Some countries like India, Bolivia and Ecuador have completely banned the use of bitcoin and some countries have issued their own currency. Countries like China, go back and forth on whether to ban or unban bitcoin. As of October 2018, China has restricted the use of bitcoin/digital currency to private use only.
Why Is It Banned In Many Places
Banning Bitcoin is very difficult because it is not related to any bank. You can restrict people from using it by threatening them of the consequences but you can cannot completely prevent anyone from using bitcoin or any digital currency. In my opinion, the development of a country not only depends on the infrastructure but also on the growth of the currency. Because ultimately, everything has a monetary value and by eliminating the third-party vendors we can save much more money and for this bitcoin is very useful.
Is Bitcoin The Future Of Currencies?
It is considered at par with gold and it combines the best of both: the cash and gold with no restrictions imposed by banks or government. Duplication is impossible in the case of bitcoin. There are many more benefits of using bitcoin. If we want, we can advance our country’s economy by using bitcoin. To check btc to usd just use the internet for it.
The global interest in bitcoin has grown. But it also comes with a question: is bitcoin safe and legal? Since it is digital currency and it is also decentralized, no one can actually stop you from using bitcoin.