Updated: Mar 5
By Wirba Brice Divine Ransinyuy. email@example.com
Yes, Bitcoin is beginning to take its stands as times goes on. Though it is a new type of digital currency, it is already worldly known by all as in every continent in the world, starting from America to Africa, though some continents have users of bitcoins more than others. This is particularly the case with America and Asia.
Users of bitcoin in Africa is constantly on the rise in the African continent as the users come from countries mainly found in Central Africa, West Africa and East Africa with Kenya taking the lead in these areas. As it is known without any argument, Nigeria comes first of users of bitcoins in the African continent. The concept of bitcoin was gladly welcomed by them, as the make the best use out of it, it has already conquered their hearts. The reason Africans use bitcoin vary considerably. They do it for the following reasons:
● To pass by the limitation they face online with other online payment systems.
● It helps them to have a currency which can compete with other currencies like the US dollars, euro and pounds since they have a low currency and eventually suffer from various economic restrains.
● More so, they earn their livings using bitcoin as they’re from a continent with high unemployment rate.
Though, Africans are still getting into the trend with the use of bitcoins, users in developed countries have taken a stand forward to make it more regulated and open to the use of all. They do so, due to the benefits they have studied, analysed and explored that bitcoins can offer to their country. These countries have said yes to the use of bitcoin and thus bitcoin is seen as a legal currency. This is particularly the case with countries such as the United Arabs Emirates, Canada, Germany, Finland, United States of America. In these countires, bitcoin is opened to all and can be used for the exchange of users and different reasons. Though each country has viewed it in a particular way.
Countries like Dubai found in the United Arabs Emirates have taken more measures and a way forward by protecting the use of bitcoins and cryptocurrencies in general. They have done so under the guidance of the government as it is placed under Global Block Chain council. This falls under their Smart Dubai 2020 program. This is done so that the use of bitcoin is viewed legal to all and can be used as their local currency.
Finland has also taken a step forward by placing bitcoin under the supervision of Central Board of Taxes commonly known as CBT. This is to give bitcoin an added value tax which is also known as an exempt status. This is because they have classified bitcoin as a financial service.
All these is to show that bitcoin is opened to all as governments are taking initiatives to render it open to all.