trading at $3,985 and has a market cap of $69.954 billion, Ethereum is at $148.14 and Ripple at $0.32, according to coinmarketcap data.