The 10 friendliest bitcoin countries in the world

This October 31 marks the tenth anniversary of the publication of the Bitcoin white paper, the first encrypted currency in the world that has revolutionized international financial dynamics over this period of time.

The approaches outlined by Satoshi Nakamoto in this paper materialized in January 2009, when the genesis block was created, thus creating the story of Bitcoin as an accounting book and the issuance of the first bitcoins. Since then, the adoption process has grown to unprecedented levels for a resource that is not covered by any financial institution or government.

Therefore, in some countries more than others, cryptocurrency has become an important part of the financial market, reaching high volumes of marketing, as well as a high level of public interest and the acceptance of regulatory authorities. Here is a list of the countries that have been most friendly with Bitcoin in these 10 years.

JAPAN

It is believed that Japan is the home of Satoshi Nakamoto, the creator of Bitcoin, or at least initially believed by his name or pseudonym. It was also the first country to legalize cryptocurrency and to give it legal status in 2016, in addition to exempting it from paying taxes in 2017. With this, the country has placed itself at the forefront of the regulation of cryptocurrency trade, thus paving the way for the other countries do the same.

As part of this process, the nation is one of the pioneers in the definition of rules for the exchange of cryptocurrencies, with the aim of improving their security. The Japanese country is usually included in the reports as a world leader in the commercial volumes of bitcoins and other cryptographic coins. Bitcoin currently holds 52% of its dominant position in the global market, according to CoinMarketCap.

SLOVENIA

Slovenia is a nation of Central Europe with a population of about 2 million, in which citizens and public and private institutions have committed themselves to adopting cryptographic coins, in particular bitcoins.

Last June, the authorities launched the Bitcoin City project, developed by BTC Company together with the Slovenian government and several companies related to the ecosystem, including Consensys and Blockchain Alliance Europe.

The country stands out for being the first to create a bitcoin monument in the city of Kranj, becoming the first city in the country and the world to make a public tribute to the oldest cryptocurrency of the ecosystem.

UKRAINE

According to statistics, 13% of Ukrainian residents have become owners of bitcoins or altcoins, while the total amount of the daily circulation of cryptocurrencies amounts to 2 million dollars.

The high level of bitcoin adoption in this nation led to the installation of a virtual monument dedicated to Satoshi Nakamoto in Kiev, the capital. Thus the European country is the first to honor the creator of Bitcoin in this way.

Although this market is growing rapidly, where even the National Bank of Ukraine announced in 2016 a project to issue its own crypt currency, the country does not have a legal framework to regulate the sector. However, authorities have plans to recognize cryptocurrencies as financial assets. The project was recently announced and plans to complete the legalization by 2021.

SWITZERLAND

This Central European country is very receptive to bitcoins and other currencies, being home to some of the world's most recognized cryptocurrency and cryptography companies, such as ShapeShift and Xapo.

In addition, the government is very receptive to the industry, especially for the position of companies in the city of Zug, which earned him the title of cryptovalley, a startup Eden focused on the development of criptos and stores that accept coins. Bitcoin exchange is widely permitted and citizens can receive their salaries in cryptographic coins.

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Recently, the resort of St Moritz has begun to accept bitcoins for the sale of tickets for its cable cars, making it the most symbolic place for the celebration of winter sports in this country.

HOLLAND

Holland is one of the countries in the world where the word bitcoin is most searched on Google in 2018. There, an entire city, Arnhem (Holland), has been dubbed "Bitcoin City" in honor of the homonymous project . It has the largest concentration of companies providing goods and services in exchange for bitcoins.

Amsterdam is another of the pioneering cities in bitcoin acceptance. Famous for hosting the Bitcoin Embassy, ​​a community center where bitcoiners gather to attend and organize workshops or social gatherings at the local bar.

BELARUS

Belarus is one of the countries of Eastern Europe where bitcoins and cryptocurrencies are generally welcome.

At the end of December 2017, when the bitcoin was at its peak, Alexander Lukashenko, the president of Belarus, has legalized BTC and cryptocurrencies in the country. Initial coin offerings (ICOs) and smart contracts have also been placed in this same category.

The president also stated that mining, trading and capital gains in any encrypted or ICO currency will be tax free until January 1, 2023. This step has prompted many cryptocurrency companies to consider this nation to establish their businesses.

ESTONIA

Estonia is one of the northern European countries that has embraced bitcoin early enough. The government not only supports the BTC, but also other cryptocurrencies and all the developments that have seen the light in recent years.

The country hosts several ATMs and startups that market or accept bitcoins. It is one of the nations where it is easy to open an industry-related business, as the government has a favorable position on encrypted currencies.

SOUTH KOREA

In South Korea, cryptographic currencies are very popular, especially bitcoins. The South Korean market is one of the most important, along with Japan and the United States.

Much of the world's bitcoin trade volume comes from this country and ecosystem events in that country are often critical to the price of bitcoins on the foreign exchange market. South Korea stock exchanges account for a large part of the total volume of trade in BTC.

SOUTH AFRICA

South Africa is one of the countries with the most extensive Google searches for the word bitcoin. There, the encrypted currencies have become very popular and their use is booming. The South African interest in Bitcoin had already been expressed in 2017 with the increase of transactions through exchange houses and platforms like Localbitcoin.

Due to the increasing acceptance, the South African Revenue Service plans to tax transactions with cryptocurrencies, while Alberton's traffic ticket administrator, Fines4U, announced last year that will allow users who wish to pay their fines with bitcoin.

AUSTRALIA

Australia was the second country after Japan declared bitcoin and crypto currency as legal tender in 2017, also ending the double taxation in BTC.

The Australian parliament announced the bill in August 2017, giving legal status to digital currency exchanges. In this way, the document regulates the exchange of cryptocurrencies, leading suppliers to govern under the mandate of the Australia Center for Transaction Reporting and Analysis (AUSTRAC).

At the adoption level, stands out the coastal city of Agnes Water, which is self-proclaiming the first "digital currency city" in the country, in an attempt to attract international travelers with digital knowledge. The idea is to strengthen its tourism industry. To this end, more than 30 local companies, including accommodation providers, tour operators and restaurants, accept cryptographic coins.

GLOBAL ADOPTION

The acceptance of bitcoins in these 10 years has been global. Few countries have been excluded from the growing trend of using cryptocurrency as an alternative form of payment to traditional finance.

In this sense, the countries of the first world have set the tone. The United States does this in terms of approving bitcoin derivatives, such as futures based on their price. In most European countries the use of bitcoin has also spread. Malta and Gibraltar are trying to become centers of attraction for companies linked to cryptocurrency technology.

Even in Latin American countries there are high levels of adoption, with several South American countries on the front line, as shown by the coinmap, a map showing the places in the world where bitcoin is accepted.