Technology

The Borders of Bitcoin

Bitcoin is the new trending currency of 21st century.

No cryptocurrency other than Bitcoin has had such dominating success. The simple fact that Bitcoin’s value has risen 879,999 times since 2010 already tells much about its huge success. But with such stunning achievements is Bitcoin actually being used in the world? Can a Bitcoin owner freely buy or sell any products or services with Bitcoin? Can you, as a Bitcoin holder, pay your coffee with Bitcoins? And, more importantly, how could you do it?

The answer to these questions and other interesting facts about Bitcoin can be found in the infographic below compiled by professionals from Bitcoin Play.

For start, it is worth mentioning that the usage of Bitcoin around the world is either strongly regulated by specific countries or is left without any regulations. Many legal authorities are still having a hard time with understanding the cryptocurrency and its fit in the current economy. This makes meaningful regulatory actions hard to devise and implement.

Some countries have already decided against it. Vietnam, Bolivia, Kyrgyzstan, Iceland, Ecuador, and Bangladesh are in the list of countries who banned the usage of Bitcoin. Thailand banned Bitcoin in 2013.

There are a lot of states where Bitcoin is not officially banned, while many face hardships in its usage there. Take Florida, for example, the circuit court dismissed a money laundering case in 2016 reasoning that Bitcoin is not money as per state regulations. What a statement, right?

The Bitcoin acceptance rate among both large and small companies has risen in recent years as well, as the companies are striving to keep up with industry trends. Currently, there are 48 worldwide companies that accept Bitcoin, among which are “Newegg”, “Dell”, “Overstock”, “Microsoft”, “DISH Network”, “Expedia” and others.

Even Virgin Galactic theoretical space travel adventure club accepts Bitcoin. University of Nicosia, Cyprus, was the first university to accept Bitcoin for academic fees.

There are also 49 in person stocks that use Bitcoins, such as: “Reeds Jewelers”, “Holiday in New York”, “One Shot Hotels”, etc.
Not convinced in Bitcoin rising popularity yet? Consider the fact that the number of merchants accepting Bitcoin grew from 36,000 to 82,000 in 2014 alone. Moreover, there are 1354 Bitcoin ATMs worldwide, in 55 countries, by 21 ATM producers and 231 operators. Accessibility has already been taken care of.

Want to know more fun facts? Well, how about these: Switzerland classified all digital currencies as foreign currencies; Bitcoin has value-added tax exemption in Belgium.

What are you thinking now?

Are you impressed?

You’d better be since these statistics show that the world is accepting the usage of Bitcoin rather fast. With this pace of further acknowledgment of Bitcoin usage, you should consider your involvement with it, too.

Check out the rest of the facts surrounding Bitcoin and make an informed decision how to enter the market in the best possible way.

Surrey604 Staff
Surrey604 is an online magazine and media outlet based in Surrey, BC. Through writing, video, photography, and social media, we secure an intimate reach to the public. We promote local events and causes.
X
X