Adoption of cryptocurrencies by governments
Bitcoin allows for the first time ever, any human being anywhere on the planet, to be able to send and receive any amount of money, with anyone else on the planet. And without having to ask for permission from any bank, corporation, or government, this can be done almost instantly, for virtually no cost, regardless of the amount of money.
The key idea behind Bitcoin was the blockchain a publicly visible, largely anonymous online ledger that records Bitcoin transactions. The bitcoin system works without a central repository or single administrator, so is the world’s first decentralised digital currency, and it is the largest of its kind.
Corporations like Microsoft, Dell and Expedia are amongst a host of corporations that have begun to accept payments in Bitcoin. Even merchants have accepted bitcoin as payment even in South Africa (SA).
The SA market has caught the Bitcoin fever, using the cryptocurrency as an alternative form of payment. And people are buying goods, clothes and paying for holidays using bitcoin. This new form of currency has taken the world by storm.
People are buying and selling cryptocurrencies online and even trading and investing in them.
For some countries, it has taken authorities a long time before they can really influence it too much or attempt to regulate it. But along the line eventually it will happen and people might be feeling like they need to have withdrawn before then as it can be hard to predict when that will be.
BitcoinHub reported: Various governments around the world have started to get hip to the fact that cryptocurrencies are probably not going anywhere and will definitely be a pain in the rear end to ban and begun taking steps towards regulation.
Some have recognised cryptocurrencies as vehicles of a burgeoning new age economy and have, perhaps in a bit to position themselves as the new age economic superpowers by virtue of early adoption, gone so far as to issue their own digital currencies to complement their respective national fiat currency.
The countries include Ecuador, Tunisia, Senegal, Sweden, Estonia, Russia, Japan and Dubai and in that order.
