What is Cryptocurrency? Which Countries Are Accepting Them?

Cryptocurrency is a medium of exchange and conducting financial transactions online that employ cryptographical functions leveraging block chain technology. Cryptocurrency can also be defined as a decentralized system where a central authority that checks, verifies or facilitates a transaction does not exist. Cryptocurrencies have gained a lot of popularity in recent years as users can avoid high fees charged by traditional financial institutions for transactions. Using private and public keys the transaction happens between two cryptocurrency users and the processing fee is minimal. Also, these transactions are of private nature without any government interference and control.

Did you know Microsoft, Dell and Dish are among the largest companies that accept forms of cryptocurrency as payment? Yes, unlike the popular belief, cryptocurrencies are being used globally in almost all industries. US, Canada, Chile, Switzerland, Australia, Japan, South Korea, Singapore, Austria, Sweden, Denmark, and Spain are some of the pioneering nations with the highest number of cryptocurrency users.In Russia, the use of Bitcoin(which is one of the most popular cryptocurrencies) as payment for goods or services was illegal as cryptocurrencies were not regulated there. Earlier this year, Russia enacted a new digital rights actand moved towards regulating cryptocurrencies. Similarly, in many other countries like Italy, France, Netherlands, Romania, Norway, Poland, South Africa, and Argentina, cryptocurrencies are gaining traction. Some countries like Croatia, Belgium, India, Iran, Germany, Luxembourg, Mexico, Colombia, Portugal, Zimbabwe, Indonesia, New Zealand, and Malaysia have a balanced view of cryptocurrencies.

Major countries that are opposing cryptocurrencies include Brazil, Turkey, Czechia, Lebanon, and Thailand. On the extreme end of the spectrum, cryptocurrency is outlawed or banned in China, Nigeria, Hong Kong, Vietnam,Venezuela, Bolivia, Columbia, Ecuador, and Bangladesh.

Check out this infographic by Total Processing for the advantages of cryptocurrency and to learn more about the global acceptance of cryptocurrency. You would also be able to know the percentage of in various countries that use cryptocurrency.

You may also be interested in: What Are the Differences between Forex and Cryptocurrency Trading?


Writer: Linda Parker

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