Implementing a global ledger would mark the first time in history that governments and central banks have willingly shared their sovereign monopoly on printing money – as billions of dollars worth of new currency is printed annually for free.
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Yet, these difficulties seem to be surmountable.
Twenty-seven countries are already experimenting with various implementations (and more are coming).
Governments are leading the charge to ensure that their citizens don’t miss out on this game-changing technology.
Bitcoin and other cryptocurrencies can provide unprecedented benefits for society.
For example, providing greater transparency, efficiency, and independence from inflation control.
Bitcoin also allows for financial transactions that were impossible before, such as paying a maid in Nepal with a smartphone application.
Governments of few don’t seem to understand the potential of these technologies because they are typically utterly uninterested in what their people want or how they want to pay for it.
Instead, they are vested in out-competing the private sector (as governments own the printing presses).
We can understand why governments of these regions like China are against bitcoin and blockchain just by looking at their history with technology.
On the other hand, the United States government is interested in opening new doors for progress.
Here are some reasons why the governments do not oppose Bitcoin and blockchain:
1. Governments are exploring the use of blockchain
It’s not a coincidence that several countries are now exploring blockchain technology, given the long history of governments distrusting innovations.
Nevertheless, government involvement in the development of bitcoin and blockchain has created a robust, collaborative environment that is helping turn these innovations into reality.
This is while keeping the door open for future applications we can’t even imagine.
The US has taken the lead in testing this new technology with the formation of the Federal Blockchain Commission.
The goal is to explore blockchain applications for US citizens and identify legal issues relating to blockchain implementation.
In addition, the US sees the potential for implementing a new system that is transparent, traceable, and resistant to hacking.
Russia is also looking into using blockchain technology as a pilot project using Ethereum’s blockchain platform.
In addition, several other countries have been exploring bitcoin and blockchain technologies through government-supported initiatives, such as:
- Switzerland’s Crypto Valley Association
- Russia’s Skolkovo Foundation (their version of Silicon Valley), and
- Georgia’s National Agency of Public Registry
2. El Salvador uses bitcoin as a national currency, but why?
Some may say that El Salvador is only doing this to escape its current currency, which has been weak for years.
As a result, the government has imposed foreign exchange controls on the population.
These limits mean it’s practically impossible for citizens to buy or sell more than $400 worth of foreign currency in a single day.
At the same time, it’s difficult for ex-pats to send money from abroad to family and friends because they cannot get around exchange controls and remit their savings back home.
With Bitcoin becoming a national currency, Salvadorans can now avoid the country’s foreign exchange restrictions and send unlimited amounts of money using bitcoin.
The same goes for sending remittances back home.
Of course, some news articles have been reported as a joke.
However, in the end, it’s now being implemented by the government.
People suggested that El Salvador would be the first to ban bitcoin and other cryptocurrencies outright officially.
But recently, after the announcement of El Salvador adopting cryptocurrency as one of the legal tenders of countries, it sounds like this nation will be the first to take advantage of them for their citizens.
In Australia, major banks have invested in companies that operate blockchain-based remittance services between the two countries, and Australia recently legalized bitcoin exchanges.
They’re also researching how blockchain can store land titles and birth certificates and how users can use it for international money transfers.
3. Inflation-free economy infused with Bitcoin and blockchain:
One of the significant advantages of Bitcoin and blockchain technologies is that they will make an actual inflation-free economy.
For example, countries like Zimbabwe want to transfer their economy to an inflation-free environment.
Therefore, they’re introducing bitcoin and blockchain technology.
It’s one of the revolutionary ways to move from a hyperinflation situation to a robust, secure economy.
Bitcoin is not only suitable for Zimbabwe but can work in any country with a national or sub-national currency, where there’s inflation but no reliable means of distributing new currency notes as there are no banks or governments printing money.
In countries like India, bitcoin and blockchain have introduced the concept of distributed ledgers to the masses.
It has now become the buzzword in India’s financial market.
Every day, investors rush to buy cryptocurrencies such as bitcoin as its value continues to rise globally.
So it isn’t surprising that every Indian investor makes money daily from buying bitcoin from their own country’s exchanges or Bitcoin ATMs in their city or town.
Indians are investing in bitcoin because they see how it revolutionizes everything around them.