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Which Country Is Using Bitcoin?

Which Countries Invest In Bitcoins? Ranking Of The Most Investment-friendly Countries

Which Countries Invest In Bitcoins? Ranking Of The Most Investment-friendly Countries

Which countries invest in bitcoins? Ranking of the most investment-friendly countries Written by Monika Miziska | October 11, 2017| bitcoin , cryptocurrency , news Share the post "Which countries invest in bitcoins? Ranking of the most investment-friendly countries" The growing popularity of bitcoins in the world divides people. There are many controversial opinions about digital currencies. The supporters, enthusiasts and investors encourage people to invest in the cryptocurrencies. On the other hand, there are also numerous opposers, like China, for example that forbade bitcoin trade. There are two Asian countries that get more and more interest in the cryptocurrencies. The citizens of Japan and South Korea are found to be investing more in the digital currencies. People from these two major Asian countries truly embrace bitcoins! Many merchants use it for their business, too. According to Reuters, Chinas crack had a big impact on this situation. Despite that, there are other factors that contribute to the growing interest in bitcoins. Japanese government has officially recognized digital currencies as means of payment. Right next to the real money, bitcoins are now official means of payment in Japan. According to CoinMarketCap, Japan and South Korea are home to several high traffic cryptocurrency exchanges. Another factor that made a huge impact on the digital currency market in these two countries, is the fact that there are no rules for investor protection, what, unfortunately, attracts a lot of scammers too. The good thing is that South Korea planned major improvements in 2017, and will put a lot of effort into the safety of transactions in the bitcoin world. What is also interesting is the fact, that the citizens of India are also keen on investing in bitcoins. Continue reading >>

List Of Countries Where Bitcoin Is Legal

List Of Countries Where Bitcoin Is Legal

2017 was an incredible year for Bitcoins . Multiple landmarks were crossed in the year. While the currency started off at a price of $970 - it soon crossed the $5000, $10,000, $15,000 and almost reached $20,000. It was a year of unprecedented growth and witnessed a major spike in mainstream awareness. While most countries view Bitcoin with major speculation, there are some countries where Bitcoin is legal! Bitcoins legality is quite a controversial issue as almost every country has rejected it as a legal tender. This is primarily because of the fact that Bitcoin is a decentralized cryptocurrency . Currency, in the traditional sense is created by the government and backed by banks and other financial institutions. However, when it comes to Bitcoins, there is no governing body which regulates it. This leads to extreme volatility in the price which isnt good for economic systems. However, there are some nations which have been lenient towards this currency of the future and have given it legal or quasi-legal status. Let us take a closer look at the legal status of Bitcoins across various nations: Legal Status of Bitcoins in Various Countries: There are only a few countries where Bitcoin is legal (or semi-legal). Let us take a detailed look at all these nations and their laws regarding the legality of Bitcoin. While it is not officially legal in the US, the government has classified cryptocurrencies as MSB (Money Services Business). The US government has been more open and positive about Bitcoin compared to many other nations. Several government bodies have been instructed that all Bitcoin transactions need to be carried out only in legal terms. The US Department of Treasurys Financial Crimes Enforcement Network has also been researching on this cryptocurrency for quite so Continue reading >>

Bitcoin Mining Now Uses More Power Than 159 Countries

Bitcoin Mining Now Uses More Power Than 159 Countries

Bitcoin Mining Now Uses More Power Than 159 Countries Bitcoin Mining Now Uses More Power Than 159 Countries By Ryan Whitwam on December 4, 2017 at 3:30 pm This site may earn affiliate commissions from the links on this page. Terms of use . The value of Bitcoin has skyrocketed over the past year, putting past price spikes to shame. A single Bitcoin is now worth more than $11,000, but the drive to accumulate Bitcoins has also driven energy consumption to mind-boggling levels. Mining Bitcoin now consumes more than 30 terawatt-hours of power globally, which is higher than the individual energy usage of 159 countries. According to Bitcoin analysis blog Digiconomist , energy consumed by Bitcoin mining now exceeds what is used by countries like Ireland, Hungary, Oman, and Lebanon. Bitcoin uses about as much power as the entire country of Morocco and slightly less than Bulgaria. If Bitcoin were a country, it would have the 61st highest energy consumption.However, this only covers miners. It does not include any power consumed by Bitcoin-enabled devices like vending machines and ATMs. Unlike a fiat currency like the US dollar or Euro, Bitcoin needs to be mined. Of course, no one is digging digital currency out of the ground like gold mining Bitcoin is just the process of running complicated calculations on computers. These calculations keep the Bitcoin network operational by verifying transactions on the Blockchain, which is the public ledger of all Bitcoin activity. Bitcoins are awarded to systems that complete these calculations, but the complexity of the calculations increases over time. This is a basic element of the Bitcoin protocol, but its resulted in vastly higher energy usage as people scramble to earn more of the cryptocurrency. A few years ago when a Bitcoin was wort Continue reading >>

This Country Could Soon Make Bitcoin Its Official Currency

This Country Could Soon Make Bitcoin Its Official Currency

This country could soon make Bitcoin its official currency We may well be witnessing the first Bitcoinization of a sovereign state. This article is published in collaboration with Futurism In order to deal with ever-growing issues with hyperinflation, the country of Venezuela may soon decide to adopt a new currency: Bitcoin. As explained by CoinTelegraph , Bitcoin has been the subject of a massive amount of mining and purchasing over the last few months, leading to a number of rumors regarding the countrys desire to incorporate it into their financial structure. According to Daniel Osorio, from Andean Capital Advisors, Venezuela may be on the verge of forgoing their Bolivar currency. During an interview last week, he told CNBC we may well be witnessing the first Bitcoinization of a sovereign state. Osorio went on to explain that Venezuela is more than a week behind on a substantial bond interest payment. At present, it doesnt have the money to address it or manage the economy. A simple lunch can now cost up to 200,000 Bolivars ($8-$10) prompting people to resort to using Bitcoin or money wires of other foreign currency. Bitcoin is appealing because its independent of the black market and tied to a fixed exchange platform, making it difficult to exploit. In August, Venezuela was listed as the top country with a failing currency ahead of Colombia and Argentina, with all ten countries listed expected to turn to Bitcoin or other cryptocurrencies in the near future. The bitcoinization of Venezuela hasnt happened, despite what many would like to say, so well have to wait to see what actually becomes of the situation. If it does completely shift, however, it could be used as another selling point to get people to adopt the biggest crypto out there . Continue reading >>

10 Bitcoin-friendly Countries That Legalized Cryptocurrency

10 Bitcoin-friendly Countries That Legalized Cryptocurrency

10 Bitcoin-Friendly Countries That Legalized Cryptocurrency Bitcoins growing acceptance has created a list of countries that are proving to be early adopters of new technology. The Blockchain is a massive leap in technology that has left regulators playing catch-up. Much like other technological advancements here, most lawmakers are far behind in terms of defining the legal structure around which Blockchain-enabled solutions can work. Let us first spend a little time defining the problem lawmakers face. Traditionally money is issued by the central bank and it has a strong backing in terms of gold/foreign exchange which keeps its value. The advent of Blockchain technology has made it possible for people to get access to currencies which are not issued by the central bank. The robust and decentralized nature cryptocurrencies also make it difficult to link it's to an owner as required by regulators. In simple terms, it is difficult to identify criminal transactions. This is giving lawmakers sleepless nights. While some simply block any use of cryptocurrencies by legislating against it, others noticed the value in Blockchain technology and are supporting it with the proper legal framework. What is the need for having a cryptocurrency? In simple terms Bitcoins decentralized network allows users to transact directly, peer to peer, without a middleman to manage the exchange of funds. This makes it a very affordable way of transacting as against the legacy banking network. Bitcoin increases system efficiency and enables the provision of financial services at a drastically lower cost, giving users more power and freedom making it safer, simpler and more robust. The Bitcoin network is also a system where data is owned users and not by a company or government putting a lot of con Continue reading >>

11 Countries Where Bitcoin Is Still Illegal

11 Countries Where Bitcoin Is Still Illegal

11 Countries Where Bitcoin is Still Illegal While Bitcoin can already be called the worlds first global currency, it is nevertheless illegal in a several countries, where using it has been outlawed by the government. By doing so, the future is not looking bright for these largely third-world nations with struggling economies. Bitcoin is not only the worlds first cryptocurrency, it is also the first borderless and apolitical form of money in the history of mankind. It is the next step in the evolution of money technology thats rapidly developing in lockstep with an increasingly interconnected world. Bitcoin nodes are distributed all over the world, forming a decentralized network without a central point of failure. This ensures that no government can shut off the entire Bitcoin network on a global scale. According to data compiled by Coin.dance, Bitcoin is unrestricted in 107 of 251 countries or regions. Here, unrestricted means that using Bitcoin is either deemed legal by the government or that there is currently no explicit restriction in place against using cryptocurrencies in general. Looking closer, almost half of these countries are majority muslim with theocratic political systems like Qatar and Afghanistan. And since views on whether Bitcoin is halal or haram are still conflicted , these nations have simply made Bitcoin illegal to use on religious grounds. But whether such policies can actually be enforced is a separate question altogether. Bangladesh , for example, is perhaps the only known country where police have hunted down individual Bitcoin users. Likely, Bitcoins illegal status in most of these countries is merely a formality on paper in an attempt to dissuade its citizens. Nevertheless, data from LocalBitcoins shows that Bitcoin being illegal hasnt stop Continue reading >>

Which Country Uses Bitcoin As Its Official Currency?

Which Country Uses Bitcoin As Its Official Currency?

Which country uses Bitcoin as its official currency? Which country uses Bitcoin as its official currency? Bitcoin is explicitly illegal in a few countries, while some countries have come up with their very own cryptocurrencies. Does this mean that no country will ever make Bitcoin their official cryptocurrency? Bitcoin is the closest anything except the US dollar has ever come to being a de facto global currency. Yet no country officially accepts Bitcoin as legal tender. Now there are some countries, like Venezuala , that are teetering on the edge and may need to resort to using cryptocurrencies to replace its own fiat. But the reality is, Bitcoin is not an official currency in any country. If you want to know what Bitcoin is and how does it work, check out this simple explanation. So the answer to which countrys official currency is Bitcoin is the obvious none. However, that doesnt mean cryptocurrencies arent used and accepted widely in various countries. Additionally, the future of cryptocurrency is largely based on the regulatory direction of blockchain technology. Countries like the US and Japan have been positive about cryptocurrencies, while countries like Namibia and Bolivia have already banned it. Why are cryptocurrencies not officially accepted? To understand the answer to this question, we should think about what cryptocurrencies offer: Unlimited, instant access to financial movement for anyone (emphasis on anyone). Doesnt have to be part of any institution. Doesnt have to have citizenship, official identity, government issued clearances, or anything. You dont even have to be a human to set up a Bitcoin wallet. Ability to transact any amount with anyone in the world. Freedom to use any currency, and not a government sanctioned one. Especially important in eco Continue reading >>

Could A Country Use The Bitcoin As Their Principal Currency?

Could A Country Use The Bitcoin As Their Principal Currency?

Could a country use the bitcoin as their principal currency? in various countries, bitcoin is being used as a legal tender. Bitcoin is the revolution to currency world and therefore it may take time by different countries to understand Bitcoin,its advantages, its disadvantages, its effects and many more other factors before making it as the principal currency. Russia will be doing the same by 2018 ( After Japan, Russia to recognize Bitcoin ) And in US/UK too, Bitcoins are being used in similar ways as of fiat currencies. For latest updates on Bitcoins and cryptocurrencies, do visit Kryptomoney .com The question should be posted as why shouldnt a country use Bitcoin as main currency? Why? Because think of that: inflation is the main problem of fiat currencies. Bitcoin is not affected by inflation. Sure, Bitcoins price swings, because the user base is still small, but Bitcoin inflation is KNOWN and very, very, very limited. Another problem of fiat currencies is currency wars or currency value manipulation, which governments do continuously to help their export, while at the same time devaluating peoples wealth. With Bitcoin, a country would have a harder time in exporting, but people wouldnt ever fall into hyperinflation and lose all their belongings. Continue reading >>

The Top 5 African Countries That Utilize Bitcoin

The Top 5 African Countries That Utilize Bitcoin

The Best Cryptocurrency Tips for Beginners The Top 5 African Countries that Utilize Bitcoin FREE Video Shows How to Earn Serious Income with Cryptocurrencies: HERE Initially, African countries appeared reserved on virtual currencies, but the growth of M-Pesa in Kenya, a micro-financing and money transfer service based on mobile phones, speaks volumes about the receptive preparedness of African countries to mobile based currencies. Launched in 2007, the Safaricom mobile service provider which owns the product has seen the number of users rise to 26 million, by close of 2016. In a record 10 years, M-Pesa transactions amount to over USD1.84 billion. Apart from money transfer, many regional users of M-Pesa rely on it to buy airtime for mobile calls, as well as for mobile data. Going by Safaricoms trademark, The Better Option, its without a doubt that virtual currencies are set to impact life in a big way in Africa, no wonder Bitcoin Event has organized the 4th Annual Blockchain Africa Conference, to be hosted in Johannesburg (South Africa) on the 8th-9th of March, 2018. Top on the agenda of this meeting which will bring both local and international speakers together, will be the use cases of blockchain and cryptocurrencies, challenges with technology, the future of crypto innovations, regulatory space, and disruption trend. With all systems set for this conference, we need to highlight some of the top African countries in cryptospace, especially given that ownership of mobile phones in Africa stands at 85%, compared to 91% in USA. Nigeria takes lead in terms of population and economy in the continent, and is considered one of the pioneers of cryptocurrencies, though Bitcoin penetration and positive dimension improved upward in 2016. No wonder in October 2016, the BitX echa Continue reading >>

These Are The Worlds Top 10 Bitcoin-friendly Countries

These Are The Worlds Top 10 Bitcoin-friendly Countries

These are the Worlds Top 10 Bitcoin-Friendly Countries Imagine a country where everything new in the digital world is not only tested but implemented. Bitcoin.com is proud to present a list of the ten most Bitcoin-friendly countries in the world, where the technology is being tested and used at an increasingly rapid pace. Also read: IBM is Experimenting with Open Blockchain & Shadowchains Worlds Top 10 Bitcoin-Friendly Countries The countries are listed in no particular order since each nation has its own idiosyncrasies, differences in population, internet connectivity, etc. However, all of the countries listed have demonstrated their willingness, whether on behalf of the population, the government or both, to embrace Bitcoinsinnovative technology. Check out Bitcoin.coms video listingthe worlds top Bitcoin-friendly countries below. The small Baltic nation of Estonia not only has a history of jumping on the latest technological innovation, but its tech-friendly government seems willing to implement innovations like blockchain technology for healthcare , banking services and even governance by allowing its citizens to become e-Residents. This service also gives Estonian citizens and businesses digital authentication. It was also one of the first to use a blockchain-based e-voting service that enables people to become shareholders of Nasdaqs Tallinn Stock Exchange. Well known as the birthplace of Skype, it now hosts a number of Bitcoin ATMs and startups such as Paxful , a global peer-to-peer buying and selling service for bitcoins. With one of the highest internet penetration rates in the world, Estonia is well positioned to be a place where a cryptocurrency users can certainly feel welcome. Unsurprisingly, the US hosts the highest number of cryptocurrency users and Bitco Continue reading >>

6 Countries Where Bitcoin Is Banned

6 Countries Where Bitcoin Is Banned

If you're caught trading bitcoin or using bitcoin to buy goods in these six countries, you could go to jail. When the calendar changes to 2018, investors will almost certainly look back on 2017 and label it as the "year of the cryptocurrency." Since beginning the year with an aggregate market cap of $17.7 billion, the value of all cryptocurrencies combined recently surged, at least temporarily, to more than $325 billion. That better than a 1,700% return in about 11 months' time, and it's emblematic of just how widespread optimism has been for digital currencies this year. Why virtual currencies are off to the races This optimism has essentially taken on three forms. First, there are those who are excited about the potential for blockchain , the digital and decentralized ledger that logs virtual currency transactions in a secure and efficient manner without the need for a financial intermediary like a bank. Enterprise customers are showing plenty of interest in blockchain, and since nearly all are open-source networks, it would make altering logged data practically impossible. That makes blockchain particularly secure. Another group of optimists is encouraged by the uptake of digital currencies by merchants. A number of brand-name businesses have begun accepting bitcoin, the largest virtual currency by market cap, with online retailer Overstock.com opening its arms to six popular cryptocurrencies . The belief is that as more merchants jump on board, the staying power of these virtual currencies will increase. Finally, we can't argue against the role emotions have played in sending cryptocurrencies higher. The fear of missing out on big gains has perpetuated consistently strong buying in bitcoin and other digital currencies. Six countries that just said "No" to bitcoin H Continue reading >>

What Is A Bitcoin? Which Countries Accept It As

What Is A Bitcoin? Which Countries Accept It As "legal Tender"?

Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. You use the public key to receive Bitcoins, and if you want to send Bitcoins to another wallet you will send it to that wallets public key. The private key (comparable to an ATM PIN) is meant to be a guarded secret, and only used to authorise Bitcoin transmissions. Bitcoin is global and border-less, anyone anywhere can buy and use Bitcoin and it is legal to use worldwide. If you want to aquire some Bitcoins you need to use an exchange that supports your country (these will be listed in the How Can I Invest In Bitcoin You can use Bitcoin to buy and products from sellers that accept Bitcoin, anything from Pizza to even Lamborghini's and McLarens. You can also buy Bitcoin and store it long term as an investment, if you invested $1000 in Bitcoin last year you would have $100,000 now since the price was $400 in January 2016 and the price recently past $4000 this year. You can also invest in other cryptocurrencies as well. Investing in Bitcoin and cryptocurrency can be very profitable and 30% swings in one day are quite common, Bitcoin has also continued to gain value steadily and is currently around $4600 per Bitcoin when it was less than $600 a year ago. You do not even have to buy a full Bitcoin, you can even invest $100 every week or month. To invest in Bitcoin and cryptocurrencies you need to buy Bitcoin fr om an exchange that lets you buy Bitcoin directly with cash: - You can buy Bitcoin and Ethereum instantly. S Continue reading >>

World Of Cryptocurrencies List Of Nations

World Of Cryptocurrencies List Of Nations

Introduced in 2008, bitcoin was heralded for its potential to disrupt the traditional banking model for businesses and consumers alike. Cryptocurrencies have enjoyed some success; bitcoin is now the largest cryptocurrency, with the total number of bitcoins currently valued at approximately USD$70 billion. Research produced by Cambridge University concluded this year that there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet. In this research, weve looked at governmental attitudes toward cryptocurrencies, not limited to bitcoin alone. The picture produced across the world is patchy. Some countries have become global advocates, while others have actively banned cryptocurrencies completely, with various shades in between. The most notable disrupter is Japan, which has passed a law accepting bitcoin as legal tender. At the other end of the spectrum, Bangladesh passed a law in 2014 stating that anybody caught using the virtual currency could be jailed under the countrys strict anti-money-laundering laws. Whatever the individual case for a country, the growth in cryptocurrencies in the last decade has shown that there is strong momentum around this new technology. Kazakhstan Seeking to become the regional hub for cryptocurrencies. In June 2017, Kazakhstan announced plans to begin selling blockchain based bonds, and the countrys President announcedthat, It is high time to look into the possibility of launching the international payment unit. It will help the world get rid of monetary wars, black marketeering and decrease volatility at markets . Kenya The Central Bank of Kenya (CBK) has warned that virtual currency is insecure and could fund terrorism. Kyrgyzstan The Kyrgyzstan government has completely banned the use of bitcoin with Continue reading >>

Countries Where Bitcoin Is Legal & Illegal (dish, Otsk)

Countries Where Bitcoin Is Legal & Illegal (dish, Otsk)

Countries Where Bitcoin Is Legal & Illegal (DISH, OTSK) The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency . Today, there are more than 500 different cryptocurrencies to choose from, but Bitcoin still enjoys the first mover advantage. While tax authorities, enforcement agencies, and regulators are still exploring the phenomenon, one pertinent question isis bitcoin legal or illegal? The answer is, it depends on the location and activity of the user. Bitcoins are not issued, endorsed, or regulated by any central bank . Instead, they are created through a computer-generated process known as mining . In addition to being a cryptocurrency unrelated to any government, Bitcoin is also necessarily a peer-to-peer payment system since it does not exist in any physical form and must be exchanged online. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous. (Related reading The Risks Of Buying Bitcoin ) Consumers have greater ability nowto purchase goods and services with bitcoinsdirectly at online retailers and and using bitcoin-purchased gift cards atbricks and mortar stores. The currency is being traded on exchanges, and companies have even made investments in virtual currency-related ventures. These activities portray a technically well-established virtual currency system, but there is still no uniform international legal law covering the use of bitcoin. (For more see Stores Where You Can Buy Things With Bitcoins ) The fact that bitcoin can be anonymously used to conduct transactions between any account holders, anywhere and anytime across the globe, makes it attractive to criminal elements. They may use bitcoins to buy or se Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

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