Home » Cryptocurrency In And Around The Developing Countries Across The Globe

Cryptocurrency In And Around The Developing Countries Across The Globe

what is bitcoin
what is bitcoin

With the changing calculus of the currencies today, Bitcoin has increasingly gained the interest of masses. Although there is not much of its value that has changed over the years, yet there has been a rise in its adoption.

Cryptocurrencies and Blockchain technologies are very much related to each other. Blockchain training is one aspect that is needed to master the skills you need to make something from cryptocurrencies, especially if you consider mining them. That is why blockchain training is one of the most studied courses online.

Countries like North America and Europe were the first to establish exchanges in order to restrict as well as promote its flow. Thereafter the trend that had started as a fire soon became a boom for countries all across the globe.

Let’s take a look at its boom in the evolving markets.

  1. Bahrain

On the advent of becoming a big FinTech hub, along with the Blockchain technologies, Bahrain is keen on adopting the Bitcoin currencies. The pace has just started for the country however the sum of the initial investment is huge.

Indicating towards the interest to adopt Bitcoin Bahrain’s Finance Minister also showed reasonable logic towards its benefits for the nation.

Also, they are in the process of further proposing a joint venture with other nearby countries like Saudi Arabia.

  1. Sweden

Sweden is a pretty progressive nation when it comes to using the currency. They are already in a phase where the cash use and in-hand transactions are minimal. Further, they are out, seeking other currency options. Sweden has potential to grow as world top Bitcoin using countries.

The central bank for Sweden is in fact on its way to issue its own virtual currency, if it is even possible. Bitcoin again, a virtual form of currency holds importance for the people of this nation.

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  1. Venezuela

When it comes to the adoption of Bitcoin, Venezuela holds a totally different opinion for this currency. Since its currency lost almost 60 percent of its value within a month, the people are already in search of a safer option of currency to retreat.

Bitcoin for now is a relatively stable and merchants have already been accepting Bitcoin transactions. Services like SurBitcoin are helping people get the sense of security as it helps its users to convert their Bolivares to Bitcoin. The country is surging from conventional techniques to more safer options at this time.

The adoption of Bitcoin has substantially increased manifold and is helping the people convert their digital coins into US Dollar, which is helping them keep their money safe from country’s high inflation risks.

The country, however, is apprehensive of the virtual currency as it is giving the citizens freedom from the controlling policy and the autonomy to make international purchases.

  1. Czech Republic

This is one of the most active participants when it comes to Bitcoins. With over almost 55,000 wallet downloads, 8 Bitcoin ATM’s and around 120 cryptocurrency-friendly merchants the Czech Republic is actively progressing towards the new-world currency and accepting it.

With the increased spread of the word, the exchange of Bitcoins has witnessed a growth in the country. The country is also the home for the first Bitcoin mining pool and the government is relaxed conditions when it comes to the cryptocurrency related policies. As a result, the adoption of this virtual currency has substantially increased manifold over a period of time.

Node5 an active co-working space is helping to raise the awareness among the youth about cryptocurrency.

Also, other FinTech industries are given a robust for its acceptance and encouragement in the country.

  1. Philippines

Online sites like Paylance have helped in mass adoption of Bitcoin in the country. It awards the online gamers Bitcoins, also avail other services and to buy online products. There is a large population in the country which is still unbanked and has limited access to bank accounts.

This promotes the chances of Bitcoin companies to establish and holds its grips in such countries. As per reports the country has more Facebook accounts than a reasonable bank account.

So, the inference being that the market is approachable wherein the unbanked problem can be addressed by this virtual currency.

Adapting to a change has never been very easy or accepted easily. Furthermore, with different state norms and strict regulations penetrating into such systems becomes even harder. However, with proper groundwork and accepting countries, cryptocurrency is yet to have a larger hold over the market.

About the author

Shane Watson

Shane Watson

Shane is a cryptocurrency journalist and an ICO writing consultant at The Written Craft content service. He's an advocate of decentralized public control of finance, an off-grid enthusiast, and really fun at parties too.