Introduction and statistics:
The occurrence of digitalization and the expansion of needs has introduced many things, like cryptocurrency with them. Latin Americans and the Turkish have shown the most interest in the cryptocurrency. Turkey has found 20% of its citizens as consumers of the currency. The least number of people who prefers hosting pay with crypto was found in Japan. According to the statistics, japan only has 3% of its citizens who are users of crypto. Due to high inflation, Turkey has found popularity in cryptocurrency use. The currency lira, plunging has made way for crypto well and good.
Due to the access of transactions in bitcoin, it hasn’t been questioned. This is because we can do the transactions anywhere and to any account. The currency is not associated with any central bank, like the national currencies. It is, instead held and lead by the network of computers called mining. The risk factor of hosting pay with crypto arises with the inhumane activities and fraudulent means occurring. This has put on several questions regarding its usage and else being legal or not in several countries.
The countries where bitcoin is prevalent are:
- USA: It had a relatively positive response toward the cryptocurrency. Business firms like subway, Microsoft stores, etc. have accepted the Bitcoin. They have also welcomed remittance from consumers in the cryptocurrency. The treasury department of the country has made sure and guided people about the currency the day since it began to popularize. IRS categorized Bitcoin as the property of taxation.
- Canada: Some banks have banned bitcoin, while many others have accepted it. Many have considered it as a money service business.
- Australia: The country has allowed it and accepted it as a currency through the mines.
- Russia: Only for certain goods or services, Bitcoin usage is permitted. Other than that, it is illegal throughout the country.
- China: China has condemned the use of not only bitcoin but also cryptocurrency itself. It has prohibited the transactions taking place regarding it in the banks and also banned the miners to use any in the country.
- Germany: Germany has been quiet open towards bitcoin. Even though the user percentage of the country in bitcoin users stood to 4%. Bitcoin is however taxed differently in Germany.