Bitcoin is a digital currency wherein a record of transactions is maintained. The mathematical problems’ computational solution generates new units of currency. It operates independently and is not governed by a bank institution.
Bitcoin investment sounds attractive to plenty of people. It is a form of money that is non-traceable and is theft-free. Furthermore, its value has risen as the years have passed. The sad part here is that not everyone knows about bitcoins and their benefits to people worldwide. Not everybody knows how it works. Some people might know about it, but due to limited information, they tend to disregard it.
Given the current state of the world, some may argue that bitcoin’s practical use is not worth it. Its entry cost is high, and most people do not have the capital to afford to buy bitcoin. Know how bitcoin billionaire works
Now, what can you do to increase the likelihood of your country adopting bitcoins?
To begin with, look at the crypto policies of advanced nations. Let us see if they’re adaptable enough for other countries.
Start with the fundamentals. Using Bitcoins means upgrading the existing technologies to support blockchains and cryptocurrencies. It does not talk only about promoting research and the development of blockchains. It also tackles educating citizens using financial literacy programs. People must adopt current applications of blockchains used by the government. It can also be for business purposes.
A great example is the E-Residency program of Estonia. It was the pioneer program for virtual residency. This program ensures that every resident has a state-issued digital identity. It provides secure proof of who you are without physical contacts. It allows various authentications and proves useful in digital signatures & online services. It allows them to manage their business in Estonia with ease regardless of its location in the world. This program is the core of Estonia’s other E-services, which made them #1 in cryptocurrency.
Now, how can other counties adapt to this set-up? Start by taking the main idea of blockchain-based on records. It will allow the government to create digital identities. By then, securing loans and other services will be easier. It would save a lot of time instead of waiting at government offices.
Moving on to another nation trying to make a name for itself is Malta, also known as “The Blockchain Island.” The highlights of Malta come from the fact that they use blockchains to promote gambling. If the implementation of this is right, the nation will have the opportunity to inflate the GDP. Pray that there will be no pushbacks to hamper it. Some of these are banks refusing to cooperate with cryptocurrency businesses. By then, a citizen could have built enough momentum to rise all over the world.
Here are a few lists of nations that are the forerunners of the cryptocurrency space:
- Their incentive schemes are on a bitcoin-basis, and so are most of the businesses in the country.
- They have an official regulatory body for cryptocurrency space.
- Considered as “The Crypto Valley.”
- They invited pioneering companies that started different cryptocurrencies.
- They are well-known for their tax-free bitcoin trading and payments.
- Encourages mining with a 10-year tax exemption for new businesses
- All their banks incorporate cryptocurrencies.
Every country has the opportunity to adapt and invite businesses that use cryptocurrencies. A lot of companies are looking towards other countries, especially the small ones. Being ventured out into is a great help even to increase specific countries’ total GDP. Countries must have been shaping up to be leaders in cryptocurrency. They could have inflated their GDPs in that way, helping a lot more of their citizens to have a better life.