5 Of The Most Bitcoin-Friendly Nations
Where Did Bitcoin Start?
While Bitcoin’s origination story is quite murky, what we do know is that Bitcoin was founded by an individual, or group, by the name of Satoshi Nakamoto in 2009. The cryptocurrency was announced to the general public via an article put out by Satoshi Nakamoto through a cryptography mailing list titled Bitcoin: A Peer-to-Peer Electronic Cash System. To this day, the identity of Satoshi Nakamoto is unknown and remains one of the biggest mysteries in the world of cryptocurrency.
We still have no idea what country Satoshi Nakamoto or his/her/their innovation originated in. Sure, the name Satoshi Nakamoto is of Japanese descent, but outside of that, there are no reasons for us to believe that Bitcoin holds its roots in Japan. What we do know is that Bitcoin is both the most popular cryptocurrency and the most frequently-used means of payment in the world.
Why is that? Bitcoin provides its users a plethora of different advantages. Some of these include: speedier transaction times, safe and secure transactions, low-to-no fees, the ability to transact freely across international borders, etc. The list goes on and on.
Bitcoin’s Fate Is Up to the Government
Now, it’s important to note that Bitcoin, and other cryptocurrencies, can only be as valuable as the government allows them to be. Some nations have actually outlawed Bitcoin, making it difficult for users within that country to reap the benefits that Bitcoin has to offer. The reasons for outlawing Bitcoin vary — some are concerned with Bitcoin’s security while some are afraid of the country’s fiat currency losing value. Whatever it is, the value of Bitcoin lies solely within the stance that the government takes on the cryptocurrency. Some of the nations that Bitcoin has been outlawed in include: Mexico, Ecuador, Bolivia, Kyrgyzstan, Algeria, China, Egypt, Saudi Arabia, Nepal, Vietnam and Macedonia.
Where Does Bitcoin Get the Most Love?
Apart from the small amount of countries that have outlawed Bitcoin, there are several companies around the world that see Bitcoin’s value and believe in it. These countries have viewed Bitcoin as something that their current regulatory structure needs to adapt to because it is truly one of the most important economic innovations in modern history. Below are five (5) of the most Bitcoin-friendly nations in the world.
- Singapore. Although Singapore isn’t a large country by any means, it is one of the most developed and economically/technologically progressive countries in the world. The government has taken a pretty relaxed approach on Bitcoin, which has spurred a flurry of entrepreneurship within the cryptocurrency world. Earlier this year, a Singaporean startup that develops ‘smart banknotes’ launched, allowing people to purchase Bitcoin in a way that is immediate, free and anonymous. (For another way to purchase Bitcoin using cash that is immediate and anonymous, find a Coin Cloud Bitcoin ATM location near you.)
- Sweden. Sweden is on a mission to eliminate cash as much as they can from the country. As a step towards achieving this goal, the Swedish government has officially declared Bitcoin as a legitimate means of transacting. In doing this, the country has been able to expedite the growth and acceptance of Bitcoin across the nation. Because of this, Sweden is now home to some of the world’s fastest-growing cryptocurrency startups.
- Japan. Japan has been of the most Bitcoin-friendly countries since its inception. However, after the collapse of Mt. Gox in 2014, the government has stepped in to implement different regulatory measures to ensure people are protected in case something like this were to happen again.
- Malta. Recently, government officials have approved three (3) different bills that have encouraged innovation and entrepreneurship in the cryptocurrency world. In addition, two of the largest Bitcoin exchanges, Binance and Okex, have announced that they are moving their operations to Malta.
- The United States of America. The US is arguably the most Bitcoin-friendly nation in the world. Some of the largest US-based multinational companies such as Microsoft and Starbucks have begun accepting Bitcoin as a form of payment for their products and services. In addition, some of the largest and longest-standing financial giants like Goldman Sachs and the Chicago Board Options Exchange have worked to establish their niche in the cryptocurrency world.
What Does All This Mean?
According to this list, we’re seeing that countries with a steady economy and the infrastructure in place to spur entrepreneurship are the countries that have taken the most relaxed stance on Bitcoin. Regardless, Bitcoin is making its way onto the global stage and it’s only a matter of time before it becomes globally recognized and accepted.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company headquartered in Las Vegas, Nevada. With over 627 locations nationwide, Coin Cloud boasts one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Our network has helped more than 144,000 customers buy and sell cryptocurrency since opening our doors in 2014. To find your nearest Bitcoin ATM, please visit CoinCloudATM.com.
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