Making the Case for Bitcoin as a Tool for Freedom
The rise of Blockchain technology, cryptocurrencies, and specifically Bitcoin has been received differently in different parts of the world. The heavily industrialized western nations have taken to Bitcoin quite well. The right infrastructure has been built and set up, with companies slowly beginning to warm up to the new technology. Though there is still a lot to be done as far as merchant adoption and international payments, countries such as the United States are setting trends in this industry.
Asian countries such as Japan, Singapore, and South Korea are threatening to overtake western countries though. While countries such as the United States and the United Kingdom struggle with regulatory issues, these Asian giants have created regulatory sandboxes to enable a thriving cryptocurrency environment. Then we have oceanic countries like New Zealand that have set the bar by not only creating regulatory havens, but also setting up clear crypto tax guidelines. The island nation caught our eye here at Monfex by going as far as legalizing crypto remuneration for employees.
Bitcoin the popular alternative
Developing countries of the world have had a somewhat different kind of interaction with cryptocurrencies. A lot of the interactions between the developing world and cryptos have been centered around some kind of strife. Venezuela, for instance, has been looking into cryptos to reduce the effects of biting sanctions. Since the fallout between the Nicholas Maduro regime and the US government, the country has been trying to replace the local fiat Bolivar, with a local cryptocurrency. These efforts have borne little fruit, and a lot of citizens have had to turn to Bitcoin for exchange.
Nigeria, which is the most populous Black Country and the largest African economy, is also interacting with cryptocurrencies. Monfex.com has learned that Nigerian youth have picked an interest in Bitcoin in large numbers since they prefer it to the local Naira. Recently revised banking regulations in the country have seen even older generations start to take an interest in Bitcoin as well. The increased bank interest rates coupled with the hiked transaction fees have made Bitcoin very active to Nigerians, though the country has not done much as far as regulation is concerned.
Bitcoin for financial Freedom
Bitcoins reach throughout the world has been impressive. Though countries and regions have varying crypto infrastructure and have had different experiences with Bitcoin, there is a commonality as far as their attraction to Bitcoin. All the regions mentioned whether developed or developing are attracted to Bitcoin because of its decentralized nature. The fact that its not controlled by centralized entities and can facilitate anonymous transactions is very attractive. This does not mean that these countrys central banks and governments are crazy about Bitcoin, but common citizens and investors are.
The freedom that comes with Bitcoin was best described by Nigerian American LA Chargers offensive tackle Russell Okung. In an interview with the what Bitcoin di ...