Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralised digital currency, as the system works without a central bank or single administrator. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.You can check Brexit Millionaire.
Bitcoin has seen a massive increase in value in recent years, with a single Bitcoin currently worth over $10,000. This meteoric rise in value has made Bitcoin one of the most talked-about investment opportunities in the world, with many people eager to get their hands on some of this digital gold. While there is a vocal minority that says Bitcoin is in a bubble, there are others who say Bitcoin will continue to skyrocket. Bitcoin is the world’s leading cryptocurrency and one of the world’s most popular investments as well as being regarded as legal tender by many nations worldwide. It has been used for everything from purchasing items online to gambling in casinos online or simply buying things from brick and mortar establishments. People expect Bitcoin to grow even more over the next few years as it becomes easier to use and trade with.
Progress of Bitcoin across the Globe
Many countries around the world have begun taking a closer look at Bitcoin, how it works, and what benefits it offers both government bodies and businesses within their borders. Governments that have not outright banned Bitcoin can still strongly regulate Bitcoin transactions, which limits Bitcoin use and adoption in those countries. Bitcoin has been growing more popular worldwide with roughly 38 million Bitcoin wallets estimated to be currently used worldwide.
Bitcoin in South Korea
Progress of Bitcoin across the Globe South Korea is a country that has had a mixed history with Bitcoin and cryptocurrencies as a whole. Initially, Bitcoin was considered illegal under the South Korean law on foreign exchange transactions back in 2013, but this ban was lifted only one year later when it became apparent that such an outright ban would do little to stop people from trading Bitcoin. The National Tax Service even began taxing Bitcoin investments as capital gains on corporate tax returns at rates between 24-28%. More recent 2018 updates have shown that South Korea is relaxing its stance on Bitcoin and cryptocurrencies significantly, especially because Bitcoin lacks many of the downsides to regular currency, like no cost to print and no counterfeiting.
Bitcoin is now allowed to be traded at Upbit, one of South Korea’s largest exchanges. Bitcoin can also be traded anonymously in South Korea with no bank account needed, which has made Bitcoin trading especially popular in South Korea. Japan may go down in history as Bitcoin’s true worldwide birthplace for Bitcoin was first mentioned on a Japanese forum back in 2008 by someone who would go by the name ‘Satoshi Nakamoto‘. On May 1st, 2009, Bitcoin’s world-famous Genesis Block was mined in Japan containing 50 Bitcoins.
This sparked widespread use of Bitcoin in Japan that has continued to this day. Bitcoin sales are treated just like any other sales, Bitcoin exchanges are regulated by Japanese law, Bitcoin exchanges are taxed, Bitcoin is accepted at several major retailers in Japan, and Bitcoin ATMs have long been installed across the country. Bitcoin has really taken off in Japan with over 60% of Bitcoin transactions worldwide occurring within Japan. Local government officials there estimate that Bitcoin will be accounting for 10% of all tax revenue by 2027.
Bitcoin in India
India is another country that has had a chequered history with Bitcoin and other cryptocurrencies until recently. Because Bitcoin was decentralised, the traditional banking system felt threatened as they could not control Bitcoin or charge high fees on Bitcoin exchanges as they would do to regular users. Until recent months, Bitcoin accounts could be frozen by Indian banks treating them like savings accounts rather than exchange accounts thus Bitcoin users could not withdraw Bitcoin or Bitcoin funds out of Bitcoin accounts.
Bitcoin exchanges were treated as Bitcoin businesses and Bitcoin sales taxed, Bitcoin was banned from being accepted at any brick and mortar stores in India. Bitcoin has recently become legal for Bitcoin exchanges again, Bitcoin is now classified as a commodity rather than a currency so Bitcoin sales are taxed accordingly, Bitcoin ATMs have been approved to operate across the country, all banks are required to treat Bitcoin accounts like regular exchange accounts rather than savings accounts like before and Bitcoin mining companies are encouraged by the tax-free status cryptocurrency mining companies enjoy there.
All this means that Bitcoin transactions can be done with less difficulty by more people in India which should give Bitcoin an upward trend over coming years.