Which countries are Bitcoin-friendly? How Bitcoin is the world’s only legal cryptocurrency.
BITCOIN is the world’s most valuable cryptocurrency. But, in practice, which countries recognise it as legal tender? Despite the fact that cryptocurrency is not legal tender in almost all nations, it is widely used around the world. Multiple businesses accept cryptocurrencies like bitcoin as payment for goods and services, and more individuals are using cryptocurrencies than ever before.
El Salvador became the first country in the world to recognize bitcoin as a legal tender on June 9, 2021.
The legislative amendment was hailed as a stunning achievement and a game-changer by certain financial and legal experts.
Others, on the other hand, expressed alarm about the cryptocurrency’s volatility.
So far, no other country has recognized bitcoin or any other cryptocurrency as legal cash.
Virtual currency trading is legal in several of these countries, including the United States and the United Kingdom.
However, other countries, including as China and Russia, are opposed to cryptocurrency trade.
This isn’t to say that cryptocurrencies like bitcoin aren’t utilised in other countries.
According to Statista, the top ten crypto countries in the world are:
Businesses will have to accept bitcoin as a payment mechanism alongside traditional currencies like the US dollar and the pound sterling if Bitcoin is made legal tender.
Cryptocurrencies are a type of digital asset created by a computer, and their value has fluctuated dramatically over time, though not in the same way that traditional currencies have.
They’re also unconnected to the real world.
Bitcoin reached a lifetime high of over $65,000 in April of this year, but lost the gains the following month due to a market crash.
It has recovered nicely since then, but not to the same extent as before.