Bitcoins and the cryptocurrencies, in general, exist since 2009, but there are still those people who think they are a scam, or that they will get robbed if they try to invest in something like that. Many countries around the world still find crypto money illegal and don’t allow their citizens to earn them.
The best thing about the Bitcoins and all the other cryptos is that you don’t need to exchange them for some rates like you need to do with the fiat money, because you can send or receive them no matter where you are in the world. But, since they are virtual, and you can’t really hold a crypto coin in your hand, some economies have huge problems when someone reports their crypto income because the taxes are becoming more complicated to calculate. That’s one of the reasons why some countries still deny to accept these currencies as a regular payment method. There are just a few countries in the world that are Bitcoin-friendly, but the current pandemic is changing this scene too, so some societies are trying to accept them, and also to regulate the way they are used.
For example, you can use Bitcoins, following the local regulations, in places like Malta, Switzerland, Gibraltar, Bermuda, Slovenia, Singapore, Estonia, Belarus, Japan, and so on. But, in recent months, one of the countries that showed huge interest in it is India. These currencies are still banned in Bangladesh, Nepal, Denmark, Iran, and Ecuador. Some governments have just a neutral opinion, and they may be more open to that in the future.
In India, Bitcoins were still illegal in the first months of 2020, but after the world was taken by the pandemic, people there realized it’s worth trying to invest in the crypto market. How did that happen in the first place?
According to techbullion.com, in March this year, just when the pandemic took over the globe, the Indian Supreme Court decided to remove the ban on cryptocurrencies, allowing the people to access to the trading platforms and blockchain network, so the people from India can mine, trade, and exchange, and see all the potential benefits of these currencies. The same website says that the Indian crypto activity increased by 870% during the first months of the pandemic. But, this outbreak was not only in India. Another country that showed increased interest in investing, trading, and exchanging is also the USA, as many countries saw the benefits, and decided to give a try to this option. But, this market there is still controversial, and it may take a lot of time until the USA’s government decides to legalize the crypto transactions. Also, people in the UK are showing more interest in learning new things and getting educated in cryptocurrencies, and also they are more likely to improve their trading skills after the first months of the pandemic.
Why is Bitcoin the most appreciated currency?
The answer to this question is very simple. They were the first to get commercial, so now, they have high-value rates all the time, and people think it’s only worthy to invest in Bitcoins, instead of any other altcoin. So, when they first came out a decade ago, they had a lot of time to develop and improve without any competition, and they were ready for the second, third, and every next one currency that hit the market. Today, there are more than 5,000 cryptocurrencies, but the top five are Bitcoin, Ethereum, Ripple, Litecoin, and Tether.
But, at the same time, this position is also making the Bitcoins vulnerable to the changes in the market. As a matter of fact, when the pandemic hit, their rates were pretty lower compared to the same time last year. But, luckily, it healed faster than we expected, in less than two months, hitting even higher values on the market. During all that time, other currencies were more stable, and no one who invested in them didn’t have any loss. If you want to stay in this market you may choose one currency and stick to it, until you become a pro, or try with a few, and see how it goes. There is nothing like the best option because the crypto world is full of changes and challenges.
How to motivate people to accept the crypto market?
There is no easy way to do this. As you can see, people from India didn’t know a thing about this until the pandemic hit, and they needed to stay at home more time than usual, and also, to find a way to learn something new, and even earn from it. The good news is that more and more people are getting interested and curious to try how it goes. Many of them will give up, expecting a fast profit. Those who are aware of how this system works will put more effort to recognize the potentials and invest in the Bitcoins (or any other cryptocurrency they find interesting enough for them).
Also, there is no way to make someone get interested in cryptos, but surely you can help in increasing awareness. If more people accept them, they will have a chance to become global, and no one will ever be afraid to use them. Theoretically, the world can work great with two parallel financial sectors – the one that works with fiat money, and the one that is controlling the digital assets. At some point, they will begin a collaboration, so the market will be free and people can choose how will they use their savings.
Hopefully, more countries will also get interested and will lift the ban, so people can invest and earn without using VPNs or adjusted proxy settings, so they can hide their activity online from the authorities. As more countries will be embracing the cryptos, there will be more trading and exchanging options. India is just one successful example of how things can work out. And we really don’t need to wait for some future pandemic, so we can accept the Bitcoins as the currency of the future.