It’s hard to predict the future of Bitcoin. However, it is apparent that it has reached the mainstream awareness levels. According to a recent survey 79% of Americans have heard of bitcoin. Japan and the Philippines have officially recognized Bitcoin as a payment system. A number of stores now accept Bitcoin as a payment method. Whether we like it or not, Bitcoin is slowly, but surely becoming a part of the global financial world.
Nigeria
In the country where cross-border transactions are very costly and the only way to send money to family members is by traveling from one place to another, digital currency is considered to be a safer, cheaper and more convenient option for reliable money transfer. Also, Nigerians are interested in Bitcoin as an investment vehicle, following a recent economic recession that drove people towards alternative financial solutions.
South Africa
South Africans are also exposed to high international money transfer costs. This environment propels interest in Bitcoin. The country has local Bitcoin exchanges, and one of its largest online marketplaces — BidorBuy — accepts Bitcoin as a payment method. Even though South Africans are not the largest nation to buy cryptocurrencies (due to the lack of understanding of what coins to invest in), 41.25% of recent survey respondents who did not own virtual currencies stated they planned to buy tokens this year.
Bolivia
In 2014, Bolivian government banned digital currency, noting that Bitcoin and few other altcoins are not allowed to be circulated within the country. The government said that the reason for such a decision is to protect Bolivian currency Boliviano from being outcompeted by cryptocurrencies and to protect its citizens from financial risk. Nevertheless, the country is experiencing a growing interest in Bitcoin, as for Bolivians bitcoin may represent a safer and more stable currency option because of recent history of hyperinflation and banking crisis. Bitcoin has all the potential to enhance economic environment in the country, but with current regulations, the country still has a long way to go.
Slovenia
On the other side, Slovenia is interested in becoming EU’s prime destination for blockchain technology. According to Prime Minister Miro Cerar, the country is setting itself as a blockchain-friendly country with an established blockchain ecosystem, adopted legal regulations and a supportive environment for companies working in the area of blockchain technology. Additionally, in the recently updated anti-money laundering law, cryptocurrencies are defined as part of the financial system. However, the government emphasizes the role of blockchain innovations only as means of the economic development of the country, warning its citizens from investing in cryptocurrencies, stating that digital wallets and trading of virtual currencies are not systematically regulated, thus possessing risk for their adopters.
Ghana
Ghana is currently ranked at number five in the world at 100% interest. And it is not surprising. Like many countries, Ghana experiences high cross border transaction costs. In addition, 70 percent of the country’s adult population don’t have bank accounts due to a complex and expensive process of opening a bank account. According to African internet pioneer Nii Narku Quaynor, Bitcoin can help create a cashless society in Ghana. In addition, the ease of buying and converting Bitcoin to cash, as well as an ability to use alternative payment methods in a growing e-commerce industry in Ghana drives interest in Bitcoin.