A cryptocurrency is just one of the many ways you can make a transaction in a marketplace, and the ability to carry out the payment depends on the acceptance of such a system and many factors including, but no limited to Internet access and societies recognition of digital payment options compared to physical fiat currencies.
To break it down into simple terms, Bitcoin’s (BTC) decentralised network allows users to transact directly, peer to peer, without the need for a middleman to manage the exchange of the funds.
By allowing this and having this option available is increases system efficiency and enables the provision of financial services at a drastically lower cost, allowing the user to have more power and freedom with their currency.
So what countries are ahead of the game and accepting of cryptocurrency? There are many countries that have shown the willingness to accept the innovative technology that Bitcoin brings with it, known as Blockchain.
The countries listed below are in no particular order, only countries that have allowed Cryptocurrencies to be used in their regular financial transactions and where the people have started using it on a regular basis.
- United States of America
- South Korea
- The Netherlands
- United Kingdom
The above listed countries all have Bitcoin ATM’s accessible for use, and businesses have started accepting Bitcoin as a method of payment for goods and services. Some of these countries even provide tax breaks for people using Cryptocurrencies.
Overall, however, Bitcoin still needs to be adopted on a much larger global scale to see it take over the majority of the fiat currencies available.
It is starting to make its mark however, and upsetting certain economies, such as the United States of America. As more and more people understand that strength and importance of the Blockchain technology behind Cryptocurrencies more and more countries will come forward and accept digital currency as a means of payment.